Oil Slick Stuff

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Our just dropped to $3.20, $3.26, and $3.38 all within a ten mile radius. We have serious gouging between Missouri and Illinois. Illinois is always much higher than us. In less than ten miles you can have a difference of .40 cents.
 
Oil prices sink to 8-month low

Crude prices tumbled, falling below $90 for the first time since February as worries heighten that the financial crisis will hurt demand.

Last Updated: October 6, 2008: 7:11 AM ET

Click on chart to see how other commodities are faring
Oil limbo: How low can it go?


LONDON (AP) -- Oil prices fell to an eight-month low below $90 a barrel Monday on speculation that the spreading financial crisis will exacerbate a global economic slowdown and cut demand for crude oil.


Significant gains by the U.S. dollar against the euro also contributed to slumping oil prices. By midday in Europe, light, sweet crude for November delivery was down $4.03 to $89.85 a barrel in electronic trading on the New York Mercantile Exchange.
Earlier in the session, the price fell as low as $89.07 a barrel before recovering slightly. On Friday, the November contract lost 9 cents to close at $93.88 a barrel. In London, November Brent crude fell $3.64 to $86.61 a barrel on the ICE Futures exchange.
http://money.cnn.com/2008/10/06/markets/oil_prices_ap.ap/index.htm?postversion=2008100607
 
Last edited:
http://www.bloomberg.com/apps/news?pid=20601207&sid=a56h0hpTjzak&refer=energy

Let's talk about gasoline supply shortages to keep prices up and keep refineries in business. This will continue until the $ gets strong enough to bring crude down further, which it is forecast to do next year. Of course the oil producers don't want to see prices come down much further, so.....will they then cut production, which will keep crude prices up and gas supplies down and prices at the pump up? which means food producers go out of business because they cant afford the fuel and can't get the short-term loans to get planting done? I've been reading that wheat, corn, barley producers are struggling with fuel prices with regard to affordability of planting in 2009. Costs for people food as well as food for livestock may go bust-boom again due to shortages. Egads, we are in trouble.
 
Oil Prices Fall as Financial Turmoil Goes Global


Oil falls below $90 per barrel on fear that financial turmoil will curb global crude demand


By STEVENSON JACOBS AP Business Writer
NEW YORK October 6, 2008 (AP)
The Associated Press
Oil prices sunk below $90 a barrel Monday for the first time in eight months, a key price support level, on expectations that a widening financial maelstrom will drastically reduce global demand for energy.Crude's decline accelerated for a fourth day as investors appeared to give up hope that the government's $700 billion rescue plan would provide a quick fix for the stumbling U.S. economy.
Light, sweet crude for November delivery fell $4.81 to $89.07 a barrel on the New York Mercantile Exchange, after earlier dipping to $88.57, the lowest level since Feb. 8. On Friday, the November contract lost 9 cents to close at $93.88 a barrel.
A significantly stronger dollar also weighed on prices. Oil prices have tumbled nearly 40 percent since peaking at $147.27 a barrel on July 11.
http://abcnews.go.com/Business/PainAtThePump/wireStory?id=5961015
 
Gas prices expected to fall further

Analysts see gas prices falling further as crude prices plummet and hurricane season enters a lull.

