Barrels of oil are now less than half the price of their highs. Currently trading at just over $69, this will give people some leeway in their budgets because the lower prices are finally trickling down to the consumer.  

But before you get too happy, read this.

An Iraqi official says Iraq believes that the $100 a barrel is a “fair and acceptable” oil price for both producers and consumers.

Oil Ministry spokesman Assem Jihad says that if crude prices continue to fluctuate, OPEC will cut its production.

That’s right. Oil producers are losing money and definitely want to recoup some of their losses by cutting production. Even if oil increased slightly to $75 a barrel, oil consumption globally has decreased because of the economic crises.

The rescue plan has cut everyone’s investment gains, worldwide. Oil producing countries just don’t want to have to take their cut for the team like the rest of the world’s citizens. Also since people are unsure whether or not the prices will remain low, or if they will be able to have money to use for other things, consuming gasoline through driving or nonessential trips have taken a backseat while people try to pay for essentials like food and housing.

Looking at other commodities, at about 12:30 (CST, 10-16-2008) the only ones that were in positive territory were natural, gas, live cattle and feeder cattle. The only one that showed any gains of note were the feeder cattle up by 98 cents.

Spend within your means and hold tight.  Governments are now having to do this, but greed may have finally met its match.

Here is a round up of some of articles I have found interesting in the past week. Not all of these are necessarily ones that deal directly with saving money.

Have a great weekend!

Plastic bags are always interesting to read about. Even if people have their own bags, do they use them, will they want to use them if they have something messy to tote like fresh meat or seafood. I have no problems carrying a bag I like that I have gotten free or at a low cost just to carry things but I do not use the same tote bag for carrying non-grocery items or for fresh meat products, I ask for a plastic bag because the juices from the meat will mean I have to wash the bag, if I remember.

In some places charging for a bag is effective, but it will only work to keep bags out of landfills if people reuse their bags, plastic, paper or other until they have no more use.

Money, style and fashion can have its price. Whether you like Hermes’ Birkin bag or not, this sounds like an interesting tale.