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 ...
Gas prices for Regular are $3.49 around me.
Must be all those people keepin their tires inflated properly.
$3.66 here locally in Indiana.
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.
I have to because there are way too many politicians out there running over-inflated and really wearing on me.
I paid 3.39 yesterday in the Chattanooga area.
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.
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!
Around you is a good 50 cents less than around me. Unless prices have dropped much in the past few days.
Actually, it's me. Don't tell anyone.

Contact your Congress critters to let them know that you are tired of high gas prices.
**Holy jumpin’ reserves...**
And to think that Obamanation thought this was an emergency! (And wanted to tap into the reserves!) LOL!
Less than $3.50 across the river in Henderson, KY.
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.
$3.39 regular in MO.
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.
Could be the same here in New York but I haven't paid attention for a few days.
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