Oil Prices / Futures continue decline.

[AskTheWiseOldMan]

From the minute President Bush lifted the ban on domestic drilling three days ago, oil futures have steadily declined.

Oil prices fell below $130 a barrel for the first time in more than a month Thursday, as a dramatic slide entered a third day along with a sharp sell-off in natural gas.

news.yahoo.com/s/ap/20080717/ap_on_bi_ge/oil_prices

[sometimeman]

Oil is coming down. -IF- he will save the dollar I'll take back -ALL- the bad

[soaks]

Jul 17, 2008 16:55:16 GMT -4 AskTheWiseOldMan said:

From the minute President Bush lifted the ban on domestic drilling three days ago, oil futures have steadily declined.

Sorry, I don't see where this is supported anywhere in the article you sited.

The declines accelerated amid growing concerns that the weakening economy and creeping inflation are eroding demand for fossil fuels in the U.S. and other large energy-consuming nations.

-snip-

The immediate cause of Thursday's sharp natural gas decline was a larger-than-expected increase of U.S. supplies.

The Energy Department's Energy Information Administration said in its weekly report that natural gas inventories rose by 104 billion cubic feet to more than 2.31 trillion last week. Analysts had been expecting supplies to grow by only 86 billion to 91 billion cubic feet, according to a Platts survey.

A similar report Wednesday showed oil, gasoline and other fuel supplies unexpectedly rose sharply. Traders saw both the petroleum and natural gas reports as reasons to sell, as they reinforce data that show consumers are cutting back on their energy use.