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Edited: Oil Prices

Does anyone know why the sudden decline in gas prices today?

...uh, sorry, I meant to say crude oil prices...

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Here's a rumor

"Rumors from Dubai regarding Lehman's Oil trades...using fed open window funds to speculate on oil (long)...on pre-knowledge regarding Israel making threats and practice bombing runs toward Iran.

Arabs got wind of this and shorted it hard over the 4th weekend causing Lehman to get caught "holding long" over the weekend and getting massive margin calls. Fed closed the window to Lehman and now banks pulling lines, deep pockets pulling funds and fellow IBs refusing to do business.

After Iran got wind of all this they agreed to discuss EU proposals in middle of 4th weekend which caused oil to drop hard Monday.

Now AP, trying to prop oil, seems to be making up news as they good along about Iran having war games (most say it is just a small group doing routine activity) and about Iran stating that they refuse to stop enrichment (Rumor that Iran actually ready to talk to EU at a very near date)."

I stress this is a rumor. However, it is a fact that Lehman was barred from speculating in oil.

For details, see


Thanks. It sounds

Thanks. It sounds plausible.

Not sure

I know there was a period a few weeks ago where crude dipped a bit. If gas prices lag crude, then it could just be that dip washing through. That means the recent record oil prices have yet to hit at the pump. :(

I meant to say crude oil,

I meant to say crude oil, not gas...