Oil Prices fall below $50 a barrel

Oil Briefly Falls Below $50 Per BarrelThursday January 18, 3:01 pm ET By Stan Choe, AP Business Writer
Oil Prices Briefly Fall Below $50 Per Barrel Amid Larger-Than-Expected Crude Inventories

NEW YORK (AP) -- Oil prices briefly fell below $50 per barrel Thursday for the first time since May 25, 2005, after the government reported larger-than-expected jumps in crude oil and gasoline inventories.

Light, sweet crude for February delivery fell to $49.90 in afternoon trading on the New York Mercantile Exchange. It spent only a few moments below the $50 threshold before climbing back to $50.40, down $1.84 from Wednesday's close.

"There's no doubt that this is significant," said Phil Flynn of Alaron Trading Corp. "If you're a bull, the only thing you can hold your hat on is they didn't close below $50."

San Diego Source

This has got to be Bushs fault. No election coming, what could be the reason.
Only one it's all Bushs fault.
Lets see how the liberals on the board explain this.

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[edit on 18/1/2007 by Mirthful Me]

Well its known as psy warfare.They let the prices down as everybody thinks its normal,it is being done for War with iran so when US attacks iran in the future oil prices would shoot to 70-80$ rather than the 200$.(which everyone in the conspiracy world is speculating)
ITs all psy warfare baby

I say this board should be locked until there is a surge in oil prices.

Hell, everybody buy into oil commodities. Weve got a cake way to grab a quick 30-50% return right here. Or dont. Then when oil jumps you can complain about others making money off of it when you were too stupid to.

Or thats what they want us to do. They want us to buy into oil real heavy then theyll announce some new fuel and oil will become worthless.