Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Oil slides toward multiyear lows
Yahoo / AP ^ | 02/12/2009 | EagleUSA

Posted on 02/12/2009 8:59:45 AM PST by EagleUSA

COLUMBUS, Ohio – Oil prices slid closer to a new multiyear low Thursday because of growing doubts that the $789 billion stimulus package will reinvigorate the economy and demand for energy.

Retail gas prices, meanwhile, reached a new high for 2009 on Thursday and appeared headed back to $2 a gallon as refiners cut back on production.

Light, sweet crude for March delivery fell $1.04 to $34.90 a barrel on the New York Mercantile Exchange. The contract fell $1.61 overnight to settle at $35.94 after a government report on Wednesday showed that crude inventories jumped much more than expected.

There were also more signs of economic weakness.

The number of people requesting first-time unemployment benefits dropped slightly last week, but remained near a 26-year high as companies lay off thousands of workers amid a deepening recession. The Commerce Department said the number of initial jobless benefit claims dropped to a seasonally adjusted 623,000, from an upwardly revised figure of 631,000 the previous week.

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


TOPICS: Business/Economy; Crime/Corruption; Government; Politics/Elections
KEYWORDS: economy; energy; fear; gasprices; obama; oil; oilprices; porkulus; stimulusscam
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-82 next last
To: Vigilanteman

the pathetic president


61 posted on 02/12/2009 9:47:43 AM PST by The Wizard (DemonRATS: enemies of America)
[ Post Reply | Private Reply | To 15 | View Replies]

To: smallbiz

Sounds to me like your state is kicking in a tax from a previous legislative year. Many states do this, increase gas taxes to come into effect 1 or 2 years after the tax was voted in.

My own state did this this year also, came into effect Jan, 1. Raised the price by 15 cents, regardless of the market.


62 posted on 02/12/2009 9:49:10 AM PST by PSYCHO-FREEP (WHAT? Where did my tag line go? (ACORN))
[ Post Reply | Private Reply | To 56 | View Replies]

To: PSYCHO-FREEP

I live in Calif., so I’m sure we got a new tax.


63 posted on 02/12/2009 9:53:06 AM PST by smallbiz (Democrat Party = Alexander Tyler Party)
[ Post Reply | Private Reply | To 62 | View Replies]

To: rahbert

“...howcome gas is still 2.18/gal here in Seattle???...”

Because of price gouging. No one can convince me otherwise this time around.


64 posted on 02/12/2009 9:59:26 AM PST by NCC-1701 (DRILL NOW. DRILL OFTEN. DRILL 24/7/365. PAY LESS. SUCK THE GROUND DRY.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: excalibur1701
We didn't until the price rise last summer was followed by people doing one or more of three things...

1. Bought a smaller, gas efficient car (me, a Mini Cooper)
2. Started combining trips and reduced travel
3. Lost their job and/or got in financial trouble

Demand is down 30% to 40% from a year ago...

65 posted on 02/12/2009 10:01:56 AM PST by El Laton Caliente (NRA Life Member & www.Gunsnet.net Moderator)
[ Post Reply | Private Reply | To 10 | View Replies]

To: Richard Kimball

Gotcha, looks like we may be near a market bottom.


66 posted on 02/12/2009 10:02:57 AM PST by rodguy911 (HOME OF THE FREE BECAUSE OF THE BRAVE--GO SARAHCUDA !!)
[ Post Reply | Private Reply | To 57 | View Replies]

To: PSYCHO-FREEP

$1.00 per gallon is huge, I don’t think they could ever get away with that, if they do 2010 will look very good for us IMHO.


67 posted on 02/12/2009 10:04:27 AM PST by rodguy911 (HOME OF THE FREE BECAUSE OF THE BRAVE--GO SARAHCUDA !!)
[ Post Reply | Private Reply | To 59 | View Replies]

To: PSYCHO-FREEP

I know our county is looking at bumping up gas taxes,no end to it.


68 posted on 02/12/2009 10:05:28 AM PST by rodguy911 (HOME OF THE FREE BECAUSE OF THE BRAVE--GO SARAHCUDA !!)
[ Post Reply | Private Reply | To 62 | View Replies]

To: rahbert

Yeah. I’ve been watching crude prices and as they continue to drop, gas prices are actually increasing.


