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Old 01-10-2009, 02:04 PM   #1
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I think people need to go on drive strike !!!!!!!!!!!!!!!!!!!!!!!

for 1 1/2 months around here the gas prices were $1.35 now these dick heads have started squeezing us again they have nailed us for $1.69 for about a week there is no doubt it is price fixing !!!!!!!!!


Crude falls below $40 for first time in 2009
By MARK WILLIAMS 23 hours ago

COLUMBUS, Ohio (AP) Oil prices dipped below $40 per barrel Friday for the first time this year as the government reported the nation's worst annual job losses since World War II.

People are traveling less, manufacturers are slashing production and there are job cuts across almost every sector of the economy, leading to a severe drop-off in energy use.

What was a bright spot, rapidly falling gasoline prices, has reversed course.

The average national retail price for a gasoline rose again overnight, the 10th day in a row it has done so, even as crude prices fall. Gasoline bottomed out at $1.61 a gallon on Dec. 30 before rebounding with crude, but have yet to catch up in volatile energy market.

The Labor Department said employers slashed 524,000 jobs in December and 2.6 million jobs for all of 2008. It was the worst annual loss since 2.8 million jobs were loss in 1945, although the number of jobs has more than tripled since then. The nation's unemployment rate jumped to 7.2 percent, the highest since 1993.

Light, sweet crude for February delivery fell 87 cents to settle at $40.83 on the New York Mercantile Exchange after dipping as low as $39.38.

Crude has closed lower for four straight days, with dire economic news overshadowing armed conflict in the oil-rich Middle East, a dispute that has shut off or disrupted natural gas supplies to more than a dozen European nations, and diminished crude exports from the Organization of Petroleum Exporting Countries, which accounts for about 40 percent of global supply.

Oil prices have fallen 17 percent since opening for trade Monday at $49.28.

The unemployment report bolsters how the worst recession in decades has taken hold of the U.S. economy. At the same time, crude oil continues to flood the market with traders storing oil at sea in hopes that it can be sold later should prices rise.

Oil analyst Stephen Schork notes in his daily report how weak the economy has become, especially in the auto and steel industries.

The Detroit Three automakers have announced extended holiday shutdowns. Chrysler has said it is closing all 30 of its North American manufacturing plants for four weeks because of slumping sales; Ford will shut 10 North American assembly plants for an extra week in January, and General Motors will temporarily close 20 factories many for the entire month of January to cut vehicle production.

Meanwhile, U.S. Steel is idling plants in Granite City, Ill., Keewatin, Minn., and its Great Lakes Works near Detroit.

"These two anecdotes from the auto and steel industries tell us all we need to know about how dicey the current economic situation is," he wrote.

On Friday, KB Home, one of the nation's largest homebuilders, reported sales fell 56 percent to $919 million in the fourth quarter compared with last year. Homes delivered were less than half the 8,132 delivered a year earlier as foreclosures mounted and credit dried up.

Many traders figured oil had reached a bottomed after price took off toward $50, Schork said.

"I think this week has been a dose of reality for them," he said.

Friday's decline capped another bad week for oil prices, though crude at one point rose above $50 a barrel from a five-year low of $33.87 on Dec. 19.

First, it was the National Association of Realtors reporting that pending home sales fell to the lowest level on record in November. Then the government reported that orders to factories fell for a record fourth straight month in November.

On Wednesday, prices fell 12 percent after the Energy Information Administration said that crude oil inventories rose 6.7 million barrels, well above the 1.5 million-barrel build expected by analysts, followed by Friday's unemployment news.

Rising U.S. inventories show just how badly demand for energy has eroded.

But Peter Beutel of Cameron Hanover said in his Friday report that despite the bearish news, he is looking for prices to stabilize, helped by the government's stimulus packages, interest rate cuts, low mortgage rates and OPEC production cuts.

Deutsche Bank lowered its forecast for oil prices to $45 from $55 for the first quarter. Analyst Adam Sieminski said he expects a sharp recovery in prices, perhaps in the second half of 2010.

"We expect global oil demand growth to be significantly worse in 2009 than consensus forecasts. In an environment of rising OPEC spare capacity and excess global refining capability, we believe oil prices will not hit rock bottom until the end of this year as OPEC production cuts work their way through the system and global growth starts to recover," Deutsche Bank said in a note to investors.

