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Oil drops below $115 per barrel.

August 22nd, 2008

Photo courtesy of VNF.com

“Crude oil prices fell more than 5.4 percent on Friday in the biggest one-day slide since 2004 as dealers turned their focus to rising supply levels and weakening global demand.

A rebound in the U.S. dollar encourage the sell-off, applying downward pressure across the commodities markets by weakening the purchasing power of buyers using other currencies, dealers said.”

According to CNBC, it’s a 20% drop since Mid July, which is remarkable considering that three months ago speculators were saying $200 a barrel this summer.

We’ll see if this decrease continues and how long till we’ll see prices drop at the pump.

I’m more curious to see if HECO will lower their monthly rates after all the hikes this year due to higher oil prices???

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