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October 10th, 2008

Gas Prices — Good News for the Moment

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According to the Wall Street Journal, crude oil dropped 2.7% to $86.59 a barrel this morning, down nearly $60 from its peak this past July. Some experts predict oil will soon settle to $75-$80 a barrel:

A study released by Bernstein Research of New York this week argues that oil prices will remain linked to the cost of producing supplies from difficult but crucial fields deep offshore and elsewhere, a cost the research firm puts at between $75 and $80 a barrel.

With most of the speculation out of the way, oil prices can accurately begin to dictate their true price based on consumer demand.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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