Posted on 01/16/2007 8:57:21 AM PST by frogjerk
Oil prices are plunging 3.1% to $51.30/bbl after Saudi oil minister denounces need for emergency OPEC meeting --snip-- 11:30 ET Dow -2.77 at 12553.31, Nasdaq -3.22 at 2499.60, S&P -0.39 at 1430.34: [BRIEFING.COM] The market has improved its stance since the last update but continue to sport modest losses even though the bulk of sector leadership is now positive. Unfortunately for the bulls, today's two best performing sectors -- Utilities and Materials -- also carry the smallest weightings on the 10 S&P 500. Of the five other sectors trading higher, none are up more than 0.3% with influential areas like Financials and Consumer Staples up less than 0.1%. Nasdaq -3.22 at 2499.60... NYSE Adv/Dec 1648/1435... Nasdaq Adv/Dec 1456/1421.
(Excerpt) Read more at news.moneycentral.msn.com ...
DIMS: "Since oil is low nobody will care if we tack on a $9 a barrel 'conservation fee'"
Tack it on and it never goes away at higher prices, the money is spent, and we just pay more.
The plunge continues. It is across all the future contracts, not just the nearest. Bulk gasoline is also somewhat lower, but it won't affect the price at the pump more than a couple cents.
keep sliding please ... gas in my neighborhood now at $1.98
Dropping oil prices squeeze the cajones of Hugo and IMANUTJOB.
I drove from Phoenix to Ventura/Oxnard ca for the weekend
on business and saw 2.50 plus a gallon only.......hmmmmmmmmmmm
Filled up yesterday at Chevron with 89 octane (unleaded) it was $2.73 a gallon in Orange County, California.
Saudi Oil Minister Ali al-Naimi said in New Delhi.
"Do not panic. Actually there is no reason for a meeting."
I think Hugo is shitting his pants. With all his mismanagement of production, new nationalization initiatives that'll eliminate all the rest of the expertise in the country his production will go down to crap, and with oil headed to $45 what's he going to do when there's no more money to hand out to the poor ? Hmmmh... more repression...
broke the 2.00 barrier in Hammond, IN (1.98)
Yep. Because Saudi's are fine with all their production. Hugo wants the emergency meeting because when his revenues drop so will his handouts, and his power base.
The lowest I've seen in the Memphis area is $2.03 at a Shell station near my house.
I paid $2.10 yesterday. Lowest in a long time.
Bingo.
It's Bush's fault. No really, it's Bush's fault.
I wonder if it has anything to do with all the electric cars on display at Detroit last week?
I already bought gasoline this month. My station sends me a card to remind me to fill up when they haven't seen me for two months.
Funny how nobody complains when the price is low.
Yep, you're right. Consider that Hugo probably had projected revenues based on increased prices for oil and now that is gone and prices have decreased. His revenue has probably dropped 40%. That has got to hurt!
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