Posted By: Dr. Frugal in Economics on 11/01/2007 at 05:17:13
It looks like I jinxed the price of oil when I boldly predicted it would never break $100 in my lifetime. Stupid, stupid me. Even though I've been following it closely, it shocked me that it went up three dollars since Friday of last week.
Apparently there has been a drop in US supplies which has lead to the spike in the price.
In its weekly inventory report, the U.S. Energy Department's Energy Information Administration said oil supplies fell by 3.9 million barrels last week. Analysts surveyed by Dow Jones Newswires, on average, had expected an increase of 100,000 barrels.
Where exactly does it go· I didn't realize we were releasing any...I really need some Top Secret clearance.
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