Skip to comments.Oil Drops to Six-month Low(More Good News!)
Posted on 09/24/2006 7:07:02 PM PDT by kellynla
TOKYO (Reuters) - Oil prices fell to a new six-month low below $60 a barrel on Monday as news of BP restoring output at Prudhoe Bay added to a sense of healthy global supplies.
U.S. light, sweet crude for November fell 56 cents to $59.99 a barrel in Globex electronic trading. By 0108 GMT it stood 61 cents lower at $59.94 a barrel, deepening a seven-week rout that has knocked more than $17 a barrel off prices.
Prices fell below the previous $60.00 a barrel low posted on September 20.
Previous frontmonth October was reported last week to have fallen as low as $59.80 a barrel on September 20, but detailed NYMEX trade data on its website showed the contract hit a low of $60.05 a barrel in Globex trade and $60.00 in open-outcry pit trade.
NYMEX sometimes revises detailed trade data.
(Excerpt) Read more at today.reuters.com ...
Check it out!!!
I fear it is only a dip in a long-term trend of rising oil prices.
Down, Down, Down....yes!
We're Doomed, I tell you!
It's ONLY Bush's fault when things go bad.
This is good news, so I suggest it was due to the ingenious policies (do nothing) of Kerry/Pelosi/Kennedy/Reid et al., and oh yes, Koffi Annan and Chavez
Has ANYONE seen ANY reporting by MSM on just how much the price of gas has plumented in past 4 - 6 weeks?
Didn't think so and don't count on it.
Liberal media? Naw, its all a figment of our imagination. /sarc
I paid $1.89 yesterday in Harrisonburg, Va on my way back to Florida. It's been a long time since I could fill mu tank up for under $30!
Like Rush says, what is good for America is bad for the Democrats.
BJ Clintoon taking care of business! That nobel prize is right around the corner for him.
Karl Rove must have had another late night...he is amazing. At this rate, on election eve ol' Karl will have 'em down to 79.9 a gallon.
This is great news!!! At least for the time being. What worries me now is OPEC. I have heard that they might cut supply if oil drops below $60, and low and behold, here we are. I am curious to hear if any information comes out of these guys tomorrow. I just fear at supply cut and the eer possible tensions with Iran will hurt this current downtrend. The downtrend is great, however, and I do hope it can continue. Gas here in Missouri is currently $1.90/gal.
Just saw my first gasoline under $2.50 in Citrus Heights, CA, today!!!
Bush's conspiracy with Bin Laden to win the next election I'm sure. I hope Soros is losing his @ss on oil futures.
Odd. I was assured that the price of crude would NEVER fall below $60 by a future's trader. How can this be?
saw $2.53 yesterday,, I doubt we will see 2 buck tho
It's below $3.00 in Eureka.
At this point all that is gone is the "speculation premium".
Political events can change things rapidly, but with demand leveling out [for the time being] and considerable new production coming on line in the next 3-5 years, the odds are in favor of more reasonable prices.
IMO, OPEC will be doing us a favor if it keeps prices from going into a free fall. $45-50 will provide for a lot of new development outside of OPEC in the long run. Which will not be to their benefit.
Do you realize that the price of gasoline (inflation adjusted) is lower now than it was during the Jimmy Carter era........30 years ago????
It doesn't seem to me like we have been experiencing a long term trend of "real" rising prices.....only gradual inflation. What did a four bedroom/three bath go for thirty years ago in your neck of the woods? Where I live they went for about 50k. Now your hard pressed to find one (new) for less than 600k. Gasoline on the other hand has barely tripled in price during the same period.
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