Updates
October 4, 2012: talking head suggests reason for plummet in oil price -- Iran ready to implode. If new regime takes over in Iran --> sanctions lifted --> huge amount of oil back on the global market.
Later, 1:03 pm: Disregard the note below. I just happened to catch a snippet on CNBC a few minutes ago. The talking heads say there is no talk whatsoever of the SPR being tapped. In fact, they say that this drop means talk of tapping the SPR is off the table for now.
Original Post
I don't know. Just a random thought. But a $3.00 drop one month before the election and on the day of the first debate .... I know peace hasn't broken out in the mideast.
An announcement to release oil from the SPR would blunt any bad news coming out of the debate.
Flashback: no announcement imminent but watching the price of gasoline closely.
Gasoline on the east coast has spiked due to refinery issues, etc. Reported earlier.
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