Wednesday, October 22, 2008

oil price plummeting


If you look at the widget embedded on this page displaying records of oil prices for the last year or so you will notice that it has dropped below $70 for the first time in a year. This is because of the economic collapse so I'm optimistic that it won't herald a wave of sudden skyrocketing oil consumption from the US. One of the welcome side-effects of this is that tar-sand extraction has become uneconomical, with a break-even point of $70 per barrel. Sweet.

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