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How far can it fall? People have been anxiously wondering as they watch the plunging stock market. But increasingly the same question is being asked about another crucial figure: the price of oil. It has plummeted nearly 40% in just three months, from about $147 a barrel in July to below $83 on Friday, with no obvious bottom in sight. If that sounds good, you are probably a driver who winces these days at filling your gas tank. But the downward spiral could mean trouble for oil-rich countries and for the environment. Oil analysts admit that most of them failed...

Although oil prices have tumbled by almost half since approaching $150 a barrel in July, it looks like black gold still has further to fall... "...OPEC will need to revive demand. “We now know that the global economy couldn’t really handle prices above $100 and OPEC will have to figure out a price the economy can handle,” Lebow said."

NEW YORK - The stunning collapse in oil markets accelerated Friday, sending a barrel of crude plunging below $78 as investors grow more pessimistic about resolving a mushrooming global economic crisis. Oil hasn't been this cheap in 13 months — a rare silver lining for consumers amid a rapidly imploding financial landscape.

FORT WORTH, Texas - Motorists drove for miles on Wednesday to fill up on gas at prices below $3 a gallon in Fort Worth. NBC 5 found several stations with prices below $3 on the west side of the Metroplex, but the dramatic drops have yet to hit Dallas. A Texaco on Las Vegas Trail just south of Interstate 30 had gas for $2.74 a gallon. "Two-seventy-five is the lowest," one driver said. "I never thought it was going to be so low. It's great." Another motorist said she was "loving it to death." "I'm going to try to get...

Oil prices hit 13-month low Worries about declining demand send crude prices plummeting more than $6 a barrel. By Kenneth Musante, CNNMoney.com staff writer Last Updated: October 10, 2008: 9:37 AM ET NEW YORK (CNNMoney.com) -- Oil prices plunged to a 13-month low Friday as investors worried that the weakening global economy was driving down demand for fuel worldwide. U.S. crude for November delivery sank $6.96 to $79.63 a barrel in electronic trading, its lowest level since crude traded in the high $70 range in September of last year. Investors remain concerned that a crumbling economy was causing businesses and...

Crude Oil down to $84.66 @ 7:10 PM EDT. Gas at $3.19 here. That's a dime less in 2 days.

Oil hit $86.05 earlier this morning.It's popped back uiup a it since then. But folks, the reason I bring it up, is that the lowest it's been in a *full* year. >8oD

NEW YORK (CNNMoney.com) -- If there's one bright spot in a bad economy, it's that gasoline prices have fallen, and they're expected to drop even further. As the global economy falters, demand for oil has dropped. And since the price of oil makes up about half of the cost of a gallon of gas, analysts see more relief ahead at the pump. "We ought to see prices drop pretty quickly," said American Automobile Association spokesman Geoff Sundstrom. "We're well on our way to $3 gas within the next week or two." The national average price for a gallon of regular,...

NEW YORK (Reuters) – Oil dropped more than 6 percent to below $88 a barrel on Monday as a global market rout churned concerns that faltering fuel demand could slow further. U.S. stocks tumbled 6 percent to the lowest level in nearly five years as part of an international sell-off on fears the global economy was heading into recession. U.S. crude settled down $6.07 at $87.81 a barrel after hitting an eight-month low of $87.56. London Brent crude fell $6.57 to settle at $83.68 a barrel. Crude prices have plummeted from a peak over $147 a barrel set on July...

NEW YORK (CNNMoney.com) -- Oil prices extended declines Wednesday after the government said the nation's stockpiles of crude and gasoline grew more than expected last week, suggesting that demand is continuing to wane. Light, sweet crude for November delivery was down $3.89 to $96.75 a barrel on the New York Mercantile Exchange. Oil had traded down $2.30 to $98.25 just before the figures were released. "Demand was anemic," said John Kilduff, energy analyst at MF Global in New York. And Wednesday's report "speaks to the lack of economic activity in the U.S." In its weekly inventory report, the Energy Inf

NEW YORK (AP) _ Oil prices plunged as much as $10 a barrel Monday as a U.S. financial bailout plan failed to win legislative approval, increasing fears a prolonged economic downturn that could sharply curtail energy demand. Light, sweet crude for November delivery at one point sank $10.06 to $96.83 before paring some losses to trade at $98.26, down $8.63. It was crude's lowest trading level since prices edged back below $100 earlier this month; crude previously hadn't traded that low since February.

