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August 8, 2008

Oil prices fall to $117

Oil prices fell today to $117 US per barrel, still well above the hundred dollar/barrel mark, but down $30 from the July 11th record price of $147.27.

Demand remains unchanged, as this latest change is the result of the strengthening US dollar, which lost 20% of its value in 2007. So is the US buck on the rebound?

According to economists and political historians the US dollar usually follows a strengthening trend prior to an US election, the result of sunny optimism that change is good.

It also means the United States might be able to avert or lessen a recession if they can manage to get their markets back on track and cut back on spending too much credit.

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