Oil down by $10

[taylor]

news.yahoo.com/s/ap/20080715/ap_on_bi_ge/oil_prices_31

Oil prices tumble more than $10

By ADAM SCHRECK, AP Business Writer 1 hour, 5 minutes ago

NEW YORK - Oil prices are tumbling as traders dump the commodity amid concerns about the economy that are also driving the stock market sharply.

Prices dropped more than $10 a barrel from highs earlier in the day, and are now down more than $6 from Monday's closing price. Light, sweet crude is trading at $139.03, down $6.15.

Earlier, it rose as high as $146.73 and fell down to $135.92.

The turnaround may not signal a lasting shift in sentiment — prices have swung violently in recent days as they flirted with record highs. But it does underscore investor uncertainty about whether sky-high oil prices can be sustained and their effect on the broader economy.

[summerose]

I hope that's a promising sign!

[AskTheWiseOldMan]

Its down nearly 12% from where we started the week. If pump prices are not the product of gouging and greed and were the result of supply costs, then a gallon of gas would have dropped almost 50 cents... but that didn't happen.

President Bush actually deserves a lot of credit for lifting the official ban on drilling. In so doing he not only proved that there really isn't an oil crisis, but that the inflation of oil was due entirely to paper speculators.

[ana]

I hope we will see some relief. I some how doubt it though. I think once they (oil people) start getting it they will not relinquish what they have gained.