Just heard it reported on MSNBC that "4 of the 17 Hoston area refineries that were taken off line, and were damaged to varying degrees by Ike, were "stiil down"". And it is these refineries that are the cause of the shortages in the mid eastern states, and that while on the downside of the hump, it will probably take another week to 10 days before supply lines are operating at normal capacity. But before then, Virginians should expect to see *their* gas stations reflect shortages for a brief time too.

The long lines and closed pumps seen across the South this week are a warning: inventories are way too low. NEW YORK (Fortune) -- ... That's because nationwide our gasoline inventory is shockingly low. Liquidity must be restored soon to this market, or we could be facing a crippling run on the gasoline bank. ... ... In Georgia, Gov. Sonny Perdue got a waiver from the Environmental Protection Agency to temporarily allow stations to sell high-sulfur gasoline. ...What's going on? The immediate answer is that the double whammy of Hurricanes Gustav and Ike, which swept through the Gulf of Mexico...

Columbus Day this year might be more than a celebration of a European's discovery of the Americas. It could also be the day when the Augusta area's gasoline supplies return to normal. Power was restored Friday to the last of the 16 undamaged oil refineries that were knocked out of commission by Hurricane Ike, which swept through the Gulf Coast two weeks ago. But the shortage of gasoline to this area, and other pockets of the Southeast, will persist for a few more weeks, said Michael Fields, the executive director of the South Carolina Petroleum Marketers Association. According to the...

Alberta, Canada—With the U.S. Economy in utter free fall, Canada has decided to take the U.S. Democratic Party’s advice and stop all drilling for oil. Despite America importing 20% of its oil from its northern neighbor, Canada has decided to turn off the tap, shipping the oil in on massive tankers. As Russia has threatened to put a stranglehold on Europe, Canada will now put a crimp in America’s lifestyle for the sake of Mother Earth and its environment. The move is likely to send American markets into a deep depression. According to Prime Minister Stephen Harper, the unexpected development...

The price of cheap petrol EVERY weekday morning, Zarhay Infante leaves home in the Caracas dormitory town of Guarenas shortly after 5am. If the journey goes well, she reaches her office in the capital, some 30km (19 miles) away, around three-and-a-half hours later. “Three years ago, when I started doing this,” Ms Infante says, “I could get to Caracas in 45 minutes on the motorway. But it gets worse every day.” This road congestion is tribute to an economic growth which, thanks to the rise in the oil price, has averaged around 9% a year since 2004. But it is...

Much-needed fuel appears to be on the way to the western Carolinas, including Charlotte, even as honking rush-hour commuters idled in lines and occasionally fought at stations that weren't out of gas. At least one man was charged with pulling a gun during a dispute at a gas pump, police say. Witnesses told Taylorsville police that Todd Lackey pointed a .45-caliber handgun at another driver after they pulled up to a pump at the same time and started arguing. Lackey fled, but witnesses got his license plate number and police later charged him with assault by pointing a gun. Earlier...

This is a reposting of an article written by Robert Rapier two years ago, on how winter gasoline differs from summer gasoline, and why this tends to make winter gasoline less expensive than summer gasoline. We also now have a lot of reports of gasoline outages due to short supply following Hurricanes Gustav and Ike. Feel free to discuss those in this thread also. Every year in late summer, you will start hearing references in the media about the conversion to winter gasoline, such as the following (originally in the Bradenton Herald, but the link is long dead): Motorists...

"We're dry. We've got no gas here," Hussain, the station's manager, said Monday morning. He said he has "no idea" when the next shipment will come, even though he's been in constant contact with the local terminal. "It could be days," he said. "Obviously, we're disappointed. We're being patient. That's all we can do."

