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Can falling oil and gasoline prices be bad news? They can be for refiners—and that could come back to bite American drivers just as gas prices are coming back to earth.
Now that the dance between oil supply and demand seems to have supplanted speculators, currency plays, and tarot card readings as the main drivers behind the price of oil, OPEC’s influence looks to be on the rise again.
Crude oil rebounded from a five-month low to over $110 as Hurricane Ike turned north from Cuba and again threatened Gulf oil infrastructure just recovering from Gustav, Bloomberg reports.