Have you noticed that crude oil prices have declined by 12% this month?
Crude-oil futures dropped $2 on the New York Mercantile Exchange yesterday, falling to the lowest level in two months. Benchmark light, sweet crude-oil futures for March fell $1.92 to settle at $57.65 a barrel, which is the lowest front-month settlement since Dec. 19th. That makes four straight days of losses amounting to almost $5 a barrel. Meanwhile, government data reflects that U.S. petroleum inventories are above the higher end of the average range for this time of year, and oil stockpiles are now at their highest level since late June, 2005.
No word yet from Bill O’Reilly on how the big oil companies, with all their market power, could not prevent this large decline in crude oil prices.