Crude slips as speculative interest unwinds(Timber !!!)

Financial Times ^ | June 7 2004 | Kevin Morrison

[snooker]

Under $35 and dropping. Most of the $10+ run up in price was speculation, fueled by the OPEC countries threatening to cut production.

Notice how the media reported on every dime of increase in oil prices, and not a peep about a $5+ drop.

So are gas prices down in your area? Kerry will be happy, don't you think?

[CasearianDaoist]

There is a slight downward trend in the metro NY area (we are always higher than most of the nation.

One wonders how people like Soros faired in that bubble. There is way to much international pressure for the Oil producing countries to gouge, and not just from the West.

It is just how saner heads predicted it would be a month ago.

On to the next manufactured crisis.

[Guillermo]

Gas prices are down about a dime in the last week. I pay about $1.8599

[snooker]

" On to the next manufactured crisis."

Boy ain't that the truth. Like lurching down a bumpy road :-)

[PGalt]

We peaked locally at $2.14 at the Mobil station I go to. Yesterday it was $2.05.

[Semper Paratus]

2.00 a gallon is a psychological danger threshold for any administration. Having it continue drop, however slowly, over the next several months will be important for W's re-election prospects.

[PGalt]

On to the next manufactured crisis.

So true! The Fog of Propaganda

[Eric in the Ozarks]

$2 gas had the intended effect. People drove fewer miles and inventories improved. Nothing magic about that.

[AD from SpringBay]

We've had a pretty good news cycle for the past couple of weeks (except, of course, for the passing of President Reagan) - have also noticed no "poll numbers" for a little while.

Good economy, Iraq a little more settled each week, and now some dropping crude prices. Hopefully, this will build to mean that Kerry is the albatros and that the good ship DNC will drift to silence in the coming days.

[mattdono]

Yesterday, I paid $1.77⁹⁹ in Georgetown, Georgia (just inside the border on beautiful Lake Eufaula, which is on the Georgia and Alabama border).

Got back to home to Gainesville, Florida and prices were still at about $2.00.

I have really been hearing a lot about dropping oil prices on mainstream televi... oh, sorry, I was having a delusion of grandeur. [wink]

[Piquaboy]

This is bad news for the Rats.

[Poohbah]

TDIDS & WGIDS

[martin_fierro]

FINDING DEAL$ ON GA$OLINE:

(A work in progress. Please FReepmail other suggestions)

12 Month National Average for Regular Unleaded by AAA.com

Nationwide: fuelmeup.com (seems to work well with web-enabled cellphones) gas123.com gasbuddy.com gasprice.com (amateur-looking) gaspricewatch.com Local: AAA Daily Fuel Gauge Report (local average prices) Indiana and elsewhere (Speedway): www.speedway.com Michigan: www.mda.state.mi.us/industry/lab/gas/ San Diego, CA area: UCAN Fueltracker.com Worldwide: Canada: www.gastips.com www.gaswars.com (very incomplete data)

[Blood of Tyrants]

The only thing that agravates me is that prices NEVER go down as quickly as they went up.

[PGalt]

Thanks

[Eric in the Ozarks]

You've gotta undertstand; there's some fine Christmas bonuses involved here.

[Alberta's Child]

The underlying factors in the recent run-up in oil prices are still in place, though. The U.S. dollar is still weak against most foreign currencies (particularly the Euro), which makes imported commodities like oil more expensive to U.S. consumers.

[snooker]

What effect do you think the GDP running along at 5% over the last 12 months will have on the dollar? My guess is it's going to get a lot stronger.

The economy should be rolling along at full steam, just in time for the election ... :-)

[Alberta's Child]

What effect do you think the GDP running along at 5% over the last 12 months will have on the dollar?

That's a good question. I think the strength of the U.S. dollar is based more on things like sound fiscal policy and stable interest rates. The primary factor in the decline of the U.S. dollar has been an idiotic U.S. fiscal policy that is reminiscent of the Vietnam War era.

[Petronski]

WGIDS

Oh, LOL, how I do love that one. ;O)