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Market Report: Stock Ticker (Oil prices are plunging 3.1% to $51.30/bbl)
Moneycentral.msn.com ^

Posted on 01/16/2007 8:57:21 AM PST by frogjerk

Oil prices are plunging 3.1% to $51.30/bbl after Saudi oil minister denounces need for emergency OPEC meeting --snip-- 11:30 ET Dow -2.77 at 12553.31, Nasdaq -3.22 at 2499.60, S&P -0.39 at 1430.34: [BRIEFING.COM] The market has improved its stance since the last update but continue to sport modest losses even though the bulk of sector leadership is now positive. Unfortunately for the bulls, today's two best performing sectors -- Utilities and Materials -- also carry the smallest weightings on the 10 S&P 500. Of the five other sectors trading higher, none are up more than 0.3% with influential areas like Financials and Consumer Staples up less than 0.1%. Nasdaq -3.22 at 2499.60... NYSE Adv/Dec 1648/1435... Nasdaq Adv/Dec 1456/1421.

(Excerpt) Read more at news.moneycentral.msn.com ...


TOPICS: News/Current Events
KEYWORDS: economy; energy; energyprices; oil
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I guess an election is coming up because the price of oil is plummeting.

DIMS: "Since oil is low nobody will care if we tack on a $9 a barrel 'conservation fee'"

1 posted on 01/16/2007 8:57:23 AM PST by frogjerk
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To: frogjerk

Tack it on and it never goes away at higher prices, the money is spent, and we just pay more.


2 posted on 01/16/2007 8:59:55 AM PST by bmwcyle (If noone buys illegal drugs, we win the war on drugs)
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To: frogjerk

The plunge continues. It is across all the future contracts, not just the nearest. Bulk gasoline is also somewhat lower, but it won't affect the price at the pump more than a couple cents.


3 posted on 01/16/2007 9:00:10 AM PST by RightWhale
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To: frogjerk

keep sliding please ... gas in my neighborhood now at $1.98


4 posted on 01/16/2007 9:02:15 AM PST by mfnorman
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To: frogjerk

Dropping oil prices squeeze the cajones of Hugo and IMANUTJOB.


5 posted on 01/16/2007 9:02:36 AM PST by avacado
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To: mfnorman

I drove from Phoenix to Ventura/Oxnard ca for the weekend
on business and saw 2.50 plus a gallon only.......hmmmmmmmmmmm


6 posted on 01/16/2007 9:04:02 AM PST by advertising guy (If computer skills named us, I'd be back-space delete.)
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To: mfnorman

Filled up yesterday at Chevron with 89 octane (unleaded) it was $2.73 a gallon in Orange County, California.


7 posted on 01/16/2007 9:04:34 AM PST by edcoil (Reality doesn't say much - doesn't need too)
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To: edcoil

Saudi Oil Minister Ali al-Naimi said in New Delhi.

"Do not panic. Actually there is no reason for a meeting."


8 posted on 01/16/2007 9:07:20 AM PST by RightWhale
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To: avacado

I think Hugo is shitting his pants. With all his mismanagement of production, new nationalization initiatives that'll eliminate all the rest of the expertise in the country his production will go down to crap, and with oil headed to $45 what's he going to do when there's no more money to hand out to the poor ? Hmmmh... more repression...


9 posted on 01/16/2007 9:08:17 AM PST by farlander (Strategery - sure beats liberalism!)
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To: edcoil

broke the 2.00 barrier in Hammond, IN (1.98)


10 posted on 01/16/2007 9:09:17 AM PST by slapshot (""USAF- when you absolutely, positively need it delivered on target, on time, right away)
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To: RightWhale

Yep. Because Saudi's are fine with all their production. Hugo wants the emergency meeting because when his revenues drop so will his handouts, and his power base.


11 posted on 01/16/2007 9:09:32 AM PST by farlander (Strategery - sure beats liberalism!)
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To: edcoil

The lowest I've seen in the Memphis area is $2.03 at a Shell station near my house.


12 posted on 01/16/2007 9:09:37 AM PST by NCC-1701 (To boldly go where no FReeper has gone before. Live long and prosper.)
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To: RightWhale
but it won't affect the price at the pump more than a couple cents.

I paid $2.10 yesterday. Lowest in a long time.

13 posted on 01/16/2007 9:12:17 AM PST by thackney (life is fragile, handle with prayer)
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To: farlander

Bingo.


14 posted on 01/16/2007 9:12:51 AM PST by Eric in the Ozarks (BTUs are my Beat.)
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To: mfnorman
$1.859 south of Dayton, Ohio.
15 posted on 01/16/2007 9:13:00 AM PST by KarlInOhio (Somoans: The (low) wage slaves in the Pelosi-Starkist complex.)
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To: frogjerk

It's Bush's fault. No really, it's Bush's fault.


16 posted on 01/16/2007 9:14:55 AM PST by FormerACLUmember
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To: advertising guy

I wonder if it has anything to do with all the electric cars on display at Detroit last week?


17 posted on 01/16/2007 9:15:01 AM PST by Defiant (Obama as President would make us an Obama Nation.)
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To: thackney

I already bought gasoline this month. My station sends me a card to remind me to fill up when they haven't seen me for two months.


18 posted on 01/16/2007 9:15:52 AM PST by RightWhale
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To: frogjerk
As I was saying six months ago, the oil industry was, is, and will always be cyclical.

Funny how nobody complains when the price is low.

19 posted on 01/16/2007 9:16:30 AM PST by E. Pluribus Unum (Islam is a religion of peace, and Muslims reserve the right to kill anyone who says otherwise.)
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To: farlander

Yep, you're right. Consider that Hugo probably had projected revenues based on increased prices for oil and now that is gone and prices have decreased. His revenue has probably dropped 40%. That has got to hurt!


20 posted on 01/16/2007 9:17:24 AM PST by avacado
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