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Oil price falls below $40
AFP on Yahoo ^ | 12/5/08 | AFP

Posted on 12/05/2008 1:51:16 PM PST by NormsRevenge

(AFP) – The price of Brent crude oil slumped to 39.77 dollars a barrel in trading here on Friday --

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: buygasnow; buyoilnow; buypetroleumnow; energy; falls; oil; prices

1 posted on 12/05/2008 1:51:16 PM PST by NormsRevenge
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To: NormsRevenge
Wish I had me a tanker parked in the back yard.

I'd fill 'er up!

2 posted on 12/05/2008 1:52:21 PM PST by Izzy Dunne (Hello, I'm a TAGLINE virus. Please help me spread by copying me into YOUR tag line.)
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ap just popped a piece

Return to $1 gas? Energy prices evaporate
http://news.yahoo.com/s/ap/20081205/ap_on_bi_ge/oil_prices


3 posted on 12/05/2008 1:54:46 PM PST by NormsRevenge (Semper Fi ... Godspeed)
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To: Izzy Dunne

Just make sure it’s well camoflaged. ;-)


4 posted on 12/05/2008 1:55:18 PM PST by NormsRevenge (Semper Fi ... Godspeed)
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To: NormsRevenge

The only way OPEC is going to get oil to go up is for them to turn off the spigots. It might happened then.... LOL...


5 posted on 12/05/2008 1:55:30 PM PST by Star Traveler
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To: NormsRevenge

Excellent. My commuting costs have dropped back to normal.....finally.


6 posted on 12/05/2008 1:55:44 PM PST by pissant (THE Conservative party: www.falconparty.com)
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To: NormsRevenge

From Three Dog Night

Celebrate, celebrate, dance to the music
Celebrate, celebrate, dance to the music
Celebrate, celebrate, dance to the music


7 posted on 12/05/2008 1:57:35 PM PST by lilylangtree (Veni, Vidi, Vici)
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To: Izzy Dunne

Racism! Those poor oil sheiks......and not to mention Chavez!


8 posted on 12/05/2008 1:58:21 PM PST by Dallas59 (Not My President)
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To: NormsRevenge

Yeah, it says...


A gallon of gasoline can be had for 50 cents less than it cost just last month, and people are starting to talk about $1 gas.

Granted, gas prices are a long way off from that magic number last seen in March 1999 when prices were at 97 cents a gallon, according to motor club AAA. Prices at the pump fell 1.6 cents overnight to $1.773 nationally, according to AAA, the Oil Price Information Service and Wright Express.

But consider what has happened since July 11 when a barrel of oil hit a record $147.27 and a gallon of gas was $4.117 on July 17. In less than five months, oil has fallen 72 percent.


I think it’s very possible for gas to get to 99 cents a gallon in Oklahoma, at least. It’s already ranging from $1.40 to $1.44 a gallon (for the lows) in various parts of the state. Below $1.00 a gallon could be by just before Christmas — a nice present....


9 posted on 12/05/2008 1:59:08 PM PST by Star Traveler
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To: NormsRevenge

I sent out some birthday flowers last week via ProFlowers.com. They added a $1.93 “Courier Fuel Surcharge” to the bill. They probably started doing that when gas rose above three bucks a gallon. Now, when it’s half that price, the surcharge is still there. I wonder how many other companies are profiteering in this manner. Are the airlines still adding a fuel surcharge?


10 posted on 12/05/2008 1:59:09 PM PST by TruthShallSetYouFree (Abortion is to family planning what bankruptcy is to financial planning.)
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To: pissant
But I'm still driving like gas cost 15¢ per mile instead of the current 6¢ per mile.
11 posted on 12/05/2008 1:59:23 PM PST by KarlInOhio (11/4: The revolutionary socialists beat the Fabian ones. Where can we find a capitalist party?)
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To: Star Traveler

Makes our upcoming Reno trip look like I’ll have more to donate to the casinos than usual. :-)


12 posted on 12/05/2008 2:04:50 PM PST by NormsRevenge (Semper Fi ... Godspeed)
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To: NormsRevenge

I still think $10/bbl is appropriate.


