Guess the Cracking Time Ran Out

By October 30, 2008Energy

Happened to just watch a campaign commercial from a candidate attacking the incumbent U.S. Senator for taking money from oil company PACs, vowing to “crack down” on Big Oil and speculators. The candidate proclaimed with the usual populist vigor: Eliminate tax breaks for Big Oil to fund alternative energies to help our families.

Of course, it was a campaign spot from last summer, the cracking time.

Lately, there’s much less oil company demonizing. Much less. Take a look: “Crack down on oil companies” then and now.

Also now: AFP, “World oil prices tumble on US economic gloom“:

NEW YORK (AFP) — Oil prices slipped Thursday in volatile trade, reversing early gains as the market reacted to news of shrinking economic growth in the United States, the world’s top energy consumer.

An overnight cut in US interest rates, along with a similar move in China, had earlier bolstered prices on the view this action would bolster demand in two crucial markets.

New York’s main contract, light sweet crude for December delivery fell 1.54 dollars to close at 65.96 dollars per barrel.

Lousy speculators.

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