69 posted on 02/12/2009 10:05:53 AM PST by RobRoy (Islam is a greater threat to the world today than Nazism was in the 1930's.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: El Laton Caliente

DAm,30-40% is huge.


70 posted on 02/12/2009 10:06:06 AM PST by rodguy911 (HOME OF THE FREE BECAUSE OF THE BRAVE--GO SARAHCUDA !!)
[ Post Reply | Private Reply | To 65 | View Replies]

To: RobRoy
Yeah. I’ve been watching crude prices and as they continue to drop, gas prices are actually increasing.

That's because there are some other steps involved between crude oil and gasoline. Expecting the two to always follow one another is like expecting the price of cars to follow the price of steel.

Here's an article that explains a bit of what's going on.

71 posted on 02/12/2009 10:10:30 AM PST by TChris (So many useful idiots...)
[ Post Reply | Private Reply | To 69 | View Replies]

To: RobRoy
Yeah. I've been watching crude prices and as they continue to drop, gas prices are actually increasing

Instead of whining about it, you could just stop driving. There's a serious amount of gimme in this thread.

72 posted on 02/12/2009 10:13:48 AM PST by palmer (Some third party malcontents don't like Palin because she is a true conservative)
[ Post Reply | Private Reply | To 69 | View Replies]

To: PSYCHO-FREEP

When governments see a drop in price, they often jump in with a tax. The argument is that it stabilizes the market, but in actuality, it just increases taxes. They do it when the price drops because consumers don’t tend to notice the tax increase when the relative cost out of pocket remains the same.


73 posted on 02/12/2009 10:16:08 AM PST by Richard Kimball (We're all criminals. They just haven't figured out what some of us have done yet.)
[ Post Reply | Private Reply | To 62 | View Replies]

To: TChris

I had a feeling it was something like that. During the runup in price I drastically reduced all unnecessary driving, combining trips, etc. I got used to it. Meanwhile, it will soon be bike commute time for me so my monthly gas bill should drop to almost nothing.


74 posted on 02/12/2009 10:17:25 AM PST by RobRoy (Islam is a greater threat to the world today than Nazism was in the 1930's.)
[ Post Reply | Private Reply | To 71 | View Replies]

To: palmer

>>Instead of whining about it, you could just stop driving. There’s a serious amount of gimme in this thread.<<

Heh, heh. See my post 74. :)


75 posted on 02/12/2009 10:19:08 AM PST by RobRoy (Islam is a greater threat to the world today than Nazism was in the 1930's.)
[ Post Reply | Private Reply | To 72 | View Replies]

To: RobRoy
I had a feeling it was something like that. During the runup in price I drastically reduced all unnecessary driving, combining trips, etc. I got used to it. Meanwhile, it will soon be bike commute time for me so my monthly gas bill should drop to almost nothing.

Yes.

The almost-5-dollar-a-gallon prices in the recent past did a marvelous job of focusing consumers' attention on conserving gasoline. If nothing else, it was a valuabale educational experience.

76 posted on 02/12/2009 10:19:15 AM PST by TChris (So many useful idiots...)
[ Post Reply | Private Reply | To 74 | View Replies]

To: DaiHuy

$1.95 north of there.


77 posted on 02/12/2009 10:27:19 AM PST by mysterio
[ Post Reply | Private Reply | To 58 | View Replies]

To: mgc1122
"How’s that supertanker stock and float strategy for speculators working? LOL ..."

Still waiting for Bebe to hit Iran.

78 posted on 02/12/2009 11:01:24 AM PST by blam
[ Post Reply | Private Reply | To 5 | View Replies]

To: rahbert

gas has gone UP the last 3 weeks......it has no explanation.


79 posted on 02/12/2009 10:36:35 PM PST by cherry
[ Post Reply | Private Reply | To 2 | View Replies]

To: rodguy911

Refiners are restricting gasoline production. I paid $2.44 at Shell in Palmdale on Wed.


80 posted on 02/12/2009 10:44:47 PM PST by Always Independent
[ Post Reply | Private Reply | To 7 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-82 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson