NPR: Oil Market Psychology

Oil Market Psychology

McCain says when people know there will be more oil prices will go down. Brazil discovered what are believed to be the world's third biggest reserves of oil undersea in April. Oil prices only climbed in the wake of that discovery.

-- David Welna

UPDATE: With regard to the eventual price effect when that oil does hit the market, our Richard Harris adds:

Offshore oil drilling would take many years to develop and would ultimately add less than 2 percent to the global oil supply. So it's a stretch to assert, as Sen. McCain did, that drilling will drive down the price of oil.

9:53 PM ET | 10- 7-2008 | permalink

comments | | e-mail

Comments

View all comments »

Add a Comment

Please note that all comments must adhere to the NPR.org discussion rules and terms of use. See also the Community FAQ.

E-mail this Page

Recipient's e-mail address:	» Up to twelve addresses, separated by commas.
Your e-mail address:
Your name:
Personal message (optional, 600 characters max):
Your NPR member station:
Are you a member of your local NPR station?	Yes No
Would you like to receive information from your local NPR member station? (see NPR's privacy policy)	Yes No
Please send me updates from NPR.	Yes No

(Information collected by NPR will be used solely for internal NPR or NPR member station purposes and only if you selected 'yes' above. See NPR's privacy policy for more information.)

E-mail |
Print

Evie Stone

Blogger

Michael Olson

Blogger

Thomas Pierce

Blogger

Sean Bowditch

Blogger

About Vox Politics

NPR's producers, reporters and editors follow the latest developments on the campaign trail. For more information, please visit our discussion guidelines.