The Associated Press reported this week that oil and gasoline prices rebounded on Thursday, August 23, 2007 from sharp stock market losses taken earlier in the week, as a more stable stock market alleviated stock traders' worries about an economic slump dampening demand for oil, natural gas and gasoline.
The energy markets of oil, natural gas and gasoline have fallen recently despite the threat of hurricanes, with many stock investors betting that credit might be tightening so much as to stifle economic growth. Also pressuring prices, the summer peak driving and air-conditioning seasons are winding down as winter approaches, and the winter looks like it could be a mild one, which means that heaters won’t be turned up high to keep us warm.
Crude oil prices got a boost Thursday, August 23, 2007 after the stock market appeared to have gained some price stability, but crude oil is still down nearly 3 percent from last Friday. Gasoline prices have dropped 5.7 percent since last Friday, and natural gas has tumbled nearly 20 percent. Natural gas storage in the United States is extremely high, which sets the stage for seasonal price drops.
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