Sunday, November 30, 2008

Oil Prices

CNN notes that gas prices have dropped over 50 cents in the last two weeks, and here's an interactive map from CNN showing the evolution of gas prices over the last six months. Maybe I can argue with myself now.

My favorite line from the story:

"She attributed the price reductions to crude prices and demand."

That killed me for some reason. The real story is the drop in global demand...but attributing lower gas prices to lower crude oil prices? Isn't that like saying lower GDP figures are the reason for slower growth?

I just noticed that the story was from over a month ago-- and note the impact (or lack thereof) that OPEC's reduction in oil production has had on prices since then. It highlights the fact that many people either don't want to admit or honestly don't know-- OPEC doesn't produce that much oil. Not enough to significantly alter world prices, anyway.


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