Obama Win Brings Oil Prices Down
Posted by Your Energy Saver Evangelist
Today, we congratulate Barack Obama as our President. Today is indeed a momentous day. For the first time in American history, an African American has rode on the wings of ascendency to the ultimate price - to be the President of the United States.
Obama’s presidential campaign centred around the themes of change and hope. One thing is going to happen. Change is going to happen - for better or worse.
Americans are anticipating better times ahead. The world is expecting a stronger US economy. Buoyant sentiments have boosted the dollar, and that has shaved off a massive 3 percent of the price of oil to $68 a barrel.
With the dollar expected to get stronger, oil prices are likely to continue its downward slide, unless and until the OPEC imposes further oil production cuts, which look rather likely.
Just yesterday, Saudi Arabia and other OPEC nations made cuts in oil exports. That caused oil to surge by $6.62 per barrel.
Let us view our future with hope; that this new era in American politics will usher in a new age of growth and lower oil prices.
November 5th, 2008 at 8:44 am
[...] With the dollar expected to get stronger, oil prices are likely to continue its downward slide, unless and until the OPEC imposes further oil production cuts, which look rather likely. Read more [...]