Friday, July 2, 2010

Oil Prices Fall Before Busy Holiday Weekend

For the fourth day in a row, oil prices fell on Thursday, as concerns over the economy could keep people closer to home, not only on this busiest of summer travel times, but throughout the rest of the summer as well.

There's really little to justify any optimism in the economic conditions we face, a the majority of economic data confirms we're either slowing down in growth, or, which is more likely, really never experienced any real growth, other than the government printing money and artificially propping up certain segments of the market in hopes it would buy enough time for a recovery to happen.

The government has lost that bet, and consumers know they need to be careful how they spend their money in light of economic uncertainties, which continue on.

New housing starts have plummeted, construction is down, jobless claims are up and homebuyers signing contracts also dropped in May, confirming fears of how shaky the economy really is.

Travel is one of the few things consumers can manage, and we're probably going to see a lot less of it this summer season, and oil prices will remain under downward pressure as a result.

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