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Consumer prices fall again in December

Consumer prices fall for third straight month in Dec., price change in 2008 lowest in 54 years

  • Martin Crutsinger, AP Economics Writer
  • Friday January 16, 2009, 10:41 am EST
  • WASHINGTON (AP) -- A record plunge in gasoline prices pushed overall consumer prices down for the third straight month in December, closing out a year in which the change in inflation was the smallest in more than a half-century.
Concerns remain low about possible deflation, but represent a marked change from just six months ago when soaring energy prices threatened to trigger a widening inflation problem that many analysts believed the Federal Reserve would have to fight by raising interest rates.

The Labor Department said Friday that consumer prices dropped by 0.7 percent in December, slightly smaller than the 0.9 percent drop economists expected.
For the year, consumer prices edged up by just 0.1 percent, the smallest annual change since consumer prices actually fell by 0.7 percent in 1954. Consumer prices rose by 4.1 percent for all of 2007. The big improvement occurred because of the sizable declines in energy prices in recent months.
Excluding volatile food and energy prices, so-called core inflation was unchanged in December. For the year, it was up a moderate 1.8 percent, compared with a 2.4 percent increase for all of 2007.[more] http://money.cnn.com/2009/01/16/markets/oil.reut/index.htm?postversion=2009011608
 
From the BBC!

Oil demand to fall again in 2009


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Opec announced a cut in oil production last month


Global oil demand is due to fall for the second year in succession in 2009, the first consecutive annual declines in 26 years, a report has predicted.
Demand will decline this year by an average 940,000 barrels per day to 85.3 million, a 0.6% fall from 2008, said the International Energy Agency (IEA).
The IEA, which represents the main oil consuming nations, said the expected fall was due to the global slowdown.
It said the world economy will now grow 1.2% in 2009, half its past estimate.
'Alarming fall'
The IEA had previously predicted that global oil consumption would recover slightly this year, after 2008's 0.3% fall, led by demand in the developing world.
It now warns that demand will also cool, particularly in China, where the rate of Chinese economic growth will slow to 6.5%, its weakest level in eight years.
The IEA report comes a month after oil producers' cartel Opec announced a record cut in output, as it aimed to shore up prices that have fallen sharply since record highs last summer.
"Global oil demand is reducing at an alarming rate," said Rob Laughlin, senior oil analyst at MF Global in London.
"This latest report from the IEA is another warning shot across the bows to OPEC that supply is still outpacing demand and the situation is getting worse seemingly day by day." US light crude was trading down 30 cents to $35.10 a barrel on Friday morning. Last July it hit a record $147. Brent crude was up seven cents to $47.75. http://news.bbc.co.uk/2/hi/business/7832989.stm
 
Buster said:
Don't know where to look..

But, can anyone find out what the average price per gallon was, back when oil was at $40 to $50/bbl years ago, not this recent cycle?..Would be interesting to see how much the greedy record breaking profit oil companies are screwing us.:mad:
Click to expand...

oil price was around $40, and slightly higher, in the srping of 2004. Here is the gas price then:

May 03, 2004 184.4 May 10, 2004 194.1 May 17, 2004 201.7 May 24, 2004 206.4 May 31, 2004 205.1 Jun 07, 2004 203.4 Jun 14, 2004 198.5 Jun 21, 2004 193.7

See: http://www.eia.doe.gov/emeu/steo/pub/fsheets/real_prices.html

More about gasoline prices than you ever wanted to know:
http://www.eia.doe.gov/bookshelf/brochures/gasolinepricesprimer/index.html

So we're pretty much on target for $40-50 dollar oil, being slightly less than $2 gasoline.

Note: Price of gasoline also includes retail state taxes. Some states have increased state taxes on gas since then, so it isn't exactly an apples-to-apples comparison.
 
Buster said:
Don't know where to look..
But, can anyone find out what the average price per gallon was, back when oil was at $40 to $50/bbl years ago, not this recent cycle?..Would be interesting to see how much the greedy record breaking profit oil companies are screwing us.:mad:
Click to expand...
Looking at this chart, it's a wonder that gas didn't go even higher around mid-2008, following the jump in oil prices.

View attachment 5458
http://66.70.86.64/ChartServer/ch.g...e=t&Period=72&Areas=USA Average,,&Unit=US $/G

http://gasbuddy.com/gb_retail_price_chart.aspx
​
 
I was always a Chevy Man!:D
NYMEX OPEN TODAY!!

Oil heads toward $35 a barrel

Crude oil eases as supply concerns overseas let up, but the weakening global economy continues to hurt demand.

