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Oil, gas prices take a sudden tumble
CNBC ^ | 4/1/04

Posted on 04/01/2004 2:05:47 PM PST by Steven W.

The Administration’s talk of suspending clean air rules in three states drops crude oil and wholesale gasoline prices. Markets move slightly higher as the Dow Jones average is shuffled.

Have gasoline prices peaked? Maybe.

But the fact is oil and wholesale gasoline prices dropped abruptly this afternoon as the Bush Administration said it was considering suspending clean air rules for three states -- California, New York and Connecticut.

The comments by Energy Secretary Spencer Abraham before a Congressional hearing today knocked crude oil prices down nearly 4.1% to $34.30 and wholesale gasoline futures to $1.07, down 5.5%. Crude ended the day at a 7-week low.

California, New York and Connecticut have asked the Environmental Protection Agency for temporary waivers for the summer, Bloomberg News reported. The states are required to sell gasoline that's blended with ethanol or other substances to make the fuel burn cleaner. Prices had declined in earlier trading on expectations that U.S. inventories will be adequate to meet demand from refiners making gasoline.

The news came as Congress was criticizing the Organization of Petroleum Exporting Countries for deciding to cut back its production by 1 million barrels of oil a day and Democrats were howling at the Bush Administration for doing nothing about rising fuel prices.

Big oil stocks didn’t move much, but oil and gas production stocks and oil services stocks sure did. The Philadelphia Oil Services Index ($OSX.X) was down 2.7%. The Amex Oil Index ($XOI.X) slipped 1.4%.

Assuming the price changes hold, it could knock the price of gasoline off by 10 cents a gallon, CNBC's Melissa Francis reported on "Closing Bell." The national average recently was about $1.74 a gallon.

(Excerpt) Read more at moneycentral.msn.com ...


TOPICS: Breaking News; Business/Economy; Constitution/Conservatism; Crime/Corruption; Culture/Society; Foreign Affairs; Government; News/Current Events; Politics/Elections; US: California; US: Connecticut; US: New York
KEYWORDS: abraham; cleanairact; energy; energyprices; environment; gas; gasprices; oil; opec
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To: Steven W.
Uh oh, another liberal quagmire balloon has been popped. The alphabet networks aren't going to like this, that's probably why they won't report it at all.
61 posted on 04/01/2004 3:44:30 PM PST by Excuse_My_Bellicosity (All the good taglines are taken.)
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To: SandyInSeattle; All
The Dems so want it both ways.

It is amazingly funny to watch them!

Yeah, except that Americans in general are brain locked to the idiot box. If they see it often enough they begin to question if maybe it might be right. If they ever even slightly concede that the talking heads might be right and voice that suspicion. . . then we've had it because they will have bought the big lie.

62 posted on 04/01/2004 3:51:37 PM PST by Veritas_est (Truth is)
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To: Veritas_est
Yeah, except that Americans in general are brain locked to the idiot box.

Unfortunately, you are right. I have sworn off the "idiot box", except for sports and Law & Order Criminal Intent.

63 posted on 04/01/2004 3:54:02 PM PST by Not A Snowbird (You need tons click "co-ordinating" -- to be a monthly donor!)
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To: Steven W.
I thought this was an April Fools joke,from the headline.
64 posted on 04/01/2004 3:56:02 PM PST by gdc61
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To: commish
Sam's Club in Montgomery, $1.57!
65 posted on 04/01/2004 4:00:52 PM PST by Alas Babylon!
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To: Support Free Republic
That Janeanne Garofolo, she just gets cuter and cuter!
66 posted on 04/01/2004 4:08:20 PM PST by VadeRetro
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To: Steven W.
The Administration’s talk of suspending clean air rules in three states drops crude oil and wholesale gasoline prices.

Now the difference between THIS administration and the CLINTON racketeers is that the vast majority of Clinton friends would have 'just happened' to have placed an innocent 'bet' at the Chicago Board of Trade, that GASOLINE FUTURES would soon drop!

