No less than one day after fellow OGI blogger Steve Toon attacked Fed Chairman Ben Bernanke's financial policies, not greedy oil execs as the U.S. Congress has suggested, for being responsible for the record oil prices and sadly undervalued dollar, Bernanke has issued a report today saying he was going to stop cutting the interest rate. And surprise, surprise! Oil prices dropped nearly $3.50 on his comments. Incredible. The July contract price is now $124.31. I've been trying to avoid using the term dropped in the past, because I don't consider a $0.50 reduction in price to be a drop. But $3.50 in one day? That's a drop. I'm shocked. No really, I am. But this can't be the work of the free market. No sir. The oil company execs all met in secret today and decided to lower prices just to throw us all off. The fiends! The cads! I sincerely hope that the Senators who went after big oil, namely Herb Kohl, Dick Durbin and of course Patrick Leahy, are forced to keep their conspiracy-spewing traps shut for a little bit. –Stephen Payne, Editor, Oil and Gas Investor This Week; spayne@hartenergy.com
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