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Oil, gas prices take a sudden tumble
CNBC ^ | 4/1/04

Posted on 04/01/2004 2:05:47 PM PST by Steven W.

The Administration’s talk of suspending clean air rules in three states drops crude oil and wholesale gasoline prices. Markets move slightly higher as the Dow Jones average is shuffled.

Have gasoline prices peaked? Maybe.

But the fact is oil and wholesale gasoline prices dropped abruptly this afternoon as the Bush Administration said it was considering suspending clean air rules for three states -- California, New York and Connecticut.

The comments by Energy Secretary Spencer Abraham before a Congressional hearing today knocked crude oil prices down nearly 4.1% to $34.30 and wholesale gasoline futures to $1.07, down 5.5%. Crude ended the day at a 7-week low.

California, New York and Connecticut have asked the Environmental Protection Agency for temporary waivers for the summer, Bloomberg News reported. The states are required to sell gasoline that's blended with ethanol or other substances to make the fuel burn cleaner. Prices had declined in earlier trading on expectations that U.S. inventories will be adequate to meet demand from refiners making gasoline.

The news came as Congress was criticizing the Organization of Petroleum Exporting Countries for deciding to cut back its production by 1 million barrels of oil a day and Democrats were howling at the Bush Administration for doing nothing about rising fuel prices.

Big oil stocks didn’t move much, but oil and gas production stocks and oil services stocks sure did. The Philadelphia Oil Services Index ($OSX.X) was down 2.7%. The Amex Oil Index ($XOI.X) slipped 1.4%.

Assuming the price changes hold, it could knock the price of gasoline off by 10 cents a gallon, CNBC's Melissa Francis reported on "Closing Bell." The national average recently was about $1.74 a gallon.

(Excerpt) Read more at moneycentral.msn.com ...


TOPICS: Breaking News; Business/Economy; Constitution/Conservatism; Crime/Corruption; Culture/Society; Foreign Affairs; Government; News/Current Events; Politics/Elections; US: California; US: Connecticut; US: New York
KEYWORDS: abraham; cleanairact; energy; energyprices; environment; gas; gasprices; oil; opec
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Imagine ... addressing a problem by addressing the problem! The liberals and environmentalist wackos will have none of that!
1 posted on 04/01/2004 2:05:48 PM PST by Steven W.
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To: All

Donate Here By Secure Server
2 posted on 04/01/2004 2:07:21 PM PST by Support Free Republic (Hi Mom! Hi Dad!)
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To: Steven W.
WoooooHoooooo!

Go GWB!!!
3 posted on 04/01/2004 2:07:22 PM PST by netmilsmom (Busybody of Free Republic)
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To: Steven W.
Now we will see that crazy phenomenon where we hear that a decrease in the price of oil "will take months" to be felt at the pump, whereas an increase is somehow felt the very next day. Mark my words.
4 posted on 04/01/2004 2:07:50 PM PST by johnfrink
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To: Steven W.
Another democrat talking point they won't be talking about any more.
5 posted on 04/01/2004 2:09:09 PM PST by PatrickHenry (FreeRepublic is a jealous mistress.)
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To: Support Free Republic
Who is that???
6 posted on 04/01/2004 2:09:09 PM PST by netmilsmom (Busybody of Free Republic)
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To: Steven W.
No! Not yet! The dems said it was supposed to reach $8.00 a gallon! / sarcasm
7 posted on 04/01/2004 2:09:29 PM PST by chemicalman (Rid the country of the vast liberal conspiracy)
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To: Steven W.
Bump from a 75,000 mile a year driver.
8 posted on 04/01/2004 2:11:04 PM PST by Flyer ( http://talesfromtherail.com/ . . . .The disaster in Houston known as MetroRail)
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To: Steven W.
I've got an idea that he could try as well. Bush tells the nation that the first proposed new refinery and first new atomic plant to be designed and submitted for approval will receive full Executive protection from Judicial injunctions and restrictions against it being built.

Should make for an interesting government scramble and drop gas prices as well.

9 posted on 04/01/2004 2:14:01 PM PST by Centurion2000 (Resolve to perform what you must; perform without fail that what you resolve.)
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To: Flyer
NEW YORK - US oil prices fell about 4 per cent on Thursday after the US energy secretary said the Bush administration was considering relaxing clean-burning petrol regulations in three states.

