Oil Prices Dip Below $60 a Barrel

MSN Money ^ | October 21, 2005 | Associated Press

[Semper Paratus]

VIENNA, Austria (AP) - Crude-oil futures traded below $60 a barrel Friday, as supply concerns eased on signs of adequate fuel stocks in the United States, the world's largest consumer.

Prices for related products -- gasoline, heating oil and natural gas -- also fell, further indicating that worries about short-term shortfalls were easing.

Related newsDow Closes Down 133 on Economic Concerns High Prices Bolster Energy Cos. Profits Market Report -- In Play (DVN, VLO, XTO, BP, SLB, SU, SUN, PPP, KWK, XOM, APC, TLM, RIG, OXY, MRO, GRP) N.Y. Crude Oil Prices Fall to 3-Month Low Key Economic Indicator Declines Sharply Light, sweet crude for December delivery fell 45 cents to $59.57 a barrel by afternoon in Europe in electronic trading on the New York Mercantile Exchange.

The November contract settled $1.38 lower Thursday to expire at $61.03 a barrel -- the lowest closing price for a front-month contract since Aug. 3.

December Brent crude futures on London's International Petroleum Exchange fell 61 cents to $57.30 a barrel.

[Sam Gamgee]

LOL. I haven't had one of those for probably 5 years or so. But aside from the cup, I am sure they are all profit.

[Stonewall Jackson]

I filled up for $2.48 the other day and was happy until I remembered that last year I was paying $1.48.

[R. Scott]

Gasoline prices here are down toward the $2.40 a gallon range.

[speed_addiction]

I have read that here, and it might be true in some cases, but it isn't true in all cases. In some cases the supplier retains ownership of the gas, and the station owner has it on consignment.

I own a Phillips 66 gas station and all fuel is paid for on delivery. The fuel is mine once it leaves the truck and is sitting in my tanks.

For the last week or so, gasoline has been going down but diesel prices in my area have been rising. Currently my prices at my pumps are 2.70 9/10 for unleaded and 3.50 9/10 for diesel.


What We Are About To Do Here Is What The Good Lord Would Call A Cleansing of the Wicked. I Call It A Good Old Fashioned Texas Ass Kicking.

[Sam Gamgee]

Believe or not, here in Canada, I just learned that a large number of us are not aware that half the price of gas goes to federal and provincial taxes. This has been the reality of gas prices for as long as I can remember. The flippin gas pumps have signs on them that show the breakdown of a litre of gas towards gas taxes. It floors me that anyone can be so ignorant as to not be aware of this.

[ex-snook]

Oil down means market up or is it oil up, market down. What is Wall Street selling us on today?

[MeanWestTexan]

"I own a Phillips 66 gas station"

Ah. I feel for you, as only a kindred spirit can feel.

Dumping my 7-11's (which were quite profitable) was such a joyous day (sold them to an Israeli Co, actually), merely because I was so happy to be rid of those who worked there, only followed by joy of being rid of those who shopped there.

[PAR35]

Thanks for the info.

2.70 ?

A little more than my neighborhood stations. ($2.49 at Phillips & QuickTrip, $2.59 at Diamond Shamrock.)

[PAR35]

Putin. Is he a typical Russian tyrant seeking to nationalize the entire industry and boot out foreigners? Or is he deep thinking Christian believer who is trying to clean up corruption in his country?

Probably neither. More like a pragmatic nationalist who doesn't want someone he doesn't control to get too much power.

[jonathanmo]

Gas down to $2.22 here in MO !

[Sam Gamgee]

Wall Street sells whatever puts more commission in their pockets.

[Sam Gamgee]

Wow, could it really be that simple? (I'm not being sarcastic BTW, you could very well be right)

[billhilly]

It has certinly become that. When I came here President Nixon was in office, and he was one of the best, compared to today's crop of politicians. In fact, I thought he was one of the best, period. I even worked for him.