Since July 14, 2008 the price of oil has fallen nearly 23% to $122.19 from $145.18 per barrel. Oil futures prices show a steady decline far out into the future. Did the bubble just pop, or is this the effect of a high priced commodity pushing consumption down, conservation up, and accelerating a search for alternative energy sources? Isn't this the way the market is supposed to work?
Wednesday, July 30, 2008
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