Crude oil fell to $118 a barrel on signs Tropical Storm Edouard will leave U.S. oil rigs and refineries undamaged and as commodities prices tumble because of the slowing global economy.
U.S. gasoline stockpiles are 3 percent above their five-year seasonal norm at 213.6 million barrels, according to the Energy Department. The department will probably say gasoline supplies fell 1.75 million barrels last week in its weekly report tomorrow, a Bloomberg survey predicted.
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I personally think this has more to do with consumers NOT buying gas across the U.S. than the recent tropical storm.
It shows that we as the world's largest consumer nation have the power to control price by boycott, either voluntarily or by necessity.
How many of us have altered our driving and buying habits because of economic slow down and inflation in prices on most goods?
It was bound to have an impact, a worldwide rebound effect of sending prices down.
Because although we are used to gluttonously high levels of consumerism in this country, supply nations have gotten used to gluttonously high export expectations.
If we ain't buying...they ain't selling...and they panic...and they lower prices....
Ain't the world market a bitch?
Welcome to Detroit
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