Have you noticed the price of fuel has dropped? I did while driving through Kansas and Missouri. In stopping at a Love's servie station in Missouri I topped the tank off at $3.09 per gallon. Does this mean the Anointed One is finally looking after the American People? No, it doesn't. It's that our manufacturing output is down drastically. The fuel price is in futures. As long as we don't get whats underground the problem will never go away.
Oil fell after manufacturing in the U.S. unexpectedly shrank in June for the first time in almost three years.
Prices dropped 1.4 percent as the Institute for Supply Management’s U.S. factory index fell to 49.7 in June from 53.5 a month earlier. Euro-area unemployment reached the highest level on record in May, the European Union’s statistics office said today. Oil’s decline followed a 9.4 percent jump June 29.
“The ISM number strongly suggests that we’ve got a long haul before we see improvement in the economy and oil demand,”said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “Economic data combined with the spike on Friday are going to convince people to get out of the market.”
Crude for August delivery decreased $1.21 to settle at $83.75 a barrel on the New York Mercantile Exchange. Prices climbed $7.27 on June 29 to $84.96. The percentage gain was the biggest since March 12, 2009. Oil is down 15 percent this year.
http://www.bloomberg.com/news/2012-07-02/oil-drops-on-economy-after-biggest-rally-since-2009.html
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