The pump prices for petrol may fall if rules are relaxed in California, New York and Connecticut, which have asked the US Environmental Protection Agency (EPA) to waive requirements for specially blended petrol this summer because the states have not met federal air pollution guidelines.

"It's my understanding that EPA is seriously considering looking at this request," US Energy Secretary Spencer Abraham told a Congressional committee on Thursday.

An EPA spokesman confirmed the agency is considering the requests but has set no time frame for action.

The US currently has record high petrol prices, with the pump price of regular fuel averaging US$1.76 per gallon, according to the US government.

Californians are paying about US$2.13 per gallon for self-serve regular petrol, which is the highest in the nation.

New York's average petrol price is about US$1.87 a gallon and it is about US$1.81 in Connecticut, according to the American Automobile Association, a motorists' group.

US light crude ended at US$34.27 a barrel, down US$1.49 on the day.

US oil prices were already down about 50 cents when the news of the possible petrol waivers emerged.

The oil market reacted sceptically to the Opec cartel's Wednesday agreement to implement a previous commitment to tighten supply by 1 million barrels per day beginning Thursday. Market participants say they do not expect Opec to fully implement its cut.

10 posted on 04/01/2004 2:15:37 PM PST by Dog Gone
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To: netmilsmom
I was wondering the same thing. Who dat?

BTW, I like your tag. (<:
11 posted on 04/01/2004 2:17:07 PM PST by mplsconservative
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To: netmilsmom
I don't know, but it looks like they live in a trailer- DOWN BY THE RIVER!!!
12 posted on 04/01/2004 2:17:50 PM PST by Dutchgirl
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To: mplsconservative
>>BTW, I like your tag. (<:<<

Thanks!
13 posted on 04/01/2004 2:20:08 PM PST by netmilsmom (Busybody of Free Republic)
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To: Support Free Republic
Who's that? And where's the beer?
14 posted on 04/01/2004 2:21:22 PM PST by txhurl (Fallujah is gonna get it.)
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To: netmilsmom
Awwwww hell, GWB!! While UR at it tell Congress to pass a oil relief package by removing the 50 cent a gallon tax on gasoline. Now THAT will seriously be a tax break for the little guys that the liberals will have a hard time opposing.

DO IT!!!! REPEAL THE $.50/gallon TAX!!!!!!!!!!!!!!

Hell, let's talk some serious hardball here!!!!

15 posted on 04/01/2004 2:21:57 PM PST by el_texicano (Liberals are the real Mind-Numbed Robots - No Brains, No Guts, No Character)
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To: Steven W.
It was $1.89 a gallon for 87 octane here in West Suburban Chicago yesterday.
16 posted on 04/01/2004 2:23:13 PM PST by teletech (Friends don't let friends vote DemocRAT!)
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To: international american
Since it is your contention that the price of gasoline is completely and artificially controlled by a small cartel of Exxon, Shell, and others - please explain to me why they allowed the price of gasoline to fall today. Do they just feel like not making as much money today as they did yesterday?
17 posted on 04/01/2004 2:23:20 PM PST by Rodney King (No, we can't all just get along)
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To: txflake
Should read: who are THEY? There are two girls in the picture.
18 posted on 04/01/2004 2:23:53 PM PST by txhurl (Fallujah is gonna get it.)
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To: Dog Gone
He's GOT to do that.
The states will be his.
19 posted on 04/01/2004 2:24:00 PM PST by mabelkitty (A tuning, a Vote in the topic package to the starting US presidency election fight)
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To: txflake
Is that a lady's buttocks on the far right side?????

20 posted on 04/01/2004 2:25:45 PM PST by netmilsmom (Busybody of Free Republic)
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To: mabelkitty
Oh but, the deficit?!?! Generations years from now will be paying for that tax cut!!!!!
/sarcasm off/
21 posted on 04/01/2004 2:27:44 PM PST by netmilsmom (Busybody of Free Republic)
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To: Steven W.
That much for the official story....

