Monday, May 26, 2008

Oil Prices, Plunging, May Not Have Hit Bottom

Thought that would catch your eye!

That is a headline from an article in The New York Times dated September 13, 1993. You need to register with the Times to read the full article, but here is an excerpt to remind you of the good "old" days:

Since June, oil prices have dropped more than $3 a barrel, bringing the average price late last week to about $15.50 a barrel on spot markets in London and about $16.75 a barrel in the United States.

Industry executives and analysts say oil markets are so flooded with oil that prices might slide to about $10 a barrel in the next few months, around the low point of the mid-80's, presenting the industrial economies with a welcomed lift and consumers around the world with a windfall.

For consumers, the drop in oil prices has brought unexpected benefits. Gasoline prices have fallen to less than a dollar a gallon in some parts of the United States this summer, though in a survey taken at about 10,000 stations on Sept. 10, the price of regular unleaded gas at self-service pumps was $106.7 a gallon, according to The Lundberg Letter, which tracks prices.


Poodles said...

That's cruel.

bullet said...


That was two years after my Dad was laid off because domestic production had been dropping like a rock.

Funny that there was a time for me when low oil prices were a bad thing.