Reid tries to sneak oil shale ban back into legislation By Michelle Malkin  •  September 25, 2008 11:47 AM Sen. Jim DeMint’s office reports just now that Harry Reid is trying to sneak the oil shale ban — backed by House Democrats — back into legislation under cover of the bailout frenzy.Details: We’ve just been alerted that despite House Democrats relenting on extending bans on offshore drilling and oil shale in the continuing resolution (CR) appropriations bill, Democrat Senate Leader Harry Reid has decided to sneak an extension of the oil shale ban through as Congress fights over the financial bailout. Oil...

With the high cost of gasoline and diesel fuel impacting costs for automobiles, trucks, buses and the overall economy, a Temple University physics professor has developed a simple device which could dramatically improve fuel efficiency as much as 20 percent. According to Rongjia Tao, Chair of Temple's Physics Department, the small device consists of an electrically charged tube that can be attached to the fuel line of a car's engine near the fuel injector. With the use of a power supply from the vehicle's battery, the device creates an electric field that thins fuel, or reduces its viscosity, so that...

Hundreds of cars lined streets this morning as motorists in the Charlotte metro region tried to cope with an ever-worsening gasoline shortage situation. Some motorists waited up to five hours, and fights were reported as people accused other customers of cutting in line. Some gas stations that opened this morning with what they thought were ample supplies ran out within a few hours. Police were called out several times to break up fights among angry customers. North Carolina Gov. Mike Easley announced late Wednesday night that he had ordered tanker trucks from Tennessee, Wilmington and South Carolina to deliver gas...

Looking Beyond the Short Run It has been 12 days since Hurricane Ike made landfall. As of yesterday, more than 850 thousand barrels per day of crude oil production from the Gulf of Mexico and about 1.7 million barrels per day of refinery capacity were still shut down. To date, about 27 million barrels of crude oil production from the Gulf of Mexico have been shut in due to Hurricanes Gustav and Ike. As of September 19, about 46 million barrels of refined product have not been produced due to refineries being shut down or running at reduced levels for...

Gasoline supplies are tight in Dallas-Fort Worth08:39 AM CDT on Wednesday, September 24, 2008By ZACHARY WARMBRODT / The Dallas Morning News zwarmbrodt@dallasnews.com Hurricane Ike is hitting North Texas gasoline stations hard this week – causing delays in fuel shipments and spot shortages. Drivers should expect more frequent shortages in the next two weeks as the Texas Gulf Coast's refining capacity continues to come back online, fuel distributors said Tuesday. But after that, supplies should be back to normal, distributors said. And prices should remain stable, as the major brands of oil locked in their prices before Ike made landfall. Retail...

Officials in the Asheville area say they don't expect fuel to begin flowing normally again for at least another week and are urging drivers to conserve gasoline. Buncombe County said Tuesday there is enough gas in the area to keep police cars and fire trucks fueled, and officials promised the shortage won't affect 911 service. But all non-emergency county staff have been asked to work an alternate schedule or from home. And officials say area residents should consolidate their trips to conserve fuel and consider avoiding trips that aren't necessary. Hurricane Ike closed oil refineries along the Gulf Coast. Analysts...

Increases in the price of crude oil are not all bad, according to Valley economist Elliott Pollack. Pollack said higher oil prices mean higher gas prices and that encourages people to turn toward alternative fuels. "If you want to get off oil, which is our goal -- and 70 percent of oil is used for transportation -- the more hybrids and electric cars you have and the more cars that get 40 to 50 miles per gallon instead of 15 miles per gallon, the better off you are," Pollack said. Lower gas prices lead more people to keep their gas...

More than two-thirds of North Carolina residents support offshore oil drilling, according to a poll conducted by Elon University. About 43 percent of the survey participants say they believe offshore drilling will reduce gas prices in five years or less, though experts say any such impact would be at least 10 years away. And 79 percent say the oil and gas should only be used domestically. The poll also asked about economic conditions. Two-thirds of respondents disapproved of President George W. Bush’s handling of the economy. Meanwhile, respondents were divided on how the N.C. economy will perform in the next...

