Economy & Energy 16 Jan 2007 04:02 pm

Oil Prices Continue to Fall

by Sean Hackbarth

National Geographic "End of Cheap Oil" cover

Oil continued to fall as Saudi Arabia refused to go along with more production cuts. They want to see how the scheduled Feb. 1 cuts pan out. Oil is at its lowest price in 19 months, and has dropped 16% this already this year. We can thank a mild winter that lowered demand for heating oil. The lower price has removed some of the impetus for Congressional Democrats’ energy bill which would tax U.S. oil production to fund investment in alternative energy. Another effect with the lower prices is reduced demand for hybrid automobiles. We might even end up fatter.

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One Response to “Oil Prices Continue to Fall”

  1. on 19 Jan 2007 at 9:53 pm 1.The American Mind / TAM Money and Finance: Week’s Best said …

    [...] “Oil Prices Continue to Fall” [...]

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