Re: THANKS GEORGE BUSH for the LOW GAS PRICES

<LiberalPatriot@[EMAIL PROTECTED]
> wrote in message 
news:2af45975-ff71-4ce0-9c33-c3d6471c7677@[EMAIL PROTECTED]
> On Nov 17, 7:19 pm, "Sid9" <s...@[EMAIL PROTECTED]
> 
> wrote:
>> America's faltering economy has cut consumption 
>> by
>> at least 5%.
>> There's the cause of the price drop.
>
> A barrel of oil dropped from $150 to $58 based 
> on a 5% decrease in
> consumption?  Doesn't seem likely.
>
> It seems more likely that probably of another 
> Bush war in the Gulf
> drove up the price in the first place.  Iran 
> surely would have
> disrupted the supply if Bush attacked.

"Overview

Rising prices, especially the high oil prices in 
the first half of 2008, and slowing global 
economic growth have caused oil demand growth to 
slow dramatically.  The recent announcement by the 
Organization of the Petroleum Ex****ting Countries 
(OPEC) to lower its production target by 1.5 
million barrels per day (bbl/d), effective 
November 1, is aimed at offsetting this lower oil 
demand and stabilizing prices at or above recent 
levels.  OPEC members plan to meet again in 
Algeria on December 17 to review market 
conditions.


Future price levels will primarily depend on the 
magnitude and duration of the economic downturn as 
well as OPEC and non-OPEC behavior.  Our current 
expectation of future oil prices assumes that the 
OPEC production cut may limit, but not reverse, 
the recent sharp fall in oil prices.  We project 
oil prices to remain relatively flat, averaging 
$60 to $65 per barrel throughout 2009.

The condition of the global economy is expected to 
remain the most im****tant factor driving world oil 
prices."

http://www.eia.doe.gov/steo
   (US Department of 
Energy)