Oil slides toward multiyear lows

Yahoo / AP ^ | 02/12/2009 | EagleUSA

[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.

[Syncro]

Obama rescinded Bush's opening up for more drilling.

He does not want to produce oil or gas. Or use coal.

Oil goes down, gas goes up.

Present Obama’s plan to destroy America's self sufficiency.

B. Hussein "Karl Marx" Obama.

His plan is working.

He is successful as Huckabee, McCain and others wanted him to be.

[rodguy911]

I agree.I was really reassured to her Rush finally describe what they are doing as a major attack on Free Market Capitalism. If we can just get enough of the slobbering masses to understand....maybe we can get somewhere.