By Ben Rooney, CNNMoney.com staff writer
October 7, 2008: 5:36 AM ET




v2-cnnmoney-chart1.mkw.jpg



NEW YORK (CNNMoney.com) -- If there's one bright spot in a bad economy, it's that gasoline prices have fallen, and they're expected to drop even further.
As the global economy falters, demand for oil has dropped. And since the price of oil makes up about half of the cost of a gallon of gas, analysts see more relief ahead at the pump.
"We ought to see prices drop pretty quickly," said American Automobile Association spokesman Geoff Sundstrom. "We're well on our way to $3 gas within the next week or two."
The national average price for a gallon of regular, unleaded gasoline fell 2.4 cents to $3.480 from $3.504, according to a daily survey released Tuesday by AAA. That's down 18% from an all-time high of $4.114 a gallon hit on July 17.
Gas prices rebounded last month when hurricanes Ike and Gustav passed through the Gulf Coast where the bulk of the nation's oil refineries are located.
While the damage was not as extensive as some had expected, the storms caused a short-lived spike in oil and gas prices.
On Sept. 17, after Hurricane Ike passed through the Gulf region, the national average gas price was a full 35 cents higher than Monday's price.
"But now that refineries are back online and more product is available, prices have no where to go but down," Sundstrom said.
"Demand seems to be drying up week by week," he added. And given the challenging economic environment and the strains on household budgets, Sundstrom expects American drivers to remain conservative.
Crude tumbled more than $6 on Monday to close at an 8-month low of $87.81 a barrel. That's down 40% from its July peak of $147.27 a barrel.
"Since crude makes up about 50% of the price of gas, gas prices should go down," said Ray Carbone, president of New York commodities trading firm Paramount Options.
Carbone added that gas prices have not fallen as dramatically as crude prices because refinery utilization has been low due to last month's hurricanes.
Still, hurricane season does not end until November and oil prices are notoriously volatile, notes AAA spokesman Troy Green. He cautioned that gas prices will continue to fall "only if conditions continue to improve in refinery capacity and oil continues to retreat."
http://money.cnn.com/2008/10/07/news/economy/_prices/index.htm
 
OPEC, don't Ya just love them?:nuts:

Oil prices bounce back

Crude prices rebounded modestly after plunging to an 8-month low amid worries about a global slowdown in demand.

October 7, 2008: 5:57 AM ET




SINGAPORE (AP) -- Oil prices rebounded to around $90 Tuesday in Asia after plunging to an 8-month low Monday on concerns a significant slowdown in global economic growth will undermine demand for crude.
"Prices have moved so far, so fast," said David Moore, commodity strategist at Commonwealth Bank of Australia in Sydney. "I certainly wouldn't say the bounce today is indicative that we've reached a bottom in oil prices."
Light, sweet crude for November delivery was up $2.05 to $89.89 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.
The contract fell overnight $6.07 to settle at $87.81, the lowest level since Feb. 6. Prices have fallen about 40% since reaching a record at $147.27 on July 11.
Investor expectations about oil demand have turned completely around in the last three months as financial turmoil has sparked concern a recession could envelope the U.S. and Europe.
"Given the stresses and strains in the international financial system, the market is fearful of a severe international slowdown, especially in the developed countries," Moore said.
World stock markets plunged Monday amid growing investor anxiety that the U.S. debt crisis is enveloping Europe. Germany announced a bailout package Sunday totaling $69 billion for Hypo Real Estate, the country's second-biggest commercial property lender. Ireland, Iceland, Denmark and Greece moved quickly to guarantee bank deposits to ease consumer anxiety.
What's next? Investors are looking for signs that the Organization of Petroleum Exporting Countries may cut production if prices fall further. [molre]
http://money.cnn.com/2008/10/07/markets/oil_prices_ap.ap/index.htm?postversion=2008100705
 
Gas prices expected to fall further

Analysts see gas prices falling further as crude prices plummet and hurricane season enters a lull.

By Ben Rooney, CNNMoney.com staff writer
October 7, 2008: 5:36 AM ET

Oil and gas prices slide


v2-cnnmoney-chart1.mkw.jpg



NEW YORK (CNNMoney.com) -- If there's one bright spot in a bad economy, it's that gasoline prices have fallen, and they're expected to drop even further.
As the global economy falters, demand for oil has dropped. And since the price of oil makes up about half of the cost of a gallon of gas, analysts see more relief ahead at the pump.
"We ought to see prices drop pretty quickly," said American Automobile Association spokesman Geoff Sundstrom. "We're well on our way to $3 gas within the next week or two."
The national average price for a gallon of regular, unleaded gasoline fell 2.4 cents to $3.480 from $3.504, according to a daily survey released Tuesday by AAA. That's down 18% from an all-time high of $4.114 a gallon hit on July 17.
Gas prices rebounded last month when hurricanes Ike and Gustav passed through the Gulf Coast where the bulk of the nation's oil refineries are located.
While the damage was not as extensive as some had expected, the storms caused a short-lived spike in oil and gas prices.
On Sept. 17, after Hurricane Ike passed through the Gulf region, the national average gas price was a full 35 cents higher than Monday's price.
"But now that refineries are back online and more product is available, prices have no where to go but down," Sundstrom said.[more]
http://money.cnn.com/2008/10/07/news/economy/_prices/index.htm?postversion=2008100705
 
