Weekly Recap: Oil Falls 11%

clipped from www.chicagotribune.com Crude oil fell for a fourth day on Friday—capping the biggest weekly decline in more than three years—after the Bush administration decided to participate in nuclear talks with Iran. Prospects for a dialogue with Iran eased concern about a possible conflict with Israel. A slowing global economy, faltering U.S. fuel demand and rising supplies compounded the decline. Meanwhile, prices at the pump pulled back from record highs, dropping by nearly a penny. If crude prices hold at current levels or head even lower, drivers may see further relief at the pump in the coming days, experts said.

One thing not mentioned is that President Bush also lifted the ban on offshore oil drilling, and Americans are putting pressure on Congress to do the same. Many things going on to put downward pressure on oil. In addition, the commodity bubble seems to be imploding.

Of course, the sad news for you and me? Oil falls 11%, prices at the pump drop a penny... Ooooh.