Oil keeps plummeting

That means gas prices should follow suit over the next week or so. Oil finished today at $55.59 a barrel, its lowest close since June, 2005. Oil prices (really oil futures) have dropped nearly 30 percent since July 17, when they were at $78.40 a barrel. The explanation continues to be warm weather in the northeast, which has lowered demand for heating oil and boosted inventories. (By the way all you Al Gore fans, 2007 could be the warmest year on record - enough said.) All this is playing havoc on the stock prices of oil companies, including L.A.-based Occidental Petroleum, which lost another 2 percent today, to close at $45.76. Bloomberg



More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Siri versus Hawaiian pidgin (video)
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Previous story: Madigan leaves Madison

Next story: *Power problems

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner


Advertisement
Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook