Oil now below $116, other energies down as well.

[Tandalayo_Scheisskopf]

CLU08.NYM Crude Oil Sep 08 115.90 11:32am ET Down 4.12 (3.43%)
HOU08.NYM Heating Oil Sep 08 3.1335 11:32am ET Down 0.1001 (3.10%)
NGU08.NYM Natural Gas Sep 08 8.256 11:32am ET Down 0.315 (3.68%)
PNU08.NYM Propane Gas Sep 08 1.73 12:02pm ET 0.00 (0.00%)
RBU08.NYM RBOB Gasoline Sep 08 2.9056 11:32am ET Down 0.0971 (3.23%)

[yourout]

1. No suprise.....elections are getting closer.

Look for a big drop in gas prices after Labor Day.

[zbdent]

6. A caller to the Ed Schultz show pointed out that the Saudis had said that they

would increase oil production (back in early June), which would take effect sometime in July.

Conveniently, George W. Bush announced his cosmetic and ceremonial drop of the "offshore drilling" moratorium ... about the time that the increase of the oil production would start to affect the price of oil ...

edited to add link to the news story, 6/15/2008, which said that the oil production would increase in JULY:

http://biz.yahoo.com/ap/080615/saudi_oil.html

and, on July 14 2008, George W. Bush said the following: "So today, I've issued a memorandum to lift the executive prohibition on oil exploration in the OCS. With this action, the executive branch's restrictions on this exploration have been cleared away. This means that the only thing standing between the American people and these vast oil resources is action from the U.S. Congress."

http://www.whitehouse.gov/news/releases/2008/07/20080714-4.html

And the Republicans and the complacent media bleats that the mere fact of stating that the ceremonial drop of the ban is already drawing down the oil prices.

[bullwinkle428]

8. And RIGHT ON CUE, a wingnut on another board I post at

(which happens to be an ecodriving/hypermiling/fuel conservation site - cleanmpg.com) is trumpeting Bush's signing statement on the offshore ban as the reason prices are dropping!!

[SpiralHawk]

7. Bingo !!! We have a winner

Every American who is paying attention should see this, and understand that come December -- shortly after the election -- gas and heating oil are going Way Up. Again.

The market is being manipulated for republicon benefit.

As usual.

[seasat]

2. IMHO, it hurts McCain if oil prices drop

He's campaigning on Drill, Drill, Drill but if the prices drop significantly between now and the election, then folks will be less likely to buy into that rhetoric. It'll remove the one issue that he's found a little traction on.

[lpbk2713]

3. Shows how easily the price can be manipulated.

Just like adjusting a spigot .... or a pipeline valve. :eyes:

[Warpy]

5. That's how we know hedge funds were in the game

The spigots and valves were wide open. That never changed.

[Warpy]

4. The natural gas peak was nearly $14.00

I think the hedge fund manipulators got out when it hit $13.00 and what were left were the suckers who always spot a trend too late.

Had they kept it that high, there would have been riots this winter.

The same goes for heating oil.

[tekisui]

9. With the war in Georgia, they won't stay down long.