January 19, 2009: 7:35 AM ET

crudeoil.mkw.gif


(Reuters) -- Oil fell more than $1 toward $35 a barrel on Monday on signs of a resolution of a gas row between Russia and Ukraine and after a ceasefire between Israel and Hamas in Gaza eased supply concerns.

The market also remained under pressure from expectations that the weakening global economy would erode oil demand. The International Energy Agency and other forecasters cut their 2009 demand forecasts last week.
"Right now the economy is dominating," said Harry Tchilinguirian, analyst at BNP Paribas. "The market is very volatile and the signs are that demand is weakening."
U.S. crude for February delivery, which expires on Tuesday, slid $1.29 to a low of $35.22 a barrel by 1145 GMT. London Brent crude for March fell $1.46 to a low of $45.11 before recovering to $45.30 by 1145 GMT.
Only just over 1,000 lots were traded on the February U.S. crude contract. The March contract was much more active, with more than 8,000 lots changing hands.
Russia and Ukraine were aiming to sign an agreement on Monday to restart gas flows to Europe through Ukraine after finally agreeing on a price for 2009 supplies.
Also easing concern about energy supplies, Israeli forces began to pull out of the Gaza Strip following a tentative truce with Hamas after a three-week war, easing tension in a region that pumps about a third of the world's oil.
Prices came under pressure on Friday after the IEA, an adviser to industrialized countries, joined the ranks of forecasters predicting a fall in world oil demand in 2009.
OPEC, the oil exporters' group, has cut production three times since September to try to stem falling prices. It might consider reducing output again, Algeria's oil minister Chakib Khelil said on Saturday.
Oil has collapsed by more than $110 a barrel since reaching a record high of $147.27 a barrel in the summer as the global economic slowdown has eroded demand and consumer spending.
Still, some in the oil market think there is little room for prices to fall much further.
"It looks as if Brent will hold in the current $40-$50 range," said Christopher Bellew, a broker at Bache Commodities. "I do not anticipate new lows." http://money.cnn.com/2009/01/19/markets/oil.reut/index.htm?postversion=2009011907
 
Wife made me go shopping with her, just got back. No settle today for some reason, must be the Hoilday? hangedman.gif
 
Right now I'm a Toyota, Nissan man! Think about replacing my Nissan Truck with a Chevy though.:D Meanwhile >>>

Oil falls on gas deal, Gaza cease-fire

Crude oil eases as Russian gas supply concerns let up, but the weakening global economy continues to hurt demand.

Last Updated: January 19, 2009: 11:47 AM ET

London (Reuters) -- Oil fell more than $2 towards $34 a barrel on Monday as signs of a resolution of a gas dispute between Russia and Ukraine and after a cease-fire between Israel and Hamas in Gaza eased supply concerns.

The market remained under pressure from expectations the weakening global economy would erode oil demand. The International Energy Agency and other forecasters cut their 2009 demand forecasts last week.
"Right now the economy is dominating," said Harry Tchilinguirian, analyst at BNP Paribas. "The market is very volatile and the signs are that demand is weakening."
U.S. crude oil futures for February delivery dipped to a low of $34.08, down $2.43, before recovering to trade around $34.15 by 11:30 a.m. ET.
Traders said the February U.S. crude oil futures contract, which expires on Tuesday, also fell because of very high stocks at the delivery point for the U.S. futures contract.
Only just over 2,600 lots were traded on the February U.S. crude contract. The March contract was much more active as more than 21,000 lots changed hands.
London Brent crude for March fell to a low of $44.20, down $2.37, before edging up to $44.30.
Russia and Ukraine were aiming to sign an agreement on Monday to restart gas flows to Europe through Ukraine after finally agreeing a price for 2009 supplies.
Also easing concern about energy supplies, Israeli forces began to pull out of the Gaza Strip following a tentative truce with Hamas after the three-week war, easing tension in a region which pumps about a third of the world's oil.
Prices came under pressure on Friday after the IEA, an adviser to industrialized countries, joined the ranks of forecasters predicting a fall in world oil demand in 2009.
OPEC, the oil exporters' group, has cut production three times since September to try to stem falling prices. It might consider reducing output again, Algeria's oil minister Chakib Khelil said on Saturday.
Oil has collapsed by more than $110 a barrel since reaching a record high of $147.27 a barrel in the summer as the global economic slowdown has eroded demand and consumer spending.
Still, some in the oil market think there is little room for prices to fall much further.
"It looks as if Brent will hold in the current $40-$50 range," said Christopher Bellew, a broker at Bache Commodities. "I do not anticipate new lows." http://money.cnn.com/2009/01/19/markets/oil.reut/index.htm?postversion=2009011911
 
Even though the Oil prices have been in the mid to low $30's..gas has bumped up another penny or two all over town..this is nothing but greed!!!:mad::mad:

I suppose now the hike is to pay for the rent on all those super tankers anchored full of crude.
 
