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Oil Prices Set For Worst Weekly Plunge In Four Years
Oilprice.com ^ | 02-28-2020 | JayJay

Posted on 02/28/2020 9:27:34 AM PST by bananaman22

Oil prices sank for a sixth consecutive day early on Friday and were on track for their biggest weekly drop in more than four years as the coronavirus outbreak continues to roil global equity and oil markets.

At 10:53 a.m. EST on Friday, WTI Crude was plunging by 5.92 percent at $44.30, and Brent Crude was down 4.58 percent at $49.36, after falling briefly below $50 earlier today.

The sell-off on the oil market has continued for more than a week as the coronavirus spread quickly outside China—to Europe, the Middle East, and as of recently—Africa.

(Excerpt) Read more at oilprice.com ...


TOPICS: Business/Economy
KEYWORDS: coronavirus; oil; oildemand; oilprices
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1 posted on 02/28/2020 9:27:34 AM PST by bananaman22
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To: bananaman22

Really?

Well, gosh dang it!

I just noticed my local station went down from $2.15 to $2.10 a gallon today. Best price within 25 miles according to gas buddy.

So I took my 10 five gallon cans for spring yard work and my pick up truck and filled them all.

And next week what will the price be!?


2 posted on 02/28/2020 9:31:56 AM PST by Alas Babylon! (The prisons do not fill themselves. Get moving, Barr!)
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To: All

I hope this doesn’t mean my next gas fillup will be cheaper. I allot so much for gasoline and this completely messes up my book work if I have money left over.


3 posted on 02/28/2020 9:32:50 AM PST by BipolarBob (I asked my cat who his favorite socialist was. He looked at me and said Mao.)
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To: bananaman22
Let's see. If gas prices go down, there will be more driving, and more wasted carbon that causes Climate Change, and it's all Trump's fault.

Am I doing this right?

4 posted on 02/28/2020 9:38:47 AM PST by jonascord (First rule of the Dunning-Kruger Club is that you do not know you are in the Dunning-Kruger club.)
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To: bananaman22
"Once again proving my theory -

CORONOVIRUS CAUSES LOW OIL PRICES!"


5 posted on 02/28/2020 9:40:52 AM PST by Larry Lucido
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To: bananaman22

It does not matter what one thinks of the risk of the virus.

The disruptions are real.

And it appears they will continue for awhile.


6 posted on 02/28/2020 9:48:30 AM PST by Mariner (War Criminal #18)
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To: bananaman22

Gasoline prices still lat nearly $3.00 p/gallon


7 posted on 02/28/2020 9:52:02 AM PST by Bob434
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To: jonascord

Am I doing this right?


A+

But the bonus would have been awarded if you lamented the impact on poor arab countries, which will obviously be hit hardest by Trump’s racist and islamophobic incompetence.


8 posted on 02/28/2020 9:52:40 AM PST by ConservativeWarrior (Fall down 7 times, stand up 8. - Japanese proverb)
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To: Alas Babylon!

[[I just noticed my local station went down from $2.15 to $2.10 a gallon today.]]

We are .70 cents a gallon more- so for every 10 gallons we get, we pay $7 more than you do every 100 gallons, $70 more-

Yay us!


9 posted on 02/28/2020 9:54:08 AM PST by Bob434
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To: bananaman22

Who the hell doesn’t love that?


10 posted on 02/28/2020 9:54:40 AM PST by Truthoverpower (The guv mint you get is the Trump winning express !)
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To: bananaman22

And yet, just watch. Gas prices will magically go up and the media / wall street bunch will make some excuse for it.


11 posted on 02/28/2020 9:54:55 AM PST by Mr. Rabbit
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To: bananaman22

A question, you posted this and what is your position on this situation?

I see this on FR and wonder what is the point


12 posted on 02/28/2020 9:59:48 AM PST by 100American (Knowledge is knowing how, Wisdom is knowing when)
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To: Alas Babylon!

Mild winter here in the north east, my heating bill is about 33% less then last year

Natural gas might tank as well


13 posted on 02/28/2020 10:05:14 AM PST by Trump.Deplorable
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To: bananaman22

When oil goes down, it’s not the “worst” plunge, it’s the “best” plunge.

If the price at the pump goes down, instead of up as it always does late-April to June, they will not credit Trump for it.


14 posted on 02/28/2020 10:20:19 AM PST by I want the USA back (We have sunk to a depth where restatement of the obvious is the first duty of intelligent men:Orwell)
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To: Bob434

1.999 to 2.029 in Tulsa


15 posted on 02/28/2020 10:25:02 AM PST by The Truth Will Make You Free
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To: The Truth Will Make You Free

DANG! that is .85 cents less- for the same durned product too-


16 posted on 02/28/2020 10:28:21 AM PST by Bob434
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To: AdmSmith; AnonymousConservative; Arthur Wildfire! March; Berosus; Bockscar; cardinal4; ColdOne; ...

17 posted on 02/28/2020 10:31:29 AM PST by SunkenCiv (Imagine an imaginary menagerie manager imagining managing an imaginary menagerie.)
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To: bananaman22

Russia’s only source of income, very good news for Americans there and at the pump.


18 posted on 02/28/2020 10:35:42 AM PST by Midwesterner53
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To: bananaman22

Pardon me for reading “worst” as “best”.

On the other hand, I am a mere consumer of oil products and have no shareholder status.

Therefore, my reading can be ignored.


19 posted on 02/28/2020 10:35:58 AM PST by ExGeeEye (For dark is the suede that mows like a harvest.)
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To: Mariner

Yup. China’s demand for fuel has dropped significantly. It’s one of the indirect ways that we can tell that they are having a serious problem with this virus.

The disruption will begin showing up over here as empty store shelves.

Biggest worry could be that we are reliant on China for 80% of our medicines. A stupid box to have put ourselves in.


20 posted on 02/28/2020 10:36:31 AM PST by Pelham (RIP California, killed by massive immigration)
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