Market Report: Stock Ticker (Oil prices are plunging 3.1% to $51.30/bbl)

Moneycentral.msn.com ^

[frogjerk]

I guess an election is coming up because the price of oil is plummeting.

DIMS: "Since oil is low nobody will care if we tack on a $9 a barrel 'conservation fee'"

[bmwcyle]

Tack it on and it never goes away at higher prices, the money is spent, and we just pay more.

[RightWhale]

The plunge continues. It is across all the future contracts, not just the nearest. Bulk gasoline is also somewhat lower, but it won't affect the price at the pump more than a couple cents.

[mfnorman]

keep sliding please ... gas in my neighborhood now at $1.98

[avacado]

Dropping oil prices squeeze the cajones of Hugo and IMANUTJOB.

[advertising guy]

I drove from Phoenix to Ventura/Oxnard ca for the weekend
on business and saw 2.50 plus a gallon only.......hmmmmmmmmmmm

[edcoil]

Filled up yesterday at Chevron with 89 octane (unleaded) it was $2.73 a gallon in Orange County, California.

[RightWhale]

Saudi Oil Minister Ali al-Naimi said in New Delhi.

"Do not panic. Actually there is no reason for a meeting."

[farlander]

I think Hugo is shitting his pants. With all his mismanagement of production, new nationalization initiatives that'll eliminate all the rest of the expertise in the country his production will go down to crap, and with oil headed to $45 what's he going to do when there's no more money to hand out to the poor ? Hmmmh... more repression...

[slapshot]

broke the 2.00 barrier in Hammond, IN (1.98)

[farlander]

Yep. Because Saudi's are fine with all their production. Hugo wants the emergency meeting because when his revenues drop so will his handouts, and his power base.

[NCC-1701]

The lowest I've seen in the Memphis area is $2.03 at a Shell station near my house.

[thackney]

but it won't affect the price at the pump more than a couple cents.

I paid $2.10 yesterday. Lowest in a long time.

[Eric in the Ozarks]

Bingo.

[KarlInOhio]

$1.859 south of Dayton, Ohio.

[FormerACLUmember]

It's Bush's fault. No really, it's Bush's fault.

[Defiant]

I wonder if it has anything to do with all the electric cars on display at Detroit last week?

[RightWhale]

I already bought gasoline this month. My station sends me a card to remind me to fill up when they haven't seen me for two months.

[E. Pluribus Unum]

As I was saying six months ago, the oil industry was, is, and will always be cyclical.

Funny how nobody complains when the price is low.

[avacado]

Yep, you're right. Consider that Hugo probably had projected revenues based on increased prices for oil and now that is gone and prices have decreased. His revenue has probably dropped 40%. That has got to hurt!