Crude oil prices fall to half of record($73.64: 50% down from peak)

UPI ^ | 10/15/08

[WaterBoard]

That was funny. It made me chuckle.

[doc1019]

Mayhap, futures speculators are taking it in the shorts? ;-)

[FormerACLUmember]

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!

[FormerACLUmember]

For the record, the price collapse began that $147 a barrel day when George W. Bush stepped to the plate and said “DRILL.”

[stboz]

That was awful!

[Paladin2]

I thought BIG OIL set the prices. What’s going on here? Pelosi and Reid can’t be wrong.

[doc1019]

Didn’t mean it to be other then a question. Nothing untoward intended. Sorry. :-(

[stboz]

Truly bad pun.....fifty lashes with old athletic socks!

[BenLurkin]

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?

[BenLurkin]

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?

[doc1019]

At least someone got it … made my day. ;-)

[stboz]

Speaking of shorts....Gawd, how I wish I had gone short on platinum! I would NEVER work again!

[doc1019]

I’m 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.

[truthguy]

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.

This one is easy. Oil is only one component of the price of gas. There's transportation costs, refining costs, taxes, etc.

[A_Tradition_Continues]

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.

[paulweir]

It also takes some weeks for the lower priced oil to work its way through the system.

[A_Tradition_Continues]

I know the system very well. Family business is oil.

[A_Tradition_Continues]

Next time I fill my tank I’ll be paying 2.50 — right?

Depends entirely on your local market. If you're in Corpus Christi Tx you can regular unleaded for $2.29/gal. today.

[hinckley buzzard]

Bought gas today in Massillon OH at 2.48/9. Same price all over town.

[M. Espinola]

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.