Oil prices sank more than a dollar Wednesday to their lowest level in more than three months as robust U.S. inventories at the end of the summer driving season dulled bullish sentiment.
U.S. light crude for October delivery tumbled $1.10 to settle at $67.50 on the New York Mercantile Exchange. Earlier in the session, the front-month contract touched as low as $67.45, the lowest since May 22.
Gas prices are continuing to drop. AAA Carolinas pegs the current average in Charlotte at $2.84. (The statewide average is $2.76, and it’s down to $2.63 across the S.C. border.) That’s still higher than drivers might like, but it’s well below the prices from most of the summer.
US employers added 128,000 jobs last month [August] while the unemployment rate fell a notch to 4.7 pct, the Labor Department said.
In July, the number of jobs added was revised to 121,000 from 113,000.
And since Bush is in control of the Worldwide Oil MegaCompany… this must be his fault, too.
An oil discovery by Chevron Corp. has bolstered prospects that petroleum companies will be able to tap giant reserves that lie far beneath the deep waters of the Gulf of Mexico.
Oil analysts and company executives said newly released test results from a well 175 miles off the coast of Louisiana indicate that the oil industry will be able to recover well more than 3 billion barrels, and perhaps as much as 15 billion barrels, of oil from a geological area known as the lower tertiary trend, making it the biggest addition to U.S. petroleum reserves in decades.
The upper end of the estimate could boost U.S. reserves by 50 percent.
“This looks to be the biggest discovery in the United States in a generation, really since the discovery of Prudhoe Bay 38 years ago,” said Daniel Yergin, chairman of the consulting firm Cambridge Energy Research Associates Inc.
Man, how can the dumbest President ever also be the most calculating and manipulative President ever? Kind of like how can we have global warming when glaciers are melting AND growing?!?