Oil price falls below $40

AFP on Yahoo ^ | 12/5/08 | AFP

[NormsRevenge]

(AFP) – The price of Brent crude oil slumped to 39.77 dollars a barrel in trading here on Friday --

[kpp_kpp]

but, but, peak-oil... an we’re running out... and

[taxcontrol]

Likely many companies are continuing such charges and no ... it is not profiteering. The reason is that goods have to be in short supply in order to qualify as profiteering. Also, many of these companies to huge hits to their profits prior to instating these fees. So, even though the price is now low, the continue these charges to gain back and “cover” those losses.

In the long run, we will see these fees go away or be reduced through the market and competition.

[B4Ranch]

The lower oil goes, the lower our economy will go too! We need to start praying that we don’t see $20 oil.

[spikeytx86]

For those worried about domestic production, if prices fall to much lower, domestic production will be unprofitable as well as production in many places throughout the world, which will lower supply, and increase prices eventually.

This will again make production profitable here and elsewhere which will increase supply and cause prices to sink back down to equilibrium.

[B4Ranch]

We certainly appreciate every dollar you contribute towards our taxes.

[Flavius]

Where are the peak oil morons

[Toddsterpatriot]

And their Mustangs.....

[GeorgiaDawg32]

over at the DU, they’re giving Ears all the credit for his threat to levy windfall profits tax. they say the oil companies don’t want to pay it (as if they would, they’d simply pass it along to the consumer)..he’s their hero...

[wolf78]

And how will the MSM get through the winter without sob stories about heating oil prices?

The reason for the price slide: the economic meltdown. Believe me, there will be more than enough stories about people who can't afford the heating oil.

[Gator113]

I do, kinda. My boat takes 90 gallons. Gas has finally come down to $1.89 in my area, and my Bride has a gas discount of 40 cents off per gallon. Tomorrow, the wait is over....I am going to fill everything I own. ;>)