Ravenwood - 11/05/04 06:45 AM
Earlier this week, Reuters claimed that oil prices were falling because of a potential Presidential victory for John Kerry. CNN, who had originally claimed that the price drop had a little something to do with increased oil and natural gas inventories, quickly changed their story to follow Reuters lead.
Now, just a few days after Kerry conceded the election and oil prices are still dropping, it's being credited on (surprise), increased oil and natural gas inventories.
U.S. crude oil futures settled below $49 a barrel for the first time since Sept. 27, after a report showed natural gas storage at a record highCNN, once again follows Reuters lead and reports, "Rising crude and natural gas stockpiles in the United States" are "eroding a price rally that has lifted prices more than 50 percent this year."
I forget. Who was it they were criticizing for stockpiling oil in the strategic reserves?
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