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Oil Prices Plummet by $9

By Dave ⋅ July 15, 2008 ⋅ Post a comment

Apparently with the stroke of a pen:

“It seemed to pick up steam after President Bush spoke about drilling off shore,” said Phil Flynn, senior market analyst with Alaron Trading in Chicago.

That’s impossible, it will take years to bring that stuff online.

UPDATE

Bizzyblog has more on the same theme, apparently some in the news media are having difficulty wrapping their head around the idea that the oil speculators (boo! hiss!) listen to the news and make future moves accordingly, in realtime, right now.

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3 comments for “Oil Prices Plummet by $9”

  1. [...] least one person quoted earlier today (11:26 a.m., according to the link) had a different view (HT NixGuy), and he said what he said to CNNMoney.com, the same outfit that sent me the [...]

    Posted by BizzyBlog » Oil Drops Over $6 a Barrel; I Wonder Why? | July 15, 2008, 6:04 pm

  2. It’s a good thing you found that, because it’s nowhere to be found in the extended coverage now:

    http://www.msnbc.msn.com/id/12400801/

    Mr. Flynn has more than likely lost his press access “privileges.”

    Posted by Tom Blumer | July 15, 2008, 11:50 pm

  3. …and falling again today…

    Posted by Ben Keeler | July 16, 2008, 12:05 pm

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