Lets see, the price of oil has dropped nearly $14/barrel in the last two days. Perhaps the Feds should rescue the oil speculation industry before losses are too high for oil traders.

The New York Times says the Economic Slowdown has pushed oil prices down, which is hard to swallow given that the economy is still growing, manufacturing is still booming, consumer spending rose in May at a record rate, and the Dow Jones was up over 200 points, none of which are signs of a slowing economy. Perhaps people are using less gasoline, because they don’t want to pay so much for fuel, a possiblity that the Times ignores.

And perhaps we should all read the Waco Tribune, for some buried news, and a quote from a Chicago man, that didn’t make the New York Times:

Light, sweet crude fell $6.35 to $138.83 a barrel in electronic trading on the New York Mercantile Exchange. Earlier prices dipped to $135.92.

Prices began to fall after Federal Reserve Chairman Ben Bernanke warned that high energy prices have sapped the purchasing power of U.S. households.

“It seemed to pick up steam after President Bush spoke about drilling off shore,” said Phil Flynn, senior market analyst with Alaron Trading in Chicago.

Incredible that a projected increase in supply and an noted decrease in demand has led to lower prices for oil. Should we demand a Congressional Inquiry?