Oh, NO!! Oil Prices Drop!

OK, so now we’re being told that the price of oil is dropping, and that’s a bad thing.  What’s the excuse here in Rochester, where gas is $2.85 a gallon?  A little price drop once in a while is a good thing, if you ask me.

Sharp drop in oil prices Refinery problems cause glut of crude | Chicago Tribune

NEW YORK — The price of oil fell the most in three months Monday because of a supply glut at a key North American delivery point and speculation that an Energy Department report will show U.S. inventories jumped last week.

Light, sweet crude for May delivery fell $2.77 a barrel, to settle at $61.51, on the New York Mercantile Exchange. It was the lowest close since March 21 and the biggest one-day decline since Jan. 4. The price of oil is down 8.7 percent from a year ago.

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By Tommy Belknap

Owner, developer, editor of DragonFlyEye.Net, Tom Belknap is also a freelance journalist for The 585 lifestyle magazine. He lives in the Rochester area with his wife and son.