Analyst predicts plunge in gas prices

Of course I feel compelled to note that this all takes place in the run up to the election:
Crude-oil prices have fallen about $14, or roughly 17 percent, from their July 14 peak of $78.40. After falling seven straight days, they rose slightly Wednesday in trading on the New York Mercantile Exchange, to $63.97, partly in reaction to a government report showing fuel inventories a bit lower than expected. But the overall price drop is expected to continue, and prices could fall much more in the weeks and months ahead

As it stands now, the recent oil-price slump has brought the national average for a gallon of unleaded gasoline down to $2.59, according to the AAA motor club. In the Seattle area, prices per gallon have fallen to $2.856 currently from $3.071 a month ago, a decline of 7 percent, according to AAA.

Should oil traders fear that this downward price spiral will get worse and run for the exits by selling off their futures contracts, Verleger said, it's not unthinkable that oil prices could return to $15 or less a barrel, at least temporarily. That could mean gasoline prices as low as $1.15 per gallon.

Other experts won't guess at a floor price, but they agree that a race to the bottom could break out.

"The market may test levels here that are too low to be sustained," said Clay Seigle, an analyst at Cambridge Energy Research Associates, a consultancy in Boston.

On Monday, the oil-producing cartel OPEC hinted that if prices fall precipitously, OPEC members would cut production to lift them. But that would take time.

"That takes six to nine months. If we don't have a really cold winter here [creating a demand for oil], prices will fall. Literally, you don't know where the floor is," Verleger said. "In a market like this, if things start falling ... prices could take you back to the 1999 levels. It has nothing to do with production."

Dance Monkey Dance

whho we are?

Air Force chief: Test weapons on testy U.S. mobs

Nonlethal weapons such as high-power microwave devices should be used on American citizens in crowd-control situations before being used on the battlefield, the Air Force secretary said Tuesday.

Wynne also said the Air Force, which is already chopping 40,000 active duty, civilian and reserves jobs, is now struggling to find new ways to slash about $1.8 billion (€1.4 billion) from its budget to cover costs from the latest round of base closings.

He said he can't cut more people, and it would not be wise to take funding from military programs that are needed to protect the country. But he said he also incurs resistance when he tries to save money on operations and maintenance by retiring aging aircraft.

"We're finding out that those are, unfortunately, prized possessions of some congressional districts," said Wynne

FCC ordered media study destroyed, lawyer says

The Federal Communications Commission ordered its staff to destroy all copies of a draft study that suggested greater concentration of media ownership would hurt local TV news coverage, a former lawyer at the agency says.
The report, written in 2004, came to light during the Senate confirmation hearing for FCC Chairman Kevin Martin

Princeton Professor Hacks Electronic Voting Machine

Remember that the vote is the cornerstone of Democracy.

Felten and graduate students Ariel Feldman and Alex Halderman found that malicious programs could be placed on the Diebold by accessing the memory card slot and power button, both behind a locked door on the side of the machine. One member of the group was able to pick the lock in 10 seconds, and software could be installed in less than a minute, according to the report.

The researchers say they designed software capable of modifying all records, audit logs and counters kept by the voting machine, ensuring that a careful forensic examination would find nothing wrong.

The programs were able to modify vote totals or cause machines to break down, something that could alter the course of an election if machines were located in crucial polling stations.

It was also possible to design a computer virus to spread malicious programs to multiple machines by piggybacking on a new software download or an election information file being transferred from machine to machine, Felten said.

"I think there are many people out there who have the type of technical ability to carry out the sort of attacks we describe here," he said.

Save your "lib" comments

Do me a favor Mike. In respect to the thousands that died 5 years ago today, please limit your self to thoughtful posts. Just a request: take fivee minutes to look at the links then five minutes to think.

Lou Dobbs

Fire fighters

I will be adding to this post later today...