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Oil drops to 17 month low

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Originally posted by: Whoozyerdaddy
Everyone said it would go back UP after the elections. What gives?

LONDON (Reuters) - Oil fell toward $55 on Friday, hitting its lowest level since mid-2005 driven by fund selling across commodity markets on concern of an economic slowdown in the world's largest energy consumer the United States.

Oil drew further downward momentum from high U.S. oil inventories and ahead of the expiry of the front-month U.S. crude contract at the close of trade on Friday.

U.S. crude was down $1.01 at $55.25 a barrel at 1327 GMT after hitting its lowest level since June 14 last year at $54.86. The price has fallen over 29 percent from the record of $78.40 in July.
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I guess that "drive for five" is on hold for now. Actually, this article seems to indicate that the price of oil is a market driven factor and not arbitrarily set by the Bush administration or evil oil companies. Who knew? Ya learn something new every day. 😀

Good news though. (Especially for those of us who heat our homes with oil) $40-45/barrel would be just about perfect.

Topic Title: Oil drops to 17 month low
Topic Summary: I'm confused...
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What are you confused about?

Have you've seen gasoline drop proportionately???
 
Originally posted by: jlbenedict
Prices have been rising at the pump for the past two weeks here.
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Not according to Republicans.

You must be a liberal and they raise the price just for you as you drive by according to them.
 
Originally posted by: Sheik Yerbouti
Gas went up 6 cents a gallon last week, and just went up 6 more cents during lunch today. But that's probably my over active liberal imagination.. :disgust:
Click to expand...

Originally posted by: catnap1972
Originally posted by: Whoozyerdaddy
Everyone said it would go back UP after the elections. What gives?
Click to expand...

And yet the price at the pump continues to creep back up daily (at least around here)--hmmm.....

Good news though. (Especially for those of us who heat our homes with oil) $40-45/barrel would be just about perfect.
Click to expand...

What makes you think they're necessarily going to pass the decrease along to you?
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Originally posted by: BoomerD
We're back up to about $2.40 here...I know, Kahleeforneeya is always higher than the rest of the nation...but the spike in prices is blatantly obvious...
http://www.modestogasprices.com/retail_price_chart.aspx
Click to expand...

Wow, according to resident Republicans all you guys are seeing things.
 
Out where I am, the state just elected a Dem governer, the legislator went Dem but the prices have dropped. $2.13 in the general area

So the Republican influence/concept seems to fall apart
 
OK all of you who are saying that "Bush has nothing to do with gas prices". If that's true, how come the WH was whining before the election that they "weren't getting proper credit" for gas prices that dropped? Either he/they have nothing to do with the price, and therefore deserve none of the credit, or they do have influence and you're all lying. Can't have it both ways.
 
Originally posted by: EagleKeeper
Out where I am, the state just elected a Dem governer, the legislator went Dem but the prices have dropped. $2.13 in the general area

So the Republican influence/concept seems to fall apart
Click to expand...

Interesting trend in P&N

How or why is gas prices only going down for resident Republicans and up for everyone else???
 
Originally posted by: catnap1972
OK all of you who are saying that "Bush has nothing to do with gas prices". If that's true, how come the WH was whining before the election that they "weren't getting proper credit" for gas prices that dropped? Either he/they have nothing to do with the price, and therefore deserve none of the credit, or they do have influence and you're all lying. Can't have it both ways.
Click to expand...
Both sides want it both ways.

Bush/Cheney/Republicans: (A) Campaigned for months for the 2000 election saying that Clinton didn't do much about energy and thus was the cause of the high oil/gas/energy prices. (B) Once energy costs soared far higher than Clinton-era prices in the Bush years, they want to say they have no effect on the prices. What is it (A) or (B)? They can't pick a side. Flip/Flop/Flip/Flop.

Democrats: (A) Say the Republican's want oil/energy prices to go sky-high due to Bush and Cheney's personal connections to big oil. (B) Say the Republican's want oil/energy prices to plunge to gain votes in elections. What is it (A) or (B)? They can't seem to pick a side. Flip/Flop/Flip/Flop.

Note: Not all Republicans and not all Democrats have argued both sides of the argument. However, all of the outspoken ones have.

In reality, the president has an effect, but it is small and indirect. A president can help change energy consumption laws. A president can influence confidence in investors. A president can change the US government purchases of oil that we just pump right back into the ground. Etc. But the president has little to no direct influence.
 
Originally posted by: dmcowen674
Originally posted by: Sheik Yerbouti
Gas went up 6 cents a gallon last week, and just went up 6 more cents during lunch today. But that's probably my over active liberal imagination.. :disgust:
Click to expand...