FOR THE RECORD “[T]he House of Representatives approved a bill to allow offshore oil drilling, but nearly all the Republicans voted against it... It isn’t a drilling bill, it’s an anti-drilling bill. If it becomes law, nearly all the oil and gas in the Outer Continental Shelf would be off-limits forever... This bill permanently bans all drilling within 50 miles of the US coast, which just happens to be where most of the recoverable oil and gas reserves are. It permits drilling between 50 and 100 miles out only if the adjoining states agree - which they won’t, since the...

House Democrats are bypassing renewal of the offshore oil drilling ban by including the entire Pelosi “drill nothing” energy bill in a draft of a Continuing Resolution. HUMAN EVENTS obtained a copy of the most recent House draft CR this morning. The Pelosi bill, HR 6899, fails to open more than a miniscule part of the available offshore drilling areas and -- even worse -- it establishes permanent bans on development of most other domestic energy sources (natural gas, oil shale, etc.) and does nothing to develop nuclear power. It passed the House earlier this month and is now languishing...

Top oil exporter Saudi Arabia has trimmed oil supplies to international majors and U.S. refiners since the start of September, industry sources said on Monday. "They were marketing their crude very aggressively from June through August, but they slowed it down for September and October," said one industry source at an oil major on condition of anonymity. The kingdom had already throttled back on supplies even before it signed up to an OPEC deal earlier this month to trim output that exceeded the producer group's targets, industry sources said. Saudi supply to international oil majors was down around 5 percent...

Gas stations should be allowed to charge any price they want. Stop and think. There are gas stations all around us. All of them havesimilar products and must compete with one another. We have regulations and agencies that watch to make sure there are no cooperative arrangements among stations. Why, then, are price-gouging laws such a bad idea? First, the price restriction interferes with market forces. For example, gas stations anticipate a lack of supply of gas over the next couple of weeks because of the hurricane in the gulf. They raise their gas prices to allocate the remaining supplies...

Oil prices shot up more than $6 a barrel Friday, breaking back into $100 territory as a sweeping government plan to rescue the imperiled U.S. financial system emboldened investors to re-enter the markets. Light, sweet crude for October delivery rose $6.67 to settle at $104.55 a barrel on the New York Mercantile Exchange, after earlier rising as high as $105.25. It was oil's first close above $100 in a week. Crude has climbed over $13 in the past three days as the government carries out a historic intervention into the financial system. But analysts say prices could resume their downward...

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For at least at least a year, Americans struggling to pay record gasoline, heating oil and natural-gas prices have begged Congress to permit energy exploration off the Atlantic, Pacific and Gulf coasts, where 80 percent of the nation's known energy reserves sit just waiting to be tapped. But every time Congress had a chance to lift its moratorium on offshore drilling, Democrats and liberal Republicans told consumers to stop their whining. But with the public now solidly behind more drilling and with the congressional elections just seven weeks off, House Democrats found themselves between a rock — voters — and...

SEPTEMBER 18--Spiraling gas prices led an Indiana drug dealer to levy a fuel oil surcharge on customers purchasing cocaine, according to investigators. Anthony Salinas, 18, tacked on the gasoline surcharge when he sold a confidential police source coke on two occasions in June. While arranging one buy, Salinas told the source that a quarter-ounce of cocaine would cost $240--$215 for the drug itself and "$25.00 for gas money to deliver the cocaine," according to the court affidavit, a copy of which you'll find below. Salinas, a Hammond resident, was named last week in a two-count felony information charging him with...

How lame is the energy bill that Speaker Nancy Pelosi had her House Democrats pass through the House on Tuesday? Louisiana Sen. Mary Landrieu said before the vote that Pelosi's handiwork would be "dead on arrival" in the Senate. This from a Democrat who's up for re-election in an oil-and-gas state that would seem to gain from the bill's much-ballyhooed expansion of offshore drilling? What gives? For starters, Landrieu knows that the limited drilling the House leadership allows in principle -- it opens up waters 50 miles from shore with state approval -- is made next to impossible in practice....

