Good news, especially in the midst of winter…

NEW YORK (Reuters) - Oil dropped below $50 a barrel on Thursday for the first time since May 2005 after U.S. data showed a sharp increase in crude supply in the United States, the world’s top oil consumer.

U.S. crude futures settled down $1.76 at $50.48 a barrel, after hitting a 20-month low of $49.90 during intraday activity. London Brent fell $1.03 to $51.75 a barrel.

Oil has dropped 18.3 percent since the start of the year, spurred by warm U.S. weather that crimped demand for winter heating oil and bolstered inventories. The plunge marked the biggest price slide over 10 trading days since April 2003, after the U.S.-led invasion of Iraq.

Gas prices are falling as a result too, but don’t expect this to last long as Democrats take aim at the “evil” oil companies with brand new taxes, fees and regulations.

And for those of you who are thinking that it’s good that the Dems go after the oil companies, keep in mind that those companies already pay roughly 2.5 times as much in government taxes than they take in profit.  Gas would actually be a whole lot cheaper and priced at a more stable level if politicians would quite taxing and regulating the hell out of the oil industry.