Refresh my memory Hillary, How was it you decided that day to bet $1000 that CATTLE FUTURES would soon drop? [netting you $100,000]

Or Terry McAullife: How was it you happened to decided certain TELECOM stocks would make a huge gain, and then how did you happen to 'guess' when they were about to fall? [netting you $16,000,000]

Bruce Lindsay, Harold Ickes, Bill Richardson, et. al: How much did your OWN personal net worths rise during the Clinton years? Was it MORE THAN YOUR government salaries???

67 posted on 04/01/2004 4:23:52 PM PST by Future Useless Eater
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To: txflake; netmilsmom
Nope, that is someone standing up. Note the shadow on the tent wall and cabinet on the person's left side. Plus even if you look at it as someone sitting down with their back to the camera, if you compare proportions to the gal in full view, she/he/it would have to have a 2' tall neck or a face 3 times longer than Kerry's.

Meguess is someone is in short shorts near the stove.
68 posted on 04/01/2004 4:24:11 PM PST by Diddle E. Squat
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To: netmilsmom
Is that a lady's buttocks on the far right side?????

One can only hope.

69 posted on 04/01/2004 5:01:08 PM PST by New Horizon
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To: johnfrink
Now we will see that crazy phenomenon where we hear that a decrease in the price of oil "will take months" to be felt at the pump, whereas an increase is somehow felt the very next day

Annnnd....we'll hear about how Bush is proposing to ruin the environment. Singlehandedly destroying clean air as we know it, sickness and death....yada yada yada. Same people are currently saying that Bush is responsible for high gas prices.

Current Theory of Liberalism: A + B = It's Bush's fault.

70 posted on 04/01/2004 5:11:45 PM PST by wbill
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To: Rodney King
Permit one paranoid customer's opinion. The majors will have near record profits for the first quarter. Example, Exxon/Mobil is having the 3rd highest profit of any corporation in the history of the world.

Today is the first day of a new quarter. If they keep up the record profit pace for another quearter there will be a revolt and mucho government regulation proposed in an election year.

They are counting their first quarter, smiling and moving on to normal profit-taking.

71 posted on 04/01/2004 5:16:53 PM PST by breakem
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To: Steven W.
This is going to make the environazis very very sad.
72 posted on 04/01/2004 5:23:45 PM PST by Humidston (You heard it here - BUSH/RICE - 2004)
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To: RetiredArmy
"Stinking liberals. I wish they'd all just move to the Soviet Union where they could be among their own kind."
Uhm, hate to break this to ya, but there is no Soviet Union any longer.

73 posted on 04/01/2004 5:41:39 PM PST by Springfield45 (Bush WON, Democrats. Now YOU get over it.)
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To: Steven W.
But, but

I thought we had to tap into the strategic reserves! John Kerry said so!

Oh. And he also said he served in Vietnam.

Becki

74 posted on 04/01/2004 5:50:07 PM PST by Becki (I'm a monthly donor. I'm worth it. So are you.)
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To: txflake
"Should read: who are THEY? There are two girls in the picture."

It is a pop-up camper and not a trailer...

75 posted on 04/01/2004 5:54:23 PM PST by cibco (Xin Loi... Saddam)
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To: jfreif
I don't know about that. it's just my personal opinon that we sould'nt drill in ANWR
76 posted on 04/01/2004 6:00:58 PM PST by rage24
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To: netmilsmom; All
Not being schooled in the black arts, how is this going to affect the remaining 47 states? Here in Tennessee, I, along with everyone else, is hoping for a drop in prices.
77 posted on 04/01/2004 6:07:22 PM PST by NCC-1701 (Support Mel Gibson and "The Passion of the Christ")
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To: johnfrink
Your words are duly marked.
78 posted on 04/01/2004 6:11:19 PM PST by NCC-1701 (Support Mel Gibson and "The Passion of the Christ")
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To: NCC-1701
Not being schooled in the black arts, how is this going to affect the remaining 47 states? Here in Tennessee, I, along with everyone else, is hoping for a drop in prices.

You can count on it. . . . .
One of these days. . . . .
MAYBE!

79 posted on 04/01/2004 6:26:13 PM PST by Veritas_est (Truth is)
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To: cibco
Never said it was. Check again.

But who ARE these Coke fiends? Isn't beer for breakfast anymore? Or at least an honest pint of George Dickel?

80 posted on 04/01/2004 6:27:14 PM PST by txhurl
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