U.S. July crude fell to $87.95 at 2:30 p.m. Singapore time (6.30 a.m. GMT), 20.6 percent lower than the year’s high of $110.85 hit on February 24. Front-month crude prices are headed for a loss of about 17 percent for May, the biggest monthly drop since December 2008.Obama may not have had much to do with the price declines but he had very little to do with the prices increases as well. Even with lower prices, it's still critical for the US to move forward with alternative energies. The challenge of increasing oil prices is not going to ever go away permanently so to whether it's solar, wind, sea or whatever, we still need investments for the long run.
Analysts say there could more declines for oil amid uncertainty over the global economy and on selling by speculators who had hoped that prices would go higher because of a supply disruption in the Middle East.
Andrew Su, CEO of Compass Global Markets, who has been ‘short’ oil since it was at $102.50 per barrel, said he expected it to fall to $78 at the end of September.
While Solyndra was nothing short of a failure, it doesn't mean the entire program should be scrapped. The GOP ignores the billions in handouts that taxpayers give to Big Oil (who then screw consumers) each year. Shouldn't we be putting at least the same amount of subsidies into new energy development as we do for Big Oil?