Heating oil prices also continued to move lower even with the forecast of a major winter storm from the Midwest into New England that could dump up to 8 inches of snow by Saturday night.

Despite the decline in crude, prices at the pump continued to inch up, climbing 2 cents overnight to $1.782 a gallon, according to auto club AAA, Oil Price Information Service and Wright Express. Prices now a dime higher than a month ago, but still $1.318 below prices a year ago.

Jim Ritterbusch, president of Ritterbusch and Associates, said gasoline prices have followed crude higher, but he looks for those prices to come down now that oil is moving lower.

In other Nymex trading, gasoline futures rose 2.3 cents to settle at $1.1112 a gallon. Heating oil fell 3.2 cents to settle at $1.4877 a gallon while natural gas for February delivery lost 6.7 cents to settle at $5.516 per 1,000 cubic feet.

In London, February Brent crude fell 25 cents to settle at $44.42 a barrel on the ICE Futures exchange.

Associated Press writers Jeannine Aversa in Washington, George Jahn in Vienna, Austria, and Alex Kennedy in Singapore contributed to this report.
Hosted by Copyright 2009 The Associated Press. All rights reserved.
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Old 01-10-2009, 02:08 PM   #2
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Gas prices are rising here too...some getting back up into the $1.90's. How can this be happening when the price per barrel is dropping?

Something fishy is going on I think.
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Old 01-10-2009, 02:11 PM   #3
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Gas prices are rising here too...some getting back up into the $1.90's. How can this be happening when the price per barrel is dropping?

Something fishy is going on I think.

Price fixing for sure !!!!!!!!!!!
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Old 01-10-2009, 02:13 PM   #4
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I wonder if Obama has anything to do with it
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Old 01-10-2009, 02:19 PM   #5
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I noticed the very cheapest gas station around here $.33 higher than all the other stations and thought oh crap here we go again !!!!!!!!!!! the station I am talking is a power player and they are always .03 cheapest so I knew they would be making all the ducks line up in a row because they have all the power . well it took them a week but the other stations raised there prices around .06 a day as to not look so bad but it was still SO easy to see .
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Old 01-10-2009, 02:23 PM   #6
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We all have been getting screwed for some time with price fixing I am tired of it .

I think the Arabs wanted the republicans out of office was the first fix .

This one who knows?
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Old 01-10-2009, 03:06 PM   #7
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Do you even read what you post?

Quote:
Friday's decline capped another bad week for oil prices, though crude at one point rose above $50 a barrel from a five-year low of $33.87 on Dec. 19.
For the slow: Prices (per barrel) fell in December to $33 and change, then ROSE to about $50, and are now dropping again.
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Old 01-10-2009, 03:06 PM   #8
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Damn arabs
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Old 01-10-2009, 03:27 PM   #9
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They've risen since the gaza conflict started.
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Old 01-10-2009, 03:28 PM   #10
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I wonder if Obama has anything to do with it
I love how people start blaming Obama for things before he's even in office.
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Old 01-10-2009, 03:43 PM   #11
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I love how people start blaming Obama for things before he's even in office.
Whats even better is acting like the President can control these things overtly
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Old 01-10-2009, 05:17 PM   #12
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Preemptive price gouging.....
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Old 01-10-2009, 05:23 PM   #13
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You knew they were going to go right back up after the elections right? we always take it in the shorts ( it's the way it is) and always will be ( americans **** other americans)
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Old 01-10-2009, 05:34 PM   #14
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Remember, oil had a fairly big run in the past week.

Look at the 1 month chart of the USO starting on about Christmas...

http://finance.google.com/finance?q=USO+ETF

What you pay at the pump is a lagging indicator. If barrel prices continue to decline, you'll see prices dip back down.

That said, gas is ridiculously cheap. Here's a chart that just goes back to 2003... and as you can see, we're paying what we were 5 years ago...
http://gasbuddy.com/gb_retail_price_chart.aspx

If you run gas against any other commodity, it's risen at a slower rate than almost anything. Pick one. Milk, corn, whatever.

