The Marketplace Reader

At least a temporary drop in oil pressure

Richard Core Jul 17, 2008

Not long ago we wouldn’t have seen the news of oil closing just below $130 a barrel as a good thing for our pocketbooks. But here it is from the AP: “Light, sweet crude for August delivery dropped $5.31 to settle at $129.29 a barrel on the New York Mercantile Exchange. Prices have fallen nearly $16 in just the past three days.”

The wire service says analysts are reluctant to say last week’s high of $147 a barrel was the top of the market. It also reports that gas prices at the pump have held steady at a record $4.114 a gallon, with diesel rising to a new record of $4.845, up more than half a penny.

For more on the factors influencing oil prices, check out Kai Ryssdal’s interviews this week on the oil crisis.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.