Here we go again. First Wall Street's Stock Market speculates the price of oil up by speculating that the demand is up, although it is only speculation.
Now the candidates talked about drilling in more of our coastal beaches. So what does the Speculating Traders on Wall Street do? They again speculate the price of oil. Only this time the Stock Market is speculating the price of oil down.
So was it really demand? And does what the speculators do here really justify the 'ROLLER COASTER' pricing of oil? Hmmm, let's see what is going on in the news.
On Friday, July 25 2008, there were talks on the horizon for that weekend, with speculation of a positive resolve that lowered the price of oil barrels on Friday. Yet in the news on Monday, July 28 2008, the press both on-line and in various news outlets reported on the oil price creeping back up on Monday.
On CNN on-line business news, Kenneth Musante, wrote an article titled 'Gas Prices Fall For 13th Straight Day.' I guess Ken and CNN did not get the news of oil price creeping back up on July 28th Monday. And Still on Tuesday all news media kept saying was oil has continued to drop. 'Continued?' But no mention of the glitch from Monday, just one day prior. http://money.cnn.com/2008/07/30/news/economy/gasoline/index.htm?postversion=2008073006
And now on July 30th 2008 there is still conflicting reports. With CNN stating that gas prices fall for 13th day straight, the Associated Press on-line has a new article.
http://biz.yahoo.com/ap/080730/oil_prices.html Stevenson Jacobs AP business writer's article 'Oil Jumps $5.00 After Report Says Gas Supplies Fell" indicated today that the price per barrel has jumped again. This time $5.00 more per barrel. Of course this business writer also states the two-week slide with no mention of July 28th price creeping.
Why there was even a July 11 2008 news article by Associated Press Writer, Madlen Read, where Read talks of the price per barrel passing $147.00 per barrel.
During the time frame of July 11 thru July 30 the price per barrel was not in any way continuing to go down. The weeks of July 14 - July 21 through Monday July 28th news reports have it ROLLER COASTING up and down. There was no two-weeks straight slide. A two week period is fourteen days. There is Not any 14 days of straight decline at all. There is only a continuous positive spin ignoring any facts of the rise in price that just keeps creeping up now and then.
Yet in my city, no one had reported that their price at the pump had even gone down .1cent. So I would of loved to see the prices at the pumps marked as a drop. In fact the price remained the same. However buy Tuesday, there was a report that some pumps either dropped their price by several cents or by 1/2 cent in some other places. But on the on-line business news reporting, the media were able to find an area or two where the price showed more than a .10 cents drop.All of this speculating is enough to make me dizzy with the positive spin on oil drop and negative rise. When will the price become stable at a level we can afford.
Remember that many of us do not drive for pleasure. We drive to get to work. We drive for our work. We drive to get important errands done quickly and smoothly and on time. Some are small business owners. Some are workers who work 2 to 3 jobs to stay afloat. Some are households with 2 workers paying between $100.00 to $120.00 tank of gasoline on each car to get to work. Some errands have to be done by car. Try loading your groceries on the bus with your milk and ice cream while the air conditioner is not working. Yep, that happens a lot when you live in the high desert area. Try waiting for the bus in the smoldering heat, where the buses break down and a replacement is not sent so you just have to wait an hour or two later with small children and a milk souring in the heat. Everything from doctor office appointment to dental appointments end up being rescheduled when we arrive late because buses break down. Many times the delays can cause as much as a 2 hour later showing up for the appointment that was just 5 to 10 miles away. WE--NEED--OUR--CARS!
Driving is no option. Driving is a necessity. And when the speculators speculate the oil price 'ROLLER COASTER', you are stuck in a tizzy.
