Posted on 01/15/2016 5:18:57 AM PST by mykroar
U.S. stock index futures indicated a lower open on Friday after the Chinese stock market and crude prices plunged.
The Shanghai composite fell 3.51 percent and entered bear market territory, while Brent and WTI futures both held below $30 a barrel, down 4.3 percent and 5.8 percent, respectively. The pan-European STOXX 600 index fell nearly 2 percent.
Dow futures fell more than 300 points, as the blue chips index was also dragged down by falls in Intel, Apple and Goldman Sachs. Intel reported better-than-expected earnings Thursday, but the stock is down about 6 percent in the premarket on Friday.
Traders also looked to a speech from New York Federal Reserve President William Dudley as well as a host of important data.
(Excerpt) Read more at cnbc.com ...
SO much for BIG BAD OIL!! Now BIG BAD GOVERNMENT will be whining its lost revs(taxes) base.
I filled up with 87 octane yesterday for $1.20 a gallon. That was with a $.20/gallon discount though. The money I saved will be spent somewhere else-probably on an upcoming Hawaii vacation. I love cheap oil.
Gas should be 75 cents. It’s still a racket at over $1 per gallon.
Amazing how we went from “peak oil” to having so much of it that the prices have to drop to move inventory!
Capitalism FTW!
Dow Down Nearly 400 Again and Nearly 1,500 Points This Year While Obama Claims Economy Is Great
https://www.youtube.com/watch?v=Iqi0YSIfzHo
Are the saving in other areas (eg. food production) being passed along and why not?
Deflationary spiral.
No, they are not. At all. We were told prices had to go up cause fuel prices meant delivery for food and everything had to follow. Now that it goes down, there’s no deflation from the insane inflation that’s happened over the last 10 years from racket oil/gas prices.
REsulting in layoffs and reduction of hours
Just another day is Obama’s Utopian society.
If you adjust for inflation we are at 1960’s price level for gasoline well at least regular. For some reason 93 octane is way over priced.
Where are you!? I'm coming to fill-up!
Just checked Gas Buddy and was SHOCKED to see the price here at $1.77/gal. Last week when I filled up it was in the $1.85 - $1.95 range here.
Nice to fill up the gas guzzling 14 year old SUV for under $40 again. I can remember filling up my old 1996 Cherokee for under $1/gal "back in the day."
I also see Wall St. is down some 300 points this morning....when will they figure out cheap oil means a more robust economy? Takes fuel to make ANYTHING, lower production costs = GOOD THING. Lower prices all around should boost manufacturing (what we have left of it here, and what's returning) driven by increased consumer demand.
How are lower oil prices a BAD THING?!
Toledo. Like I said, I had to use some Kroger loyalty points to get another 20 cents a gallon off. last year at one point, I got it for less than a dollar a gallon by using Kroger loyalty points.
I suspect that wouldn't cover freight and taxes.
Hmm.... about 2.5 hours away. @ 22mpg the Math doesn't work. Oh well! :-)
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