Posted on 01/07/2009 4:23:49 PM PST by dynachrome
NEW YORK (Reuters) - Oil prices slid 12 percent on Wednesday, the largest percentage drop in seven years, after a U.S. government report showed crude inventories rose much more than expected in the world's top energy consumer.
Crude oil stocks swelled by 6.7 million barrels, the U.S. Energy Information Administration said, more than seven times the 900,000-barrel increase analysts had expected.
Gasoline and distillate stocks also rose as refinery utilization climbed and demand remained sluggish.
U.S. crude for February delivery settled at $42.63 a barrel, down $5.95 or 12.25 percent, the biggest single-day loss, percentage-wise, since prices plunged 15.25 percent on September 24, 2001.
(Excerpt) Read more at finance.yahoo.com ...
I was pretty sure this last little ham-ass fired blip was an “idiot runup”
Look at historical oil prices, oil is still very high.
Normal is good, this is still not normal.
do you drive a car?
I’ll wait to see if there is an effect on food prices, not just gas prices.
The oil speculators will be next in line for a federal bailout.
/cheers
DIVE DIVE DIVE!!!!
It can’t go low enough for my liking.
Good for me, but I always had a high mileage car. I did cut my driving back last summer.
Already rumblings about raising gas taxes, state and federal.
We ain’t driving enuff!
I just filled up my tank at $1.95 ... what happened to the good old days of a week ago when it was around $1.65?
The oil speculators Your wallet will be next in line for a federal bailout cleanout.
You must be in Hawaii or something. $1.36 in the Denver, CO. area.
Oh yeah.. back to $1.79 in NY
I tried to help by partly filling my tactical Diesel reserve with 2 buck chuck the other day. Prices then rose even though it was merely a reserve transfer.
If they do such a thing, it may be time for a modern day 'tea party', only with Gasoline. We could dress up like Mexicans and dump the gasoline in the ocean. Could be lots of fun. Not only would the government lose tax revenue, but the tree huggers would also be pissed. lol
One of the local grocery stores has a classic loss leader this week, fresh boneless skinless chicken breasts for $1.89 a pound. For several years, these had been a loss leader at $1.79 to $1.99 a pound at the stores. I noticed in the last year or so, this special had disappeared.
Today I would have loved to be in Hawaii ... I'm north of Detroit!
Your taxes must be pretty high there.
When I was a kid $1.65 was almost enough to fill the tank. Two bucks did it, and you didnt even have to pump it yourself.
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