Wednesday, July 23, 2008

The Gravity of the Market

Unlike World Trade Center towers, these prices don't fall at free-fall speed.

They fall in DIFFERENT DENOMINATIONS!


"Oil drops on hurricane direction; Dolly expected to miss derricks; crude falls $3.09" by Bloomberg News | July 23, 2008

NEW YORK - Crude oil fell more than $3 a barrel, dropping to a six-week low, on forecasts a hurricane in the Gulf of Mexico will miss oil installations. Also, the dollar gained versus the euro, reducing the appeal of commodities.

Oil dropped below $126 a barrel, down more than $21 from a record $147.27 on July 11, as Hurricane Dolly moved toward the Texas border with Mexico. The dollar rose on signs that US interest rates may increase.

Regular gasoline, averaged nationwide, fell 1.4 cents to $4.06 a gallon, AAA, the nation's largest motorist organization, said yesterday on its website. Pump prices reached a record $4.11 a gallon on July 17.

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You know the
drill, Americans!