The oil price rollercoaster continued in August, with prices spiking and dipping before taking a longer plunge than has been seen in a while.
Myriad reasons are put forward for the sharp fall back in world oil prices, from a strengthening dollar to the forecast by the Opec cartel of oil-producing nations that demand would grow more slowly than previously thought in 2008 and 2009 also helped to prevent prices from rising. In the Gulf of Mexico Tropical Storm Fay did her bit by not blowing too hard- ( although she still left a trail of death and destruction in her wake), thus easing fears for oil supply disruption in the US.
So in the short term things are looking better than they have in a while, in the medium term who knows what'll happen, but best guesses are for more price rises and energy crises.
And as the great economist John Maynard Keynes said, in the long term w'’re all dead, so who cares about that!
