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 ...
That was funny. It made me chuckle.
Mayhap, futures speculators are taking it in the shorts? ;-)
Memo to Hugo Chavez and the Mad Mullahs of Iran:
Hey guys! Hope to see you all hanging (necks in nooses) from lampposts REAL soon!
For the record, the price collapse began that $147 a barrel day when George W. Bush stepped to the plate and said “DRILL.”
That was awful!
I thought BIG OIL set the prices. What’s going on here? Pelosi and Reid can’t be wrong.
Didnt mean it to be other then a question. Nothing untoward intended. Sorry. :-(
Truly bad pun.....fifty lashes with old athletic socks!
Lessee.. .. .. gas in July was pushing 5 dollars a gallon here in SoCal so .. .. ..
Next time I fill my tank I’ll be paying 2.50 — right?
Lessee.. .. .. gas in July was pushing 5 dollars a gallon here in SoCal so .. .. ..
Next time I fill my tank I’ll be paying 2.50 — right?
At least someone got it made my day. ;-)
Speaking of shorts....Gawd, how I wish I had gone short on platinum! I would NEVER work again!
Im the picture child of someone going short at the wrong time. If the stock pundits had followed and reversed my stock IQ everyone, except me, would be very, very rich today. Know how you feel.
Unleaded is selling at $1.75/gal wholesale. That doesn’t include costs such as pipeline movement, over-the-road transportation, storage, local distribution, retailer costs and we can’t foregt all those taxes.
It also takes some weeks for the lower priced oil to work its way through the system.
I know the system very well. Family business is oil.
Depends entirely on your local market. If you're in Corpus Christi Tx you can regular unleaded for $2.29/gal. today.
The Russians, Iran, Hugo Chavez, and the rest of OPEC must be rather upset losing out on the billions they were earning when oil was 50% higher. We need to expect ‘energy supply incidents’ instigated by the above anti-Western exporters, in order to elevate prices where they were, $130ish - $140ish.
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