Skip to comments.Oil plunges below $97 on US demand, Europe votes
Posted on 05/07/2012 12:54:39 AM PDT by Uncle Slayton
SINGAPORE (AP) Oil dived below $97 a barrel Monday in Asia, bringing its fall over three trading days to about 8 percent, as a slowdown in U.S. hiring and election results in Europe dimmed expectations of stronger economic growth.
Benchmark oil for June delivery was down $1.87 to $96.62 a barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $4.05 to settle at $98.49 in New York on Friday. Brent crude for June delivery was down $1.81 at $111.37 per barrel in London.
Crude has slumped about 8 percent over the last three trading sessions amid signs oil demand may be weaker than previously expected.
The Energy Department said last week that U.S. crude inventories have risen to the highest since 1990. That was followed by the Labor Department on Friday announcing the economy added 115,000 jobs in April, far fewer than the 165,000 analysts were expecting.
(Excerpt) Read more at chron.com ...
For many years retail prices have risen sharply around Memorial day. Maybe this time it's different.
I have mixed feelings about this decrease. While welcoming the decrease of prices at the pump, I must admit I don’t want anything to happen that could help the tin-horn dictator (that term used to be applied only to banana republics but, alas, is now appropriate here)stay in the White House.
There must be a reason why OPEC is humoring Obama.
They wouldn't want American energy independence for one thing, and they certainly won't have to face that with Obama and the 'rats in power.
Give Obama credit - he’s figured out a way to lower the price of gas. Of course, it involves the destruction of the economy AROUND the pumps but, hey, any port in a storm.
I hope it plunged before it slumped!!
I am so sick of these people writing headlines I could puke.
A two or three dollar drop isn’t a “PLUNGE”.
Come back and we’ll talk about “plunges” when it drops by $65 a bbl.
It goes up 50 cents and drops back 30 cents and everyone is as happy as a ping in slop.
Really, I’ll get happy when it gets below $1.50, I guess I’m not going to be happy then.....
What is “benchmark oil?”
So, I'm supposed to do cartwheels that the pump price has gone down a few cents?
Folks are just going to go broke a little slower with the politically-motivated reduction in the price.
When Bush was president, gas costs $1.50 a gallon and oil production in the USA was at record levels.
And today, under Obama gas in almost $5.00 a gallon and there in virtually no oiul drilling or oil production in the USA.