nnuut said:
Gas prices expected to fall further

Analysts see gas prices falling further as crude prices plummet and hurricane season enters a lull.

By Ben Rooney, CNNMoney.com staff writer
October 7, 2008: 5:36 AM ET

Oil and gas prices slide


v2-cnnmoney-chart1.mkw.jpg



NEW YORK (CNNMoney.com) -- If there's one bright spot in a bad economy, it's that gasoline prices have fallen, and they're expected to drop even further.
As the global economy falters, demand for oil has dropped. And since the price of oil makes up about half of the cost of a gallon of gas, analysts see more relief ahead at the pump.
"We ought to see prices drop pretty quickly," said American Automobile Association spokesman Geoff Sundstrom. "We're well on our way to $3 gas within the next week or two."
The national average price for a gallon of regular, unleaded gasoline fell 2.4 cents to $3.480 from $3.504, according to a daily survey released Tuesday by AAA. That's down 18% from an all-time high of $4.114 a gallon hit on July 17.
Gas prices rebounded last month when hurricanes Ike and Gustav passed through the Gulf Coast where the bulk of the nation's oil refineries are located.
While the damage was not as extensive as some had expected, the storms caused a short-lived spike in oil and gas prices.
On Sept. 17, after Hurricane Ike passed through the Gulf region, the national average gas price was a full 35 cents higher than Monday's price.
"But now that refineries are back online and more product is available, prices have no where to go but down," Sundstrom said.[more]
http://money.cnn.com/2008/10/07/news/economy/_prices/index.htm?postversion=2008100705
Click to expand...
I hope u short crude Norman.....I guess they think they can throttle this mess with the energy price swings.....but, again it's like stoking the coals without adding any just like this $700 billion dollar rescue (all I see there is the ones who are losing out are getting a reprieve by the American public).......our boiler is cooling off.

Carnac
 
Big oil and lending greed has destroyed the world economy; a perfect execution of global economic terrorism. If ya can't shoot 'em or nuke 'em... financially ruin 'em.

I hope the rat bastards are happy now.
 
budnipper1 said:
What I can't understand is why gas prices vary so much between areas close by. I drove to Lexington, TN last Sunday and saw gas selling for $3.21/gal. That's only about 25 miles of crooked road from where I live, where gas was $3.59/gal. I don't get it???

http://www.tennesseegasprices.com/Lexington/index.aspx
$3.14

http://gasprices.mapquest.com/searchresults.jsp?search=true&city=LOBELVILLE&stateProvince=TN&postalCode=37097&gasPriceType=3,4,5&radius=10
$3.49
Click to expand...

taxes. each municipality has different tax rates on the gas.
 
Market Update

10:35 am : Stock trading is fast and volatile, with the major indices slipping back into negative territory.
The Department of Energy just released its weekly energy inventory data, which showed a 8.1 billion increase in crude stockpiles and a 7.2 billion build in gasoline inventories. Analysts expected a 2.2 million barrel gain in crude and a 1.5 million barrel gain in gas. Crude traded down 0.7% to $89.48 per barrel just prior to the released.
Crude was down as much as 4.5% and up as much as 1.0% earlier this session as economic concerns take center stage. [more]
http://finance.yahoo.com/marketupdate/overview?u
 
Crude prices are down 2.5% to $87.81 per barrel after the government's weekly energy report showed higher than expected stockpiles. Crude prices are down 40% from their all-time high of $147.27 that was reached on July 11.
 
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