Oil dropped below $100 a barrel in New York today for the first time since April amid forecasts that a slowing global economy will curtail energy demand.
Democrats need people hurting for their pitch to work. The cheaper gas and home heating oil are come November, the tougher it will be to sell people on the idea of throwing caution to the wind and electing an unknown with no experience to the highest office in the land.
Futures traded as low as $99.99 a barrel and have erased almost a third of their value since reaching a record $147.27 on July 11. Traders have shrugged off forecasts that Hurricane Ike will hit the Texas coast later today, an OPEC call for reduced supplies and a decline in U.S. inventories.Who would have guessed it a month ago - Barack getting his butt kicked by White Trash and Black Gold. Yippee!
OPEC's call for members to honor production quotas ``may be the most bearish signal to date in the oil market rout,'' said Antoine Halff, head of energy research at Newedge USA LLC in New York.