Oil tanks after Gustav’s landfall
September 2, 2008 by Tisa Silver
Filed under Finance
Gustav spared the Gulf Coast and sent oil prices running south today.
October crude oil dipped as low as $106.75 at the NYMEX and closed down 5 percent at $109.71.
Over the weekend, Iran’s Oil Minister Gholam Hossein Nazari said that $100 a barrel is the lowest suitable price for oil, which is over 30 percent less than the record high of $147.27 seen on July 11. Iran is the second largest oil producing nation in OPEC, it would be nice if the rest of OPEC’s members shared Minister Nazari’s opinion (or an even lower suitable price!).
OPEC’s next meeting is scheduled for September 9.
