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Oil Prices Drop But is it Temporary?
By Jason Lewis (Sports Editor)
Published July 10, 2008

Gas prices are still high, but hope could be on the horizon… if we are lucky.

Oil prices fell more than $9 a barrel after July 4th weekend, down to $136 a barrel. Iran’s president downplayed concerns about possible war in the Middle East. Conflict in that area threatens the supply line, which causes prices to go up. Iran gave an undisclosed response to an international offer of incentives if it suspends a central part of its nuclear program.

Another reason for the drop off in price appears to be that many investors have sold off shares to make a profit on the recent boom in oil prices, which reached as high as $145 a barrel, which is the most it has ever been.

The lower prices may not be seen at the pump for some time, if ever. Some experts said that the price of oil could reach $150 soon, and feared that at some point it would go above $200. The recent drop in prices has not eased those concerns. The price could go right back up.

A stronger dollar and peace in the Middle East could cause the price to continue to drop, which would be seen at the pump, but there is no guarantee that either of those will happen.

Categories: National

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