[Jmac]

Originally Posted by murd0c

The Albertans can thank voting in the NDP for that!!

Care to show me where in this article it mentions 4 months of NDP government is responsible for the global downturn in oil prices?

http://www.nytimes.com/interactive/2...ices.html?_r=0

Why has the price of oil been dropping so fast? Why now?
This a complicated question, but it boils down to the simple economics of supply and demand.

United States domestic production has nearly doubled over the last six years, pushing out oil imports that need to find another home. Saudi, Nigerian and Algerian oil that once was sold in the United States is suddenly competing for Asian markets, and the producers are forced to drop prices. Canadian and Iraqi oil production and exports are rising year after year. Even the Russians, with all their economic problems, manage to keep pumping.

There are signs, however, that production is beginning to fall in the United States and some other oil producing countries because of the drop in exploration investments.

On the demand side, the economies of Europe and developing countries are weakening and vehicles are becoming more energy-efficient. So demand for fuel is lagging a bit. China's recent devaluation of its currency suggests the economy of the world's biggest oil importer may be worse off than expected.