CNN.com: Oil pulls back below $70

http://money.cnn.com/2006/05/08/markets/oil.reut/index.htm?cnn=yes

Potential resolution of Iran's nuclear program weighs on crude prices, but bullish sentiment about long-term oil prices lingers.

May 8, 2006: 6:42 AM EDT

SINGAPORE (Reuters) - Oil fell below $70 on Monday on hopes that tension over Tehran's nuclear ambitions will ease after Iran said its president would send a letter to U.S. President Bush seeking to resolve the "current situation in the world."

U.S. light crude for June delivery lost 34 cents to $69.85 a barrel, erasing gains from late Friday. London Brent crude fell 39 cents to $70.56 a barrel.

Prices are more than $5 below their record highs touched two weeks ago but up about 15 percent since the start of the year.

An Iranian official said Monday that President Mahmoud Ahmadinejad would send a letter to his U.S. counterpart to be delivered to the Swiss Embassy in Tehran, which represents U.S. interests in Iran.

"In this letter, he has given an analysis of the current world situation, of the root of existing problems and of new ways of getting out of the current vulnerable situation in the world," government spokesman Gholamhossein Elham said.
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More at link...

I doubt they will fall in proportion.

...by then the Chimp will bray something stupid and drive the price back up to $75/bbl

..

more fright nights @ the pumps to help fill the wallets of Bush and Cheney and their oily buddies.

There right there fighting for us.

and sees that it is nothing more than a photocopy of Ahmadinejad's middle finger.

:hi:

bonus money for those FATASS CEO's.

$2.77 here today for the cheap stuff.

I'd like to at least see it at under $2.50 a gallon again, but I think those days are gone for good.

Alternative fuels that are cost effective. No more love affairs with the auto industry.

Most price calculations in corrupt industries are based on the maximum extractable profit from a particular group, not the supply or demand of products which are easy to manipulate in a monopoly.

If people started to drive cars that achieved double the mileage, you can bet that the cost of fuel would double shortly after since the people in petroleum know how much you're able to pay for their product in an aggregate sense. They will never sacrifice that profit margin, they would rather douse you in the gasoline and burn you alive rather than it give up.

Alternative fuels are a good answer, assuming the route to these alternatives doesn't run thru the current oil industry. Any solution which does involve petroleum must include removal of the current players and business structure as well as some form of regulation & reform. Otherwise it's like giving control of a daycare center to a convicted pedophile.

Wow! I'm relieved. Good to see crude back in affordable territory. :sarcasm: