Posted on 10/15/2008 6:10:22 PM PDT by TigerLikesRooster
Crude oil prices fall to half of record
Published: Oct. 15, 2008 at 6:18 PM
NEW YORK, Oct. 15 (UPI) -- Crude oil prices fell to a penny more than half July's record price, retracting 50 percent on the New York Mercantile Exchange in just over three months.
Crude oil fell $5.11 Wednesday to $73.64 per barrel, a 6 percent drop on the day, as unsettled economies continued to support investors' fears of falling demand.
"The honeymoon relief package reaction now appears to be giving way to uncertainty over its impact on global demand," Mark Pervan, a senior commodity strategist at Australia and New Zealand Banking Corp. told The Wall Street Journal.
(Excerpt) Read more at upi.com ...
Ping!
The average gas price here in south central Michigan is at $2.94 tonight. The cheapest I’ve seen is $2.84.
Not great but a heck of a lot better than it was.
praise the ford!
we’re paying
much
more than we were when oil prices were the same.
How much effect is this having on the Dow-Jones? Asset devaluation and all that......
The price at the pump is not in half. I hope this is really hurting tyrant nations such as Iran and Venezuela.
Yeah, it went up 10 cents yesterday.
Big whoop.
Foreign relations will be all the more interesting in the near future.
2.73 here in NE Baltimore
“The price at the pump is not in half. I hope this is really hurting tyrant nations such as Iran and Venezuela.”
It is still well over $3 in central NC. A quick look on a gas finder site shows that $3.16 is the lowest in my town. Most are much higher.
But it was just supply and demand. World demand is obviously now half of what it was this summer... right? Speculators did not have a thing to do with it. I was told that many times by EXPERTS damn it. Right here on this very forum!
$3.19 in south Florida.
>And if people can make cellulosic ethanol work without subsidies, fine go ahead but don’t use food stuffs.
Indeed: People Fuel -> Vehicle Fuel isn’t the exchange we want.
$2.46 in Crescent OK. Whoo Hoo
Let’s see. Oil was $140 a barrel this summer and gas at the pump as $4.00 plus a gallon.
Now oil is 50% less but I am still paying $3.00 plus a gallon.
Something is not right.
$2.73 at WalMart in NC mtns (Spruce Pine)
OPEC and the other nations will make sure to keep prices low enough that it would be stupid for us to spend money on things like this.
Heads, we win. Tails, you lose!! Honk if you love Arabs.
Hedge funds are on a death watch as they unwind and are forced to liquidate oil positions. Other factors too are forcing oil down but hedge fund selling is the top reason
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.