Originally posted by: catnap1972
Originally posted by: Whoozyerdaddy
Everyone said it would go back UP after the elections. What gives?
Click to expand...

And yet the price at the pump continues to creep back up daily (at least around here)--hmmm.....

Good news though. (Especially for those of us who heat our homes with oil) $40-45/barrel would be just about perfect.
Click to expand...

What makes you think they're necessarily going to pass the decrease along to you?
Click to expand...

Originally posted by: BoomerD
We're back up to about $2.40 here...I know, Kahleeforneeya is always higher than the rest of the nation...but the spike in prices is blatantly obvious...
http://www.modestogasprices.com/retail_price_chart.aspx
Click to expand...

Wow, according to resident Republicans all you guys are seeing things.
Click to expand...

:roll:

Originally posted by: Vic
Anyone who thinks that a market trend precludes any volatility is clueless.
Click to expand...
 
Originally posted by: dmcowen674
Originally posted by: Whoozyerdaddy
Everyone said it would go back UP after the elections. What gives?

LONDON (Reuters) - Oil fell toward $55 on Friday, hitting its lowest level since mid-2005 driven by fund selling across commodity markets on concern of an economic slowdown in the world's largest energy consumer the United States.

Oil drew further downward momentum from high U.S. oil inventories and ahead of the expiry of the front-month U.S. crude contract at the close of trade on Friday.

U.S. crude was down $1.01 at $55.25 a barrel at 1327 GMT after hitting its lowest level since June 14 last year at $54.86. The price has fallen over 29 percent from the record of $78.40 in July.
Click to expand...

I guess that "drive for five" is on hold for now. Actually, this article seems to indicate that the price of oil is a market driven factor and not arbitrarily set by the Bush administration or evil oil companies. Who knew? Ya learn something new every day. 😀

Good news though. (Especially for those of us who heat our homes with oil) $40-45/barrel would be just about perfect.

Topic Title: Oil drops to 17 month low
Topic Summary: I'm confused...
Click to expand...

What are you confused about?

Have you've seen gasoline drop proportionately???
Click to expand...
Yes I have. Then again, I always swipe my RNC card before I fill up. Maybe that's why. :roll:
 
Originally posted by: dmcowen674
What are you confused about?

Have you've seen gasoline drop proportionately???
Click to expand...

Aren't the Oil prices we hear of every day part of futures contracts? So, wouldn't we see the change at the pump only a month (or whatever the priod is) later?

Plus, wouldn't this graph explain how come prices went down as 11/7 got closer? The downward trend seems to have started in August.
 
Oil prices down because oil inventories are up.

Gas prices are up because gasoline inventories are down.

Gas prices in Lexington, KY are up $0.30 since election day.

It's all about refining and refining capacity.
 
Originally posted by: Engineer
Oil prices down because oil inventories are up.

Gas prices are up because gasoline inventories are down.

Gas prices in Lexington, KY are up $0.30 since election day.

It's all about refining and refining capacity.
Click to expand...
Haha, according to your "theory", gas prices wouldn't have changed at all in the last 11 days, because of how short of a time period that happens to be. How is it that they're up 3/10 of a dollar, in that short time period, then?
 
Originally posted by: Whoozyerdaddy
Everyone said it would go back UP after the elections. What gives?

LONDON (Reuters) - Oil fell toward $55 on Friday, hitting its lowest level since mid-2005 driven by fund selling across commodity markets on concern of an economic slowdown in the world's largest energy consumer the United States.

Oil drew further downward momentum from high U.S. oil inventories and ahead of the expiry of the front-month U.S. crude contract at the close of trade on Friday.

U.S. crude was down $1.01 at $55.25 a barrel at 1327 GMT after hitting its lowest level since June 14 last year at $54.86. The price has fallen over 29 percent from the record of $78.40 in July.
Click to expand...

I guess that "drive for five" is on hold for now. Actually, this article seems to indicate that the price of oil is a market driven factor and not arbitrarily set by the Bush administration or evil oil companies. Who knew? Ya learn something new every day. 😀

Good news though. (Especially for those of us who heat our homes with oil) $40-45/barrel would be just about perfect.
Click to expand...





It's because the Department of Energy has announced plans to open oil exploration on Brokeback Mountain.
 
Originally posted by: Whoozyerdaddy
Everyone said it would go back UP after the elections.
Click to expand...

The price of gas has remained at or around $2.20 here is SE Michigan for the past 3 months straight despite oil prices continuing to tank. Funny how they only keep pace when the price goes up, not down.
 
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