Oct 27, 2008 -
Patiently Waiting
History lesson for the day.
The most important oil well ever drilled was in the middle of quiet farm country in northwestern Pennsylvania in 1859. For this was one of the first successful oil wells that was drilled for the sole purpose of finding oil. Known as the Drake Well, after "Colonel" Edwin Drake, the man responsible for the well, it began an international search for petroleum, and in many ways eventually changed the way we live.
In this morning's news, oil prices have dropped below $60 per barrel, down from the peak of about $147 in July.
While I'm not holding my breath, I am patiently waiting for prices at the pump to follow suit... prefereably some time before the price of oil reaches the levels that Edwin Drake was selling it at.