Posted on 06/25/2008 8:52:27 AM PDT by Always Right
Investors sell after report shows unexpected increase in crude stockpiles; attention focused on Fed rate decision.
NEW YORK (CNNMoney.com) -- Oil prices sank Wednesday after a government report showed an unexpected build up in crude supplies in the latest week.
U.S. crude for August delivery tumbled more than $4 to below $133 a barrel on the New York Mercantile Exchange. Oil had been down about $1.30 before the report's release.
The Energy Information Administration's weekly petroleum report showed that crude supplies rose by 800,000 barrels during the week ended June 20. Economists had expected supplies to fall by 1.7 million barrels last week, according to Platts information service.
The EIA reported that refineries were operating at 88.6% of capacity, down slightly from last week.
(Excerpt) Read more at money.cnn.com ...
RBOB Gasoline also down $0.10 to $3.35.
My DIL was laughing yesterday. Gas at a local station dropped one penny. People just aren’t going to spend 4 dollars a gallon for gas unless they have to and what we buy we are stretching. I plan my route to conserve a much as I can. I used to fill up once a week. Now I’m making it last for two weeks.
“Oil drops $4 on surprise jump in supplies”
When this happens, it gives lie to Bambis’ argument that we can’t drill our way out of this crises. Of course we can. More supply and more refineries equal lower prices.
Since the end of March, I have cut my gasoline usage in half.
-$4.26 and falling.
I managed to get 400 miles out of one tank of gas!
An 04 Impala. I think it is a 12 or 15 gal tank. I used to only get about 350 per tank.
I can’t trust these asswipes as far as I could throw them. Hey, did ya’ll hear that guy on Neal Boorz show today. Check out his website: shadetreeconversions.com
A real American hero in my book. IMO, there ain’t no going back now. The cat is out of the bag and even if gas went back down to $3.00 it won’t matter. People are so much more informed and will act accordingly and the American spirit will reign. These greedy manipulative corporations and the ME can go screw themselves, which they already have.
So, an 800K bbl increase drops oil by $4-5? Screw ANWR, right, Obie? It’s only a few cents, right?
How about these “greedy manipulative corporations” shut their doors tomorrow and say “screw it”?
I only get 150 miles out of a tank, but it’s only a 3 gallon tank.
I saw a chart a couple of weeks ago showing how much gasoline consumption had fallen the last 2 or 3 months. Can’t recall where. Can anyone lay their hands on it?
Why didn't I think of this?
The oil chart sure looks like it’s rolling over.
We’ve been trading sideways in the $125-$135 zone for 6 weeks now. Today we’re at $133, no real change from the range.
Don’t know if this is “the bubble bursting” but watch what happens when large numbers of people stay home this Fourth of July Weekend, and BBQ on the backyard grill instead of traveling to relatives houses and going to the amusement parks. I wait to see what will happen *then*.
Can anyone say ‘VideoCam Visits’ and ‘Big Screen TV’ three times real fast?
Gee, kinda makes those Congresscritters saying drilling can do nothing to drop the price DAMNED LIARS, doesn’t it? WOULD ONE REPORTER - JUST ONE - HAVE THE STONES TO ASK ONE OF THESE LIBS “WELL, CONGRESSMAN / SENATOR, THEN HOW DO YOU EXPLAIN ...” Yes, I’m shouting.
The “long” money will bribe the thugs in Nigeria, there will be an “accident” at a refinery - an Israeli cabinet member will make loud noises towards Iran.....
I wager the news will hit before 1500.
Too much money is invested in stable or rising oil prices.
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