TRUST NO ONE !
22 posted on 04/01/2004 2:29:02 PM PST by traumer
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To: Centurion2000
Hell, if they would just allow a nuke plant to be built without continual government required engineering changes to be made DURING CONSTRUCTION, they would start building them again.
23 posted on 04/01/2004 2:29:13 PM PST by Blood of Tyrants (Even if the government took all your earnings, you wouldn't be, in its eyes, a slave.)
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To: Steven W.
Can someone fill me in on why this would drop the price? If the gasoline was blended with something else (ethanol), and it's the cost of a barrel of oil and shortage of refinery output thats causing the price hike, wouldn't it make the gas cheaper if it were diluted with something else?

I'm probably missing something large here - I'm not getting it...

Thanks
LQ
24 posted on 04/01/2004 2:29:22 PM PST by LizardQueen
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To: LizardQueen
It would increase the number of refineries from which these states can procure gasoline from.
25 posted on 04/01/2004 2:31:24 PM PST by Steven W.
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To: Centurion2000
I've got an idea that he could try as well. Bush tells the nation that the first proposed new refinery and first new atomic plant to be designed and submitted for approval will receive full Executive protection from Judicial injunctions and restrictions against it being built.

I've got an idea that we could try as well. Maintain the seperation of powers in our federal government and not pine for an executive dictatorship.

26 posted on 04/01/2004 2:33:10 PM PST by Gunslingr3
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To: Steven W.
april fool
27 posted on 04/01/2004 2:34:07 PM PST by techwench (let's see, format c: /u should fix it)
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To: teletech
It is $2.19 a gallon for 87 octane at a Mobil station on PCH, Huntington Beach, Sunset Beach area. That is Southern California,
28 posted on 04/01/2004 2:35:55 PM PST by Ernest_at_the_Beach (The terrorists and their supporters declared war on the United States - and war is what they got!!!!)
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To: LizardQueen
see #22
You'll get it....
29 posted on 04/01/2004 2:39:56 PM PST by traumer
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To: Ernest_at_the_Beach
It is $2.19 a gallon for 87 octane at a Mobil station on PCH, Huntington Beach, Sunset Beach area. That is Southern California,

I believe we also use the blended gas here in The Peoples Republik of Illinois but I haven't heard our RAT gov. Blago ask for any relief.

30 posted on 04/01/2004 2:40:27 PM PST by teletech (Friends don't let friends vote DemocRAT!)
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To: Ernest_at_the_Beach
"and Democrats were howling at the Bush Administration for doing nothing about rising fuel prices..."

I believe its the Democrats that won't allow drilling in ANWR, offshore, or, really, most other places in America... such hypocrisy.
31 posted on 04/01/2004 2:40:32 PM PST by jfreif (What is this Constitution you speak of?.... W.J. Clinton)
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To: el_texicano
REPEAL THE $.50/gallon TAX

I believe the current federal tax on gasoline is 18.4 cents/gallon. The 50 cent tax was proposed but not approved. I may be wrong, but be assured that at least 20 people will point it out if I am.

32 posted on 04/01/2004 2:41:45 PM PST by thackney (Life is Fragile, Handle with Prayer)
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To: Ernest_at_the_Beach
if only you could just refine the stuff that washes up on Bolsa Chica ROFLMAO
33 posted on 04/01/2004 2:42:11 PM PST by Steven W.
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To: Ernest_at_the_Beach
It is $2.19 a gallon for 87 octane at a Mobil station on PCH, Huntington Beach

Costco in Torrance, $1.99

34 posted on 04/01/2004 2:43:17 PM PST by GalaxieFiveHundred
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To: Dutchgirl
I thought they were in a tent.
35 posted on 04/01/2004 2:44:35 PM PST by Tuscaloosa Goldfinch
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To: netmilsmom
No, I think it's a shoulder and head of hair.

Guess we're gonna have to shakedown FReeper chicks, one by one, until we get a confession.