On his way into work Tuesday morning, a member of our editorial board saw something odd. The Valero station on Watertown Avenue in Waterbury was selling gasoline for $3.79 a gallon. A few hundred feet down the street, the sign at the Cumberland Farms advertised gasoline for $3.99. For many years, the stations have sold their fuel for the same price or within a few pennies of each other. If their price differential was 20 cents all the time, Valero would have all the gasoline business on that busy road and Cumberland Farms' pumps would sprout cobwebs. Customer loyalty is...

The Second Hurricane Punch Softer than Feared The United States took a one-two punch to the petroleum sector from back-to-back early-September Hurricanes Gustav and Ike, coming just 12 days apart. Hurricane Gustav’s center made landfall along the Louisiana coast September 1, just as the petroleum industry was drawing down summer gasoline inventories to replace them with winter-grade volumes. Both crude supplies and refinery production were knocked out, and gasoline inventories fell well below the typical range for this time of year. Before the industry could recover from Gustav, Hurricane Ike swept through the Gulf Coast, making landfall at Galveston, Texas...

One would have thought that leading Democratic senators who claim to be interested in finding other sources of funding to replace American dollars in Iraq, in helping Iraq spend its own money on its own people, and in lowering the price of gasoline for American citizens, would have been all for it. Instead, Senators Chuck Schumer, John Kerry, and Claire McCaskill wrote a letter to Secretary of State Rice asking her "to persuade the GOI [Government of Iraq] to refrain from signing contracts with multinational oil companies until a hydrocarbon law is in effect in Iraq." The Bush administration wisely...

Valero's Refineries Update - Hurricane Ike Update 10 10:08 a.m. CDT San Antonio, TX September 17, 2008 The Valero Houston Refinery is in the preliminary stages of a multi-day restart process. The plant has power and steam, as well as a limited supply of industrial gases. Production at the main process units is not expected for several more days, and adequate supplies of external industrial gases remain an issue. Valero continues to work through issues at the Texas City and Port Arthur refineries, and we are not yet ready to discuss a timetable either for when startup would begin or...

When Arizona Sen. John McCain accepted the Republican nomination for president, he vowed to cut America's reliance on foreign oil by opening up the nation's Atlantic and Pacific coasts to drilling—drawing cheers from GOP delegates on hand for his party's national convention. "We will drill new oil wells offshore, and we'll drill them now," McCain pledged to his faithful, who gushed with enthusiastic chants of "drill, baby, drill!" The ultimate goal, the candidate said: to "stop sending $700 billion a year (for oil) to countries that don't like us very much." No one disputes that a lot of oil lies...

FINAL VOTE RESULTS FOR ROLL CALL 599(Democrats in roman; Republicans in italic; Independents underlined)       H R 6899      RECORDED VOTE      16-Sep-2008      10:04 PM      QUESTION:  On Passage      BILL TITLE: Comprehensive American Energy Security and Consumer Protection Act Ayes Noes PRES NV Democratic 221 13   1 Republican 15 176   8 Independent         TOTALS 236 189   9 ---- AYES    236 --- AbercrombieAckermanAllenAltmireAndrewsArcuriBacaBairdBaldwinBeanBecerraBerkleyBermanBerryBishop (GA)Bishop (NY)BlumenauerBorenBoswellBoucherBoyd (FL)Boyda (KS)Brady (PA)Braley (IA)Brown, CorrineBuchananButterfieldCapuanoCardozaCarnahanCarneyCarsonCastleCastorChandlerChildersClarkeClayCleaverClyburnCohenConyersCooperCostaCostelloCourtneyCramerCrowleyCuellarCummingsDavis (AL)Davis (CA)Davis (IL)Davis, LincolnDeFazioDeGetteDelahuntDeLauroDicksDingellDoggettDonnellyDoyleEdwards (MD)Edwards (TX)EllisonEllsworthEmanuelEngelEshooEtheridgeFattahFosterFrank (MA)GiffordsGilchrestGillibrandGonzalezGordon Green, AlGreen, GeneGrijalvaGutierrezHall (NY)HareHarmanHastings (FL)HayesHerseth SandlinHigginsHillHincheyHinojosaHironoHodesHoldenHondaHooleyHoyerInglis (SC)InsleeIsraelJackson (IL)Jackson-Lee (TX)JeffersonJohnson (GA)Johnson, E. B.Jones (NC)KagenKanjorskiKapturKennedyKildeeKilpatrickKindKirkKlein (FL)KnollenbergKucinichLaHoodLangevinLarsen (WA)Larson (CT)LeeLevinLewis (GA)LipinskiLoBiondoLoebsackLofgren, ZoeLoweyLynchMahoney (FL)Maloney (NY)MarkeyMathesonMatsuiMcCarthy (NY)McCollum (MN)McDermottMcGovernMcIntyreMcNerneyMcNultyMeek (FL)Meeks (NY)MelanconMichaudMiller (NC)Miller, GeorgeMitchellMollohanMoore (KS)Moore (WI)Moran (VA)Murphy (CT)Murphy,...