13 posted on 12/05/2008 2:06:55 PM PST by Paladin2 (No, pundits strongly believe that the proper solution is more dilution.)
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To: TruthShallSetYouFree

And how will the MSM get through the winter without sob stories about heating oil prices?


14 posted on 12/05/2008 2:07:19 PM PST by relictele
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To: NormsRevenge

Time to install a backyard tank, if your locality and state allows. This price will not last. We’ll be right back where we were, and then some, as soon as things get rolling between Israel and Iran, very likely before January 20, 2009.


15 posted on 12/05/2008 2:08:08 PM PST by RegulatorCountry
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To: Paladin2

Goodness I hope not. TX and LA are the only strong states left.


16 posted on 12/05/2008 2:08:36 PM PST by Orange1998
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To: NormsRevenge

bump


17 posted on 12/05/2008 2:09:16 PM PST by VOA
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To: NormsRevenge

bump


18 posted on 12/05/2008 2:10:17 PM PST by VOA
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To: relictele

“And how will the MSM get through the winter without sob stories about heating oil prices?”

Amazingly, heating oil here in Mass. is still hovering around $2.50/gallon. Heating oil is less refined and historically cost less than gasoline. What gives?


19 posted on 12/05/2008 2:10:59 PM PST by Bluestateredman (Self-sufficiency is the American Way)
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To: Bluestateredman

Same can be said about diesel.


20 posted on 12/05/2008 2:12:02 PM PST by DonaldC
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To: pissant

I nearly did a little jig the first time I filled my Blazer up for $23 the other day.


21 posted on 12/05/2008 2:13:43 PM PST by spikeytx86 (Pray for Democrats for they have been brainwashed by their fruity little club.)
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To: TruthShallSetYouFree
I wonder how many other companies are profiteering in this manner.

Canada Post is still charging it, and when I call I am told the support staff is on strike, so please call back.

Not sarcasm

22 posted on 12/05/2008 2:13:47 PM PST by fanfan (Update on Constitutional Crisis in Canada.....Click user name)
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To: KarlInOhio
But I'm still driving like gas cost 15¢ per mile instead of the current 6¢ per mile.

Same here.I've changed my driving habits to a noticeable degree since last summer.Not because I couldn't *afford* to pay $4/gal because I could.I think most Americans could afford it.I did it because I've developed a hatred for many of OPEC's members...as well as the USSR (another major oil producer)...that would be hard to exaggerate.

This hatred has motivated me to cut my oil/energy consumption by something like 10%.I'm doing my small part to bring these filthy oil producers to their knees...and will do more if necessary.

23 posted on 12/05/2008 2:14:16 PM PST by Gay State Conservative (Obama:"Ich bin ein beginner")
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To: Star Traveler
It doubled during Carter's fiasco of running the country ... went from 48cents to 78 cents in one week (dad is great about reminiscing of the early gas crisis) ....
24 posted on 12/05/2008 2:14:39 PM PST by SkyDancer ("Talent Without Ambition Is Sad, Ambition Without Talent Is Worse")
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To: KarlInOhio

We NEED to still drive like gas is costing us $4 a gallon. That is why the price keeps dropping. DO NOT increase consumption! We need to keep the ball in our court.

The Arabs have been threatening to cut back production. Whoop-de-doo! They will just be cutting off their noses to spite their faces! They want to cut production, okay- I’ll cut my use. Their economy cannot afford for us to use less and less and for the prices to keep dropping. They won’t do it; they can’t do it!

And now with this Big 3 motor bailout mandating cars with better fuel mileage or alternative/electric - their little Arab-asses are shaking in their turbans.

Its all about the Golden Rule - He who has the gold, makes the rules. Right now the gold is NOT the oil. It’s the cash! We’ve got the gold (cash) and we’re making the rule (of what we are willing to pay and it ain’t $4 a gallon!)


25 posted on 12/05/2008 2:17:57 PM PST by HomeschoolMomma (No thanks...I already have a Messiah!)
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To: SkyDancer
During the last oil crisis in the seventies when it crashed and oil prices went south, it knocked out all the support for alternative fuels such as shale oil and coal to liquids.

It will happen again and each time we are less prepared for the next oil shock. If the government had any sense (it does not) they would take the ethanol subsidy and use that money to support the production of shale oil. Put a floor of 50 bucks a barrel on shale oil and coal to liquids. We have the energy sources we need in this country if Congress will allow us to develop them.

