This calamity was a real wake up call to the world. When there is some sort of disaster regarding oil on the supply side prices always spike, it’s only logical since we’re told we live in a world where the supply/demand curve governs oil prices. But that didn’t happen this time. We have seen a 10% decrease in the price of oil since Monday. Quite the opposite indeed. This event changed the world for the better, and provided the impetus the world needs to get off oil. You can tell me you think oil dropped because the Euro can’t support it with their debt crisis and all, but I’m hoping you’re wrong.
Here are photographs of the Deepwater Horizon Oil Rig burning and sinking: have a look.