Posted on 08/03/2015 12:31:07 PM PDT by Red Badger
NEW YORK (Reuters) - Oil sank to six-month lows on Monday with Brent crude falling below $50 a barrel on sluggish U.S. and Chinese economic data and bets for weaker gasoline consumption in the United States after tearaway demand earlier in the summer.
Evidence of growing global oversupply and a stock market collapse in China, the world's largest energy consumer, have weighed on oil for weeks, leading in July to U.S. crude futures' largest monthly decline since the 2008 financial crisis.
On Monday, the rout deepened as U.S. gasoline fell its most in a day in 10 months.
Supply worries aside, traders pinned the latest losses on sluggish U.S. and Chinese data.
(Excerpt) Read more at ca.news.yahoo.com ...
I just paid $3.70 gal to fill up.
93 octane?
"Consumers who actually pump the gas into their gas tank are still taking it in the shorts with the price of a gallon of gas"
CONOCOPHILLIPS, however was moved to BUY and given an A rating
It is pretty bad when California makes New York State look good.
$4.00 is typical here.
I have a Jaguar. Runs nothing but premium. :(
$2.40/9 in mid-Missouri.
Have no fear - an extended oil glut won’t result in excessively low gasoline and fuel oil prices for long.
US / UN world gov’t / Agenda 21 likely to take the opportunity to implement planned carbon taxes in order to save us from climate threatening over consumption.
Perfect time to harmonize USA petrol prices with EU country prices, thereby leveling the economic playing field to better facilitate one world currency EU = $.
http://www.eia.gov/beta/international/prices/gasolinewithtax.cfm
On August 1st by 7 cents here in Washington State but that was because the gubmint wanted more money...
I believe that it simply looks for sudden drops or increases (over a few cents) in a region. Not every company or station changes at the same time. There's often a 1-3 day lag for many to change, so when a sudden significant change happens, you can reap the benefits at a lagging or leading station. That's my guess, anyway.
(I often look on the gasbuddy.com map, and slide over to OKC, usually among the lowest in the US. There are stations there right now at 2.03... and others over 2.40)
Yes but you get the smug value of having state Cap & Trade to save the rest of us from globull warming!
Where is the FR ‘Peak Oil’ contingent these days?
For those who look at the numbers seriously, one of the most remarkable things over the last few months has been the closing up in the spread between WTI and Brent.
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