26 posted on 12/05/2008 2:23:13 PM PST by cpdiii (roughneck, oilfield trash and proud of it, geologist, pilot, pharmacist, iconoclast.)
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To: NormsRevenge

Crude oil will NEVER fall below $100/Bbl... uh, oops! Lots of Freepers are wrong again. Silly Freepers.


27 posted on 12/05/2008 2:23:54 PM PST by Freedom_Is_Not_Free
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To: Paladin2
I still think $10/bbl is appropriate.

Well, to the consumer, that might seem like a great idea. Unfortunately, you want to see domestic production drop to zero? I don't think US production can be done at $10 per barrel. Then what happens is the towel-heads then cut the spigots back just a bit and the price goes nuts. Throw in some civil unrest, natural disaster, or other major problem and suddenly - oil is higher than ever - and gas prices finish off the US economy...

Personally, if $50 per barrel with $1.70 gas would keep the US producers drilling and working, then I don't mind paying it. I want us to continue to explore and look for new avenues to fill our energy needs. I don't want to be locked in goosestep with Muslims who want us dead (and want our money too!).

28 posted on 12/05/2008 2:24:23 PM PST by TheBattman (Pray for our country....)
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To: KarlInOhio
But I'm still driving like gas cost 15¢ per mile instead of the current 6¢ per mile.

Smart person, I have no intention of being screwed by the oil companies again.

29 posted on 12/05/2008 2:24:47 PM PST by org.whodat (Conservatives don't vote for Bailouts for Super-Rich Bankers! Republicans do!)
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To: cpdiii
Why spend the energy to get shale oil when there's ANWAR and off shore oil that's in the zillions of gallons .... you have to pump superheated steam into shale to liquefy the oil so it can be pumped to the surface ... so you have to spend energy to make that steam so there's a loss if energy when that's done ....
30 posted on 12/05/2008 2:25:58 PM PST by SkyDancer ("Talent Without Ambition Is Sad, Ambition Without Talent Is Worse")
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To: NormsRevenge
The price of Brent crude oil slumped to 39.77 dollars a barrel in trading here on Friday

Bush's fault!!!!!!! Oh wait, he only gets blamed when gas prices go up. Sorry.
31 posted on 12/05/2008 2:26:01 PM PST by indiana_gop
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To: RegulatorCountry
Time to install a backyard tank, if your locality and state allows.

If it is diesel that would be ok, however it it is gas with ethanol it will separate and you will have big problems. It messes up small motor's all the time.

32 posted on 12/05/2008 2:27:13 PM PST by org.whodat (Conservatives don't vote for Bailouts for Super-Rich Bankers! Republicans do!)
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To: NormsRevenge

It would be fun to see the oil company executives head to Washington for a bailout! But each in individual jumbo jets (because fuel is so cheap)....


33 posted on 12/05/2008 2:29:27 PM PST by Jack Wilson
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To: SkyDancer
Because there is a 200 year supply of shale oil. Yes we should drill Anwar and offshore but they alone are not sufficient for energy independence.

We should use every viable source of energy that we can find.

offshore
Anwar
shale oil
coal and coal to liquids
nuclear (which could supply every watt of electrical energy w need)
wind
water
solar (if they every get the cost of panels down)
etc.
Ethanol is to be drank not burned.

34 posted on 12/05/2008 2:31:46 PM PST by cpdiii (roughneck, oilfield trash and proud of it, geologist, pilot, pharmacist, iconoclast.)
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To: NormsRevenge
And all those folks who gave away their SUV’s for nothing.....
35 posted on 12/05/2008 2:32:56 PM PST by Mase (Save me from the people who would save me from myself!)
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To: KarlInOhio

I, for one, welcome our new low gas price overlords.


36 posted on 12/05/2008 2:33:49 PM PST by Ungoliant the Black
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To: org.whodat

Not all areas have the “winter blend” with ethanol. Even in such areas, “white gas” can be purchased at marinas. There are ways to avoid it.

Ethanol substantially decreases fuel economy, above and beyond the complaints about mechanical problems. Most new cars and trucks on the road now very few problems with it, mechanically.


