Oil down sharply as Gustav seen weakening

Source: Washington Post

By PABLO GORONDI
The Associated Press
Monday, September 1, 2008; 12:35 PM

-- Oil prices tumbled to below $111 a barrel Monday as weather forecasters said Hurricane Gustav was weakening as it advanced toward Louisiana.

A stronger dollar also helped reverse the course for oil prices, which had risen by nearly $3 to over $118 a barrel earlier in the session.

Still, precautions due to Gustav prompted companies to shut down drilling and refining operations in the Gulf Coast region.

By late afternoon in Europe, light, sweet crude for October delivery was down $4.70 to $110.76 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, it had reached a high of $118.25 before retreating.



Read more: http://www.washingtonpost.com/wp-dyn/content/article/2008/09/01/AR2008090101024.html

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The longs are moaning and the shorts are smiling. It's all just a big casino.

Maybe they can take up a collection for them at the RNC, or better yet...have a prayer service for them.

Who was that crazy christian fart that was praying for rain?...lol. What a GD idiot!! Hope he is enjoying "his rain".

Algae based bio being my first choice along with solar and wind.

UP UP again.

Gustav should be a great talking point for the need to drill in Alaska.
Even though the oil in Alaska can be easily shipped to the newly independent states formed around russia when ready for use.