Gas between $2-$3 is a reasonable, inflation-adjusted price. Would I like to pay less? Sure. But, the other side of the coin is that we just have to get off it.... a process which is finally underway.
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Old 01-10-2009, 05:36 PM   #15
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You knew they were going to go right back up after the elections right? we always take it in the shorts ( it's the way it is) and always will be ( americans **** other americans)
It's more the result of a speculative bubble that burst. (Just like housing, internet stocks, etc.) Oil became the manipulative tool of choice for commodities futures traders. The bubble burst... it over-corrected to the downside and now we're seeing a return to a more rational level.

It's got very little to do with anyone being elected or not.
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Old 01-10-2009, 05:36 PM   #16
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I blame the gutless drunk Bowlen.
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Old 01-10-2009, 05:37 PM   #17
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It's more the result of a speculative bubble that burst. (Just like housing, internet stocks, etc.) Oil became the manipulative tool of choice for commodities futures traders. The bubble burst... it over-corrected to the downside and now we're seeing a return to a more rational level.

It's got very little to do with anyone being elected or not.

But it sure was nice that it wasn't a subject they had to deal with i just thought the timing was kinda odd.
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Old 01-10-2009, 05:41 PM   #18
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Gas between $2-$3 is a reasonable, inflation-adjusted price. Would I like to pay less? Sure. But, the other side of the coin is that we just have to get off it.... a process which is finally underway.
I could live with $2.00-$2.50, anything more than that is too high IMO.

It will be nice once some of the alternative fuels come out. That will lessen demand and cause prices to drop.
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Old 01-10-2009, 06:08 PM   #19
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I've heard news stories about governments complaining not enough people are driving and it is not raising enough money to pay for road maintenance.
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Old 01-10-2009, 07:49 PM   #20
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But it sure was nice that it wasn't a subject they had to deal with i just thought the timing was kinda odd.
I hear you, but IF that were the case... oil prices likely would have rocketed up at the end of the year... as Bush would have theoretically been driving it up as a lame-duck. (Or whomever.)

The other conspiracy choice would have been that Bush drove it down before the election, but it was its highest during the critical campaigning stretch.

There are a ton of factors that influence, and I'm not saying price gouging doesn't occur, but it's more a factor of global and speculative factors. OPEC can hardly even affect the price anymore.
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Old 01-10-2009, 07:54 PM   #21
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don't use the **** and wham prices go down....
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Old 01-10-2009, 08:31 PM   #22
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don't use the **** and wham prices go down....
Wrong, thats why those stupid email scams are wrong. The prices going up now are because of the Israel vs Gaza campaign. Its creating a sense of tension in the Middle East. Couple that with the cut back in production and they are going to go up. But once this standoff ends they will drop. Because the economic downturn has forced lower demand in ALL facets of oil industry.

But a silly little drive protest is just that, silly.
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Old 01-10-2009, 09:35 PM   #23
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Wrong, thats why those stupid email scams are wrong. The prices going up now are because of the Israel vs Gaza campaign. Its creating a sense of tension in the Middle East. Couple that with the cut back in production and they are going to go up. But once this standoff ends they will drop. Because the economic downturn has forced lower demand in ALL facets of oil industry.

But a silly little drive protest is just that, silly.
No, he's correct. He's absolutely correct.

Speculation drives the price, but demand destruction is absolutely the reason oil is down. There are literally barges with barrels of oil floating out there without buyers. Demand destruction is a huge part of this.

Yes, speculators push up prices on the endless conflicts, but you noticed it started coming right back down.

Global demand is down massively. Not just gas/petrol.... think of anything made with plastics. People simply aren't making/buying/using as much stuff.

When people don't use commodities, the price goes down.

He's correct.
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Old 01-10-2009, 09:38 PM   #24
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That said, I'm not sure a strike is feasible... but it's basically happening by default.
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Old 01-10-2009, 09:41 PM   #25
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The article doesn't touch on the refinement piece very much. If oil production dips or the refineries slow down the result will be the same. Sadly, we are without recourse. To be honest, I'm thrilled to pay $1.70 per gallon. Sure it was nice when it was $1.40 per gallon, but I'm not gonna bich and moan too loud when I was paying $4.00+ a few short months ago!!!
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