Price of oil is dropping like a rock.

[safeinOhio]

Any hedge fund managers or big bankers jumping out the windows yet?

[CrossChris]

1. I bet the really big guys got the heads up beforehand. nt

[City Lights]

5. Yup. nt

[Cirque du So-What]

2. Capitalistas bailing out of windows? Horrible!

Think of the damage that could be wrought upon the cars down below!

[Ishoutandscream2]

12. LOL, perfect!

[Liberal_in_LA]

3. that's a good thing, right?

[earthside]

9. Not necessarily.

Brent and Oman oil is still selling at over a hundred dollars a barrel.

It is not just a West Texas world out there.

This is just indicative of the roller coaster ride we will all be experiencing because of Peak Oil.

Price of oil goes down, the economy picks up ... the economy picks up and puts demand pressure of oil and the price goes up ... which cause the economy to go down again and the cycle continues. But we will probably notice (unless there is a global economic crash) that the down price is always higher that the last down price.

[formercia]

4. All I can say is:

[benld74]

6. Meanwhile gas in STL increased 25 cent per gallon overnight

[Matt_in_STL]

21. We were trying to figure out why

And then suddenly, it dropped right back down again. I think they do that every few weeks to up their profits for a day and then drop it back down before anyone asks any questions.

[Renew Deal]

7. This is what happens.

They jack up the price. The economy tanks. They drop the price. Rinse. Repeat.

[formercia]

10. But it almost always ends up going up in price .

Way beyond inflation and demand.

[safeinOhio]

8. Oil slips further as demand fears persist

SAN FRANCISCO (MarketWatch) — Crude-oil futures traded sharply lower Friday on persistent fears of slowing global growth and diminished demand.
Crude oil for July delivery CL1N -2.51%  shed $2.37, or 2.5%, to $92.65 a barrel on the New York Mercantile Exchange. Prices edged up the previous session after falling nearly 5% on Wednesday.

p://www.marketwatch.com/story/oil-futures-slip-as-dollar-strengthens-2011-06-17

[gratuitous]

11. "Demand fears"

Isn't that an interesting locution? We seem to be so addicted to fear, so accustomed to fear driving our decisions and our actions, that diminished demand for oil has be a "fear" as reported to us by the business world. One would think that lower oil consumption would be a net positive for the environment, including the benefit to the air we all breathe and the water we all drink. But apparently, we're supposed to be fearful instead.

Maybe the solution is more tax cuts for Big Oil?

[Gregorian]

13. I just paid $5.59 a gallon

But then I live in a shit place. Beautiful, and stinking expensive. It has been over five a gallon for a year.

PS- Oh yeah, I'm the one who says gas is not expensive enough. So it's odd to hear me complain about it.

[BoWanZi]

16. Still waiting for good argument why higher gas prices are good for poor to middle income people

[Gregorian]

20. There is no argument.

It's a dilemma. I honestly think more people will suffer if we don't change now than if we continue as we are. And higher nonrenewable energy prices are probably the best thing to facilitate that change. Without it, we're pretty much on our way to massive suffering.

[safeinOhio]

23. I'd be all for five dollar gas, as long as

3 bucks of it was going for public good and not into hedge fund investors pockets.

When will the teabaggers get it. Taxes are nothing compared to what you have to pay the bankers and investors.

[BOG PERSON]

14. there's a bad moon rising

[TheWraith]

15. No, it's a controlled dive.

They want to bring it back under control before the investigations into their market manipulation really get into swing.

[ProfessorGAC]

19. +1e9

Extra eyes watching the markets and those eyes are attached to people with badges in their pockets.
GAC

[madrchsod]

17. dollar is up and the saudi`s want us to buy more gas.

several refiners in the the midwest have been offline due to maintenance and the floods in the midwest.

[kestrel91316]

18. Gas is still about $4 here in Lost Angeles.

[nomb]

22. Overall, the "Funds" will make money...now, state pensions run by Wall Street might take a Haircut..

n/t