Here’s an L.A. Times story by Elizabeth Douglass entitled, “Gasoline Prices Fall for Eighth Straight Week.” Probably won’t knock the other nonsense off the front page. An industry publication is quoted as saying, “‘The fundamentals really haven’t changed for oil,” adding, “but the outlook has. In addition to swollen oil inventories, the U.S. hurricane season has been uneventful, international tensions have stabilized and there is talk of an El Nino producing a mild winter.”
Buried later in the article is some pretty clear reasoning from Joseph Sparano of the Western States Petroleum Association, a guy who knows a little bit about gas prices:
“We have the same forces working together on the way down, just as they worked together in the spring to push the prices up. Despite all the rhetoric, that’s how the market really works.”
The market? Oh yeah — the market! What with all the rhetoric, we almost forgot.
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