Oil, gas prices take a sudden tumble

CNBC ^ | 4/1/04

[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.

[Imal]

Stinking liberals. I wish they'd all just move to the Soviet Union where they could be among their own kind.

The Soviet Union collapsed, cutting off the supply of paychecks for tens of thousands of needy American liberals. And despite good intentions, Cuba is simply unable to pick up the slack.

If it wasn't for the Clinton administration, these poor, unfortunate, loyal former Soviet employees -- lacking marketable skills -- might have starved to death (how many became "the homeless" anyway?).

Finding a welcome port in the capitalist storm, they hired one another into government jobs throughout the '90s, creating magnificent structures of bureaucratic accomplishment, all of them aligned toward leading America into the open arms of loving, caring and sharing in the dream of an all-powerful Socialist state -- run by them, of course.

The Clinton administration was fertile ground for them, because President Clinton liked every idea he heard, had a kind word of agreement for every proposal that grew the federal government, and hated making decisions on his own.

They were halcyon days, indeed. Folks whispered of the second coming of FDR, so buoyed were they by the new Clinton Prosperity for federal government entrepreneurs.

Now that the Mad Texan is in power, American liberals find their key sources of income jeopardized once again, hence the venom, outrage and unbridled enmity they have for our sitting president.

Nothing breeds liberal hatred more than a catastrophic loss of grant money.

[SendShaqtoIraq]

What the hell picture are Ya'll lookin at?

[sheik yerbouty]

Kerry takes it both ways..

[EQAndyBuzz]

Middlesex County, NJ 1.71 High Test

[netmilsmom]

Post #2!

[Just another Joe]

#1. "That" is my daughter.

#2. It IS a pop-up camper.

#3. it's NOT by the river, it's at the Grand Canyon.

#4. That is NOT a lady's buttocks to the right, it's part of a lady's leg in the region of the knee.

Does that answer everyone's questions?

[netmilsmom]

The Great FReeper mystery has been solved!!!!!!

Thanks Joe!

[mplsconservative]

#1 answered my question. Thanks Joe!

[Just another Joe]

The Great FReeper mystery has been solved!!!!!!

Yeh, you wouldn't have got much of an answer querying the FReeper ladies. LOL
She doesn't FReep online, only in person.
Watch for another of the FReepathon adds showing a pop-up and you'll see what we were staying in.

[RightWingMama]

We just bought a new pop-up camper, so I recognized it right away. I am looking forward to not sleeping on the ground anymore!:-)

[redgolum]

Remember that most of the cost of drinking alcohol is taxes. Fuel grade ethanol is running above $1.10 a gallon on the spot market. Most of the ethanol in California would have been contracted for less months ago.

I work in ethanol (for the time being!). The reason that some places experience higher prices with blended gas is that many refineries don't have the facilities to blend ethanol.

[RetiredArmy]

Hate to break this to you, but there is. It is being run by a so called FORMER KGB guy. That like saying being run by a FORMER LIBERAL. Once a liberal, always a liberal. Once a communist and KGM thug, alway. Read some of the news reports, he is trying to set it up again. Hang around long enough, Russia tends to self implode and the old Soviets will be back.

[Redbob]

"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."

Excellent idea!

How about this amendment?
Next big refineries and nuke reactors also pay no corporate taxes for 10 years?

[rock58seg]

Thank you for your clarification. I admit I was shooting in the dark. I have always wanted to drink my Jim Beam rather than burn it. That, along with fear, is what has kept me from flaming drinks like escordial.

[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.

You raise a good point, unfortunately the Courts seem to crap on your notions, so we need to bypass them.

Accomplish the mission then work for reform.

[RightWhale]

The $EU notched down suddenly.

[GigaDittos]

I have a theory, that goes something like this:

B-52 + MOAB + GPS + Attitude = Lower gas prices

Can anyone prove this theory?

[GigaDittos]

Which part pops up?

[Just another Joe]

Which part pops up?

On the camper or on me? ;^)

[SendShaqtoIraq]

Well, yes, but I'm not seeing ANYTHING like what you guys are describing. Think they substitued to a different pic?