37 posted on 12/05/2008 2:35:10 PM PST by RegulatorCountry
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To: org.whodat

Not all areas have the “winter blend” with ethanol. Even in such areas, “white gas” can be purchased at marinas. There are ways to avoid it.

Ethanol substantially decreases fuel economy, above and beyond the complaints about mechanical problems. Most new cars and trucks on the road now very few problems with it, mechanically.


38 posted on 12/05/2008 2:35:20 PM PST by RegulatorCountry
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To: TheBattman
The less $$$ we send to the ME, the better.

Given that the 'rats are in charge, even $50 oil will not drive decreased dependence on ME oil.

A low oil price will be a boost to most of the economy and help get us out of a looming depression. Even if we were to go to 100% importation, we'd be sending less $$$ to the ME.

39 posted on 12/05/2008 2:39:18 PM PST by Paladin2 (No, pundits strongly believe that the proper solution is more dilution.)
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To: cpdiii

Right - I figured that drilling OS and ANWAR while developing the shale oil as we go along ... it’d be further down on my list too ... but yet there .... it’s the steam extraction costs that doesn’t seem a benefit right now ....


40 posted on 12/05/2008 2:41:17 PM PST by SkyDancer ("Talent Without Ambition Is Sad, Ambition Without Talent Is Worse")
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To: NormsRevenge

but, but, peak-oil... an we’re running out... and


41 posted on 12/05/2008 2:44:44 PM PST by kpp_kpp
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To: TruthShallSetYouFree

Likely many companies are continuing such charges and no ... it is not profiteering. The reason is that goods have to be in short supply in order to qualify as profiteering. Also, many of these companies to huge hits to their profits prior to instating these fees. So, even though the price is now low, the continue these charges to gain back and “cover” those losses.

In the long run, we will see these fees go away or be reduced through the market and competition.


42 posted on 12/05/2008 2:49:01 PM PST by taxcontrol
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To: Izzy Dunne

The lower oil goes, the lower our economy will go too! We need to start praying that we don’t see $20 oil.


43 posted on 12/05/2008 2:49:36 PM PST by B4Ranch ( Veterans: "There is no expiration date on our oath, to protect America from all enemies, ...")
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To: NormsRevenge
For those worried about domestic production, if prices fall to much lower, domestic production will be unprofitable as well as production in many places throughout the world, which will lower supply, and increase prices eventually.

This will again make production profitable here and elsewhere which will increase supply and cause prices to sink back down to equilibrium.

44 posted on 12/05/2008 2:50:49 PM PST by spikeytx86 (Pray for Democrats for they have been brainwashed by their fruity little club.)
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To: NormsRevenge

We certainly appreciate every dollar you contribute towards our taxes.


45 posted on 12/05/2008 2:51:37 PM PST by B4Ranch ( Veterans: "There is no expiration date on our oath, to protect America from all enemies, ...")
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To: NormsRevenge

Where are the peak oil morons


46 posted on 12/05/2008 3:01:44 PM PST by Flavius (war gives peace its security)
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To: Mase

And their Mustangs.....


47 posted on 12/05/2008 3:08:23 PM PST by Toddsterpatriot (Somehow people must be free I hope the day comes soon won't you please come to Chicago)
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To: indiana_gop

over at the DU, they’re giving Ears all the credit for his threat to levy windfall profits tax. they say the oil companies don’t want to pay it (as if they would, they’d simply pass it along to the consumer)..he’s their hero...


48 posted on 12/05/2008 3:13:34 PM PST by GeorgiaDawg32 (A democrat will break your leg, then hand you a crutch and take credit for your being able to walk.)
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To: relictele
And how will the MSM get through the winter without sob stories about heating oil prices?

The reason for the price slide: the economic meltdown. Believe me, there will be more than enough stories about people who can't afford the heating oil.
49 posted on 12/05/2008 8:02:51 PM PST by wolf78
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To: Izzy Dunne

I do, kinda. My boat takes 90 gallons. Gas has finally come down to $1.89 in my area, and my Bride has a gas discount of 40 cents off per gallon. Tomorrow, the wait is over....I am going to fill everything I own. ;>)


50 posted on 12/05/2008 8:08:45 PM PST by Gator113 ("Noli nothis permittere te terere.")
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