36 posted on 04/01/2004 2:48:25 PM PST by txhurl (Fallujah is gonna get it.)
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To: LizardQueen
Think of the price you pay for cheap whisky or vodka. $5.00 a quart = $20.00 a gallon. But for commercial alcohol lets say the price is $5.00 per gallon. lets say you use a mixture of $1.50 a gallon gas at a ratio of 9 parts to 1 gas/alcohol, you would have $1.35 gas plus $.50 alcohol = 1.85 per gallon, for the mixture.
37 posted on 04/01/2004 2:49:22 PM PST by rock58seg (Character and integrity do count. BUSH/CHENEY 04)
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To: GalaxieFiveHundred
Wal-Mart in Montgomery, AL - $1.63 :-)
38 posted on 04/01/2004 2:50:34 PM PST by commish (Freedom Tastes Sweetest to Those Who Have Fought to Preserve It)
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To: Steven W.
When I filled up last Thursday, I paid $1.76 a gallon (87) in West Michigan. Then, the prices suddenly dropped after Monday, down to $1.71. Today, they are back at $1.81.
39 posted on 04/01/2004 2:50:36 PM PST by rintense (Now I know why liberals hate guns... they keep shooting themselves in the foot!)
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To: Tuscaloosa Goldfinch
I think it's a tent trailer. Some parts of the country call them Pop-up trailers.
40 posted on 04/01/2004 2:51:52 PM PST by RightWingMama
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To: Steven W.
Ah, ok. That makes sense. So it would just drop the prices in those areas by increasing the pool they can pull from. But then it might raise it in other areas by increasing the competition for the gas?

LQ
41 posted on 04/01/2004 2:52:33 PM PST by LizardQueen
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To: Steven W.
bmp
42 posted on 04/01/2004 2:52:36 PM PST by shield (The Greatest Scientific Discoveries of the Century Reveal God!!!! by Dr. H. Ross, Astrophysicist)
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To: Rodney King
No outside influences, eh??
43 posted on 04/01/2004 2:54:28 PM PST by international american (Support our troops!! Send Kerry back to Boston.Idaho.Virginia.Georgetown.France. Cape Cod!!)
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To: Steven W.
The news came as Congress was criticizing the Organization of Petroleum Exporting Countries for deciding to cut back its production by 1 million barrels of oil a day and Democrats were howling at the Bush Administration for doing nothing about rising fuel prices.

What do they want him to do to OPEC? Invade Saudi? Invade Iran? They would howl about that also and scream it was ALL FOR OIL!!! Suddenly, they feel your pain over high gas prices! Stinking liberals. I wish they'd all just move to the Soviet Union where they could be among their own kind.

44 posted on 04/01/2004 2:57:20 PM PST by RetiredArmy (We'll put a boot in your ass, it's the American Way! Toby Keith)
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To: Steven W.
One of today's headlines in our paper was that gas prices were going to go up because of OPEC. What a difference a day makes. Think they'll change the story in tomorrow's paper?
45 posted on 04/01/2004 2:59:18 PM PST by HungarianGypsy (If this makes no sense it's because I need a nap.)
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To: Dutchgirl
no.....in a VAN down by the river

RIP Chris Farley
46 posted on 04/01/2004 3:00:29 PM PST by rwfromkansas ("Am I not destroying my enemies when I make friends of them?" -- Abraham Lincoln)
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To: PatrickHenry
Another democrat talking point they won't be talking about any more.

Yeah, they'll replace it with: "He's trying to kill us all by ruining our air!" (/sarcasm)

47 posted on 04/01/2004 3:01:31 PM PST by SandyInSeattle (You need tons click "co-ordinating" -- be a monthly donor!)
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To: Ernest_at_the_Beach
Went up from $1.62 to $1.68 here this afternoon. Glad I don't need to drive to S. CA anytime soon!!
48 posted on 04/01/2004 3:06:02 PM PST by CedarDave (Kerry loves daylight savings time: He can set his clocks forward, then change them back in 7 months)
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To: Steven W.
$1.55 is the lowest I have seen in GA.
49 posted on 04/01/2004 3:07:47 PM PST by SeeRushToldU_So
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To: HungarianGypsy
Here in the west is a brand of gas called Mirastar. Mirastar uses Alaskan and Canadian crude only, nothing from the middle east.

My local Mirastar is co-located with Walmart and gives a 3 cent /gal break if you use the Wallyworld gift card.

Even in Hawaii, Mirastar uses Australian and Indonesian crude, rather than ME oil. Just food for thought.
50 posted on 04/01/2004 3:08:57 PM PST by Lokibob (All typos and spelling errors are mine and copyrighted!!!!)
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