U.S. crude was down 61 cents at $55.65 a barrel at 1600 GMT after hitting its lowest level since June 14 last year at $54.86. The price has fallen nearly 30 percent from the record of $78.40 in July. London Brent crude rose 11 cents at $58.65.
Whatever happened to the claims before the election that Bush controlled oil prices? Now that the elections are over and the Democrats won, wouldn't Bush want to push oil prices up so he, Cheney and co could reap maximum profits? Unless, of course, Bush really doesn't control oil prices after all.
Then there's this:
"Oil briefly dropped below $55 Friday to its lowest level since mid-2005 amid fund selling across commodity markets on worries of an economic slowdown in the world's largest energy consumer, the United States."
Why, al Reuters, whatever do you mean? Are you implying that the Democrats will wreck the economy?
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