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Sep 16th, 2008
Sep 16th, 2008
So Much for Oil Going Nowhere but Up
CNNMoney.com has a story on how oil futures have dipped below $99 a barrel! This on the heels of Hurricane Ike apparently doing little damage to refineries in the area it landed in. Those folks who bought in at close to $150 a barrel are looking at a 33% paper loss at this point.
Still, while oil prices and gas are linked, they’re not involved in a direct correlation. Gas prices haven’t fallen 33% (and here in Hawai’i, they’ve still fallen a lot less than they have nationwide) in that time period. While every reduction in energy prices is welcome, how much of a reduction we’ll see is unknown.
No matter the amount, any reduction in paying for energy is a good one.