Buster said:
Even though the Oil prices have been in the mid to low $30's..gas has bumped up another penny or two all over town..this is nothing but greed!!!:mad::mad:

I suppose now the hike is to pay for the rent on all those super tankers anchored full of crude.
Click to expand...
Hey Buster!!! Check out the Oil Slick Home Page, the price of gas at NYMEX has risen three weeks in a row while the price of oil has dropped. It's a MYSTERY!!!:rolleyes: Bunny_in_hat.gif
 
Oil dips below $33 a barrel

Weakening global economy continues to pull down demand. Russia and Ukraine agree to a gas deal to supply Europe.

January 20, 2009: 6:26 AM ET




LONDON (Reuters) -- Oil fell more than 10%, dipping below $33 a barrel on Tuesday after Russia and Ukraine agreed a gas deal that would help secure Europe's supply, while gloomy economic news presaged weaker demand for oil products.
Russia and Ukraine are both ready to fully resume transit of Russian gas to Europe, they said. This meant that there would no longer be an increased need for oil products to replace gas.
At 6:15 a.m. ET, U.S. light crude for February delivery was $2.78 lower at $33.73 a barrel, having previously hit a new 2009 low of $32.70. There was no official settlement on Monday due to a U.S. holiday.
The March contract, which takes over as front month on Wednesday, was down $2.74 to $39.83, and was more than $6.00 a barrel above the February contract due to brimming crude stocks at Cushing, Oklahoma, the delivery point for NYMEX contracts. [more]
http://money.cnn.com/2009/01/20/markets/oil.reut/index.htm?postversion=2009012006
 
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Yeah, Yeah, Yeah!:o

OPEC: Supply curbs to boost price

New head of oil cartel said crude prices could recover to $75 a barrel this year due to output cuts by its member nations.

January 20, 2009: 7:28 AM ET

LUANDA, Angola (Reuters) -- OPEC is fully enforcing its deepest ever oil supply curbs, which should be enough to boost prices that have slumped below $40 a barrel, the group's president told Reuters on Tuesday.
In his first interview since assuming the post at the start of the month, Botelho de Vasconcelos also said the Organization of the Petroleum Exporting Countries was unlikely to meet before its scheduled gathering in Vienna on March 15.
"In March we will meet to evaluate the cuts agreed in December," said Vasconcelos, who is also Angolan oil minister.
"But I think that if all the cuts are carried out within the established timeframe, there will be an impact in the market that will lead to a positive trend in terms of oil prices."
Vasconcelos said oil had the potential to recover to $75 during 2009. U.S. crude has plunged more than $110 from a record high near $150 a barrel reached in the summer as the global economic slowdown eroded demand. "I wouldn't say prices are stabilizing, but the variation between the maximum and minimum price (of about $40-$50) throughout the past month does not give any indication that an extraordinary meeting should be held," he added.
Carrying out cuts [more]
http://money.cnn.com/2009/01/20/new...esident.reut/index.htm?postversion=2009012007
 
Oil rebounds from 10% plunge

Crude prices recovered losses sparked by rally in U.S. currency. Termination of February contract could lead to volatility.

By David Goldman, CNNMoney.com staff writer
Last Updated: January 20, 2009: 9:40 AM ET

NEW YORK (CNNMoney.com) -- Crude oil prices recovered after falling to their lowest price in more than a month Tuesday, as the dollar soared against the pound and euro on continued European economic turbulence.

U.S. crude for February delivery turned positive, rising 39 cents, or 1.07%, to $36.90 a barrel at 9:38 a.m. ET, compared to Friday's close of $36.51. Prices recovered after plummeting by as much as 10% to $32.70 earlier, the lowest level for crude since Dec. 19.
Oil did not trade on the floor of the New York Mercantile Exchange on Monday in observance of Martin Luther King Jr. Day, though there was some light electronic trading. Crude continued the downward trend from Monday, when feuding Russia and Ukraine negotiated a deal that to restore Europe's supply of natural gas.
On Tuesday, the dollar skyrocketed against the weak European currencies. The dollar hit an eight-year high against the British pound a day after the U.K. government announced its new bank rescue plan. [more]
http://money.cnn.com/2009/01/20/markets/oil/index.htm?postversion=2009012009
 
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