Posted on 02/12/2009 1:00:45 PM PST by NormsRevenge
COLUMBUS, Ohio – Oil prices slid to a new low for the year Thursday because of growing doubts that the $789 billion stimulus package will reinvigorate the economy and demand for energy.
Crude supplies in the U.S. reached an 82-week high last week, according to the Department of Energy, showing just how far demand has fallen.
...
Light, sweet crude for March delivery tumbled $1.96, more than 5 percent, to settle at $33.98 a barrel on the New York Mercantile Exchange.
(Excerpt) Read more at news.yahoo.com ...
This is a problem. I know Bill O’Really and Hurlalldo like to bash oil companies, but low-priced oil is just as damaging to the country as too-high oil.
$70 is really the “sweet” spot for the economy.
Good. It is where it should be now.
OPEC meeting on March 15 in Vienna to discuss more production cuts, since they produce 40% of the world’s oil, I’m pretty sure we can expect the price to rise after the mid- year mark.
This will be interesting. The Middle East countries will be grovelling to O-jerko to get US business again. At the same time the greenies will be pushing him to institute gore-bull.
It’s going to be a mess.
why do you say that? gas prices are still rising daily.....
Two thoughts:
1. Bad in long term; no incentive to solve problem of dependence on foreign oil.
2. The post-porkulus market reaction is proof that you can fool people but you can’t fool money.
An increase in oil prices would be good news for everyone.
Gotta love those fallin' oil prices !
/snort
Obama is headed towards energy rationing, everyone knows it.
Constrain supply.
In Chicago it's over @2.00, up 20 cents in a day.
I was talking about oil prices.
Another cycle...
It can not be produced at this low a price. So the supply will fall off soon. Meanwhile, we go through another layoff cycle.
Crude falls, gasoline goes up. Why?
“An increase in oil prices would be good news for everyone.”
Your logic?
But gas is going UP in California because of refinery capacity limitations. But, no, we can’t build any more because of the environmental a-holes.
Except people who have to buy oil. I don't understand why everyone thinks they know better then the market what oil should be selling at. You would think we were at DU listening to communists show their ignorance of market economics to read some of these posts.
“It can not be produced at this low a price. So the supply will fall off soon. Meanwhile, we go through another layoff cycle.”
It does not cost $30 a barrel to produce oil? Show us what it really costs to produce a barrel of oil. Break it down please
1. Middle East
2. West Texas
3. Alaska
4. Off shore (North Sea, etc)
5. Tar sands
6. Shale oil
and tell us why each is whatever it it.
Filled up Tuesday, Feb 10th, @ $2.41 PG
Today, Feb. 12th, it is $2.49 PG
Luck to us...
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