The Huntsville Times reported on September 12 that, in response to the looming threat from Hurricane Ike, Alabama Governor Bob Riley declared a formal state of emergency. The governor's declaration of emergency activated the state's price-gouging law, which makes "unconscionable pricing" illegal during times of emergency. The Times quoted Riley as saying that he thinks "a threat to public health is a strong possibility due to the shortage of fuels." Hurricanes don't cause shortages, however. Price controls do. A "shortage" occurs when the amount of a good demanded exceeds the amount of a good supplied at the prevailing price. In...

The House introduced new energy legislation late last night. Finally…right? The House also wants to bring the 290-page bill, which can be found here, to the floor today. You think the 435 Members in the House of Representatives are going to meticulously read all 290 pages? A bill that makes fundamental changes to thousands of pages of earlier energy bills as well as the tax code. Please. This isn’t Harry Potter. You can’t just cruise through something as complex as energy policy in one short night. It’s true that Congress should craft an energy policy as expeditiously as possible to...

As the U.S. economy teeters on the brink of recession, Democratic leaders are revisiting an idea born of the Great Depression: gas stamps to help Americans cope with high fuel prices. The proposal to subsidize fuel costs for lower-income families and individuals would almost certainly be popular with white, working-class voters and could boost Barack Obama’s appeal with that critical voting bloc in this year’s presidential election. Democratic lawmakers and their leaders say they are serious about including it in a second economic stimulus package expected to move this month. Meanwhile, Republicans ridicule the idea as a return to welfare-state...

This column examines current examples of anti-“gouging” impulses in areas affected by recent hurricanes. For an in-depth explanation of the benefits of “price-gouging,” please see yesterday’s column. The following is part of a press release issued yesterday by the Florida Department of Agriculture and Consumer Services: [Commissioner] Charles H. Bronson today announced that his office received nearly 2,200 price-gouging calls over the weekend and 816 complaints – virtually all involving the price of gasoline. All of the complaints are being investigated, and subpoenas will be issued later today for oil company records . . . “We are committed to making...

Lieutenant governor demonstrates she is not ready to lead in a crisisCharlotte, N.C. – During an interview yesterday on WBT Radio in Charlotte, Lt. Gov. Beverly Perdue advised motorists to get out and “get our gas tanks as full as they’ll let us do it during in the next 24 or 48 hours” due to Hurricane Ike. When questioned by host Al Gardner if this would create a panic, Perdue flip-flopped and said people should not overact and “there is no need for anybody to rush right out.” In sharp contrast, Charlotte Mayor Pat McCrory demonstrated responsible leadership in an...

This column deals with the theory behind “price gouging.” Tomorrow’s column will apply the theory to recent and ongoing situations in hurricane-affected areas. In wake of the recent hurricanes that have hit the south, the recurrent issue of “price gouging” has inevitably arisen as officials in the affected areas go on a hunt for any vendor who dares to raise prices. Little do they know, however, that they are doing the people they serve a major disservice. Let’s take the gas stations as an example. No one knows where their prices should be at any one point except for the...

I cannot post the content, but here's the link to the Bloomberg news story: http://www.bloomberg.com/apps/news?pid=20601087&sid=aoNw5BZAk8Uc&refer=home Hopefully, this does not contravene the rules.

The price of Crude Oil was $99.57 as of 11:15AM EDT today! And on a Sunday, no less. :oD