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Oil prices slide as US crude inventories jump
AFP ^ | Aug 20, 2008 | Unknown

Posted on 08/20/2008 10:56:56 AM PDT by decimon

LONDON (AFP) - Oil prices fell on Wednesday after a sharp spike the previous day as the market reacted to a much larger-than-expected increase in US crude reserves, traders said.

New York's main contract, light sweet crude for September delivery, dropped 1.22 dollars to 113.31 dollars a barrel.

London's Brent North Sea crude for October shed 95 cents to 112.30 dollars.

The US government's Department of Energy said Wednesday that US crude oil stockpiles climbed 9.4 million barrels in the week ending August 15 -- analysts had forecast a much smaller gain of 800,000 barrels.

The DoE said US gasoline or petrol reserves fell 6.2 million barrels last week, compared with market expectations for a drop of 2.4 million barrels.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; Foreign Affairs; News/Current Events
KEYWORDS: energyprices; oilprices
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Holy jumpin' reserves...
1 posted on 08/20/2008 10:56:56 AM PDT by decimon
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To: decimon

Gas prices for Regular are $3.49 around me.


2 posted on 08/20/2008 10:58:26 AM PDT by Slapshot68
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To: decimon

Must be all those people keepin their tires inflated properly.


3 posted on 08/20/2008 10:58:29 AM PDT by unixfox (The 13th Amendment Abolished Slavery, The 16th Amendment Reinstated It !)
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To: Slapshot68

$3.66 here locally in Indiana.


4 posted on 08/20/2008 11:03:11 AM PDT by Abathar (Proudly posting without reading the article carefully since 2004)
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To: decimon
Not possible... the liberal nutcases around here will tell you supply and demand can't affect price in the oil market.

It's that secret dark society you know... those evil investors, er um, speculators that are at fault. /sarcasm
5 posted on 08/20/2008 11:03:25 AM PDT by TexasGunLover ("Either you're with us or you're with the terrorists."-- President George W. Bush)
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To: Slapshot68
Gas prices for Regular are $3.49 around me.>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Yeah. I checked the gas situation and it is not the same as oil. Gas reserves are depleted and the price isn't going down much more for a couple of months.

I wish it was the same as oil.

6 posted on 08/20/2008 11:08:11 AM PDT by Candor7 (Fascism? All it takes is for good men to say nothing, (Ridicule Obama))
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To: unixfox
My tires are kept properly inflated.

I have to because there are way too many politicians out there running over-inflated and really wearing on me.

7 posted on 08/20/2008 11:10:19 AM PDT by RSmithOpt (Liberalism: Highway to Hell)
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To: Slapshot68

I paid 3.39 yesterday in the Chattanooga area.


8 posted on 08/20/2008 11:11:58 AM PDT by Betty Jane
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To: TexasGunLover
Not possible... the liberal nutcases around here will tell you supply and demand can't affect price in the oil market.

Actually they recognize demand, but not supply. That's why all of their "solutions" only focus on the demand side (inflate your tires, use wind, drive a hybrid, walk, don't take showers, etc.) and never consider the impact of increasing supply.

9 posted on 08/20/2008 11:12:26 AM PDT by VRWCmember
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To: decimon

I witnesses a girl of color sitting on the hood of her car. She was very sad because she had locked herself out of the car and was waiting for someone to show up and unlock it for her. I noticed that said car only had about 10 pounds of air in one of the tires. What would have really gotten her in trouble with her saviour Obama....the car was still running!


10 posted on 08/20/2008 11:13:34 AM PDT by DungeonMaster (Please tell him that I do not care to drink with him nor any other Russian son of a bitch.)
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To: Slapshot68
Gas prices for Regular are $3.49 around me.

Around you is a good 50 cents less than around me. Unless prices have dropped much in the past few days.

11 posted on 08/20/2008 11:14:16 AM PDT by decimon
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To: decimon
Kill the Speculators!
12 posted on 08/20/2008 11:15:41 AM PDT by Obadiah (I remember when the climate never changed, then Bush stole the election.)
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To: TexasGunLover
It's that secret dark society you know... those evil investors, er um, speculators that are at fault. /sarcasm

Actually, it's me. Don't tell anyone.

13 posted on 08/20/2008 11:15:57 AM PDT by decimon
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To: decimon
bumper-sticker
 
 

Contact your Congress critters to let them know that you are tired of high gas prices.

U. S. Senate

U. S. House of Representatives

14 posted on 08/20/2008 11:17:19 AM PDT by Salvation (†With God all things are possible.†)
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To: decimon

**Holy jumpin’ reserves...**

And to think that Obamanation thought this was an emergency! (And wanted to tap into the reserves!) LOL!


15 posted on 08/20/2008 11:18:19 AM PDT by Salvation (†With God all things are possible.†)
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To: Abathar

Less than $3.50 across the river in Henderson, KY.


16 posted on 08/20/2008 11:22:34 AM PDT by CholeraJoe (Exotic hunting trip $4000; New shotgun $1800; Bagging endangered species - PRICELESS!)
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To: decimon

This morning on my way to work in Sunnyvale, CA. the price was $4.05 at an Arco station on Lawrence Expwy. On my way back from a doctor’s appt. at 10:30, the price was $3.99 at the same station.

Democrats are greatly saddened.


17 posted on 08/20/2008 11:25:51 AM PDT by TMD (Keep Planned Parenthood out of our schools!)
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To: Slapshot68

$3.39 regular in MO.


18 posted on 08/20/2008 11:25:55 AM PDT by Verloona Ti
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To: Salvation

There’s an AP story about oil companies bidding for drilling rights in the western Gulf of Mexico in anticipation of yet more areas opening to drilling. I’m sure that will be posted when the other news services pick up the story.


19 posted on 08/20/2008 11:26:07 AM PDT by decimon
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To: TMD
This morning on my way to work in Sunnyvale, CA. the price was $4.05 at an Arco station on Lawrence Expwy. On my way back from a doctor’s appt. at 10:30, the price was $3.99 at the same station.

Could be the same here in New York but I haven't paid attention for a few days.

20 posted on 08/20/2008 11:28:27 AM PDT by decimon
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