Oil Drops From Three-Week High on Speculation of Supply

There are 4 comments on the www.businessweek.com story from Mar 20, 2012, titled Oil Drops From Three-Week High on Speculation of Supply. In it, www.businessweek.com reports that:

Oil dropped from the highest price in almost three weeks in New York on signs U.S. crude supply is rising and speculation that Saudi Arabia may boost output.

Futures fell as much as 1 percent, their first decline in three days. A government report tomorrow may show that U.S. stockpiles rose to the highest level in six months last week, according to a Bloomberg News survey. Saudi Arabia’s cabinet will work with crude consumers and producers to restore “fair” prices, according to the state news agency. Prices may be boosted as much as 30 percent by a European embargo on Iranian oil to take effect in July, said Christine Lagarde, managing director of the International Monetary Fund.

Join the discussion below, or Read more at www.businessweek.com.

Lance Winslow

Half Moon Bay, CA

#1 Mar 20, 2012
...And all that Iraqi oil now flows to China.

Since: Feb 07


#2 Mar 20, 2012
Schummer did it with his trip to Saudi Arabia.

“Kiss Me You Fool!”

Since: Jan 08

Atlanta via Brooklyn NY

#4 Mar 20, 2012
More bad news for the reich wing.

You know the GOP is getting desperate if they are now betting all on gas prices. They can't do foreign affairs and they know the economy is improving from where repubs left it after Bush, so they now pick gas prices.

The problem they face is gas prices are cyclical. And every year, gas prices will go down towards the end of summer.

GOP has to know that when this happens, their weak "gas prices" argument will be even weaker.

Can't wait for the excuses Romney will make. Like the economy excuse he'll say "Sure gas prices are dropping, but they would have dropped faster if I was President".

Yeah, sure....GOP...thats the platform.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#5 Mar 20, 2012
Poor GOPasaurs. Gas prices will be falling by the election, as is the unemployment rate. They've got nothing left to run on!

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