Ben Bernanke Inflation more prominet concern

[kst$]

What ever Bernanke had to say helped alittle Oil droped to 124.31 a barrel and the dollar strengthen over the Euro.

By midday in Europe, light, sweet crude for July delivery was down 52 cents at $123.79 a barrel in electronic trade on the New York Mercantile Exchange. The contract fell $3.45 to settle at $124.31 a barrel in the previous session.

That was oil's lowest settlement price for a front-month contract on Nymex since May 15. Prices are now more than $11 below the trading record of $135.09 a barrel hit on May 22.
Bernanke's comments about rising prices sent the dollar higher and diminished the chance that oil would exceed the record highs of last month in the short term. Bernanke signaled the Fed is inclined to leave rates where they are for now, but some analysts said he might be taking a step toward an eventual rise in rates later this year, or early next year.

Evidence continues to mount that oil prices, nearly twice what they were a year ago, have finally cut into demand

Oil dips below $124 on concern over US economy

By PABLO GORONDI,
I just wonder if we have to wait until July to see the price of gas drop or do we get to see the effects of 124.31 now. I hope that it is now. And they realize that americans can not afford the $4.00 cost of gas and at least drop it more to at least $2.89 or lower at the pump. I might me just dreaming here.

[moneysense]

I think that summer is not a good time to expect decreases in gas prices. Vacation time is when gas usually goes up, just like during the holiday periods.

I sure hope I am wrong about that, but past experiences say it will stay between $3 and $4 a gallon, probably nearer the $4 a gallon mark.