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Author	Topic: Oil's Dive: Nice at the Pump, Not for the Times?	Post a Reply Back to Topics

LetemEatCake Champion Author Oklahoma City Posts:5,667 Points:1,229,200 Joined:Mar 2008	Message Posted: May 30, 2012 7:22:34 PM Ignore LetemEatCake Report Abuse As oil prices drop to below $90 a barrel this week, reaching a seven-month low, it’s fine to take heart in the accompanying dip in gas prices at the pump, but this is all relative in the larger picture of economic slowdown and possible recession. Last week closed with benchmark US crude at $90.86 per barrel and $106.83 per barrel for Brent crude, the lowest levels so far in 2012, and prices continued to fall this week, dropping to below $90 for the first time since the last quarter of 2011. Weaker demand, stronger supply, signs of slowing US and Chinese economies and a temporary cessation of simmering tensions over Iran have worked to lower prices. The possibility, and indeed probability, of a recession across the European Union is likely to drive prices down further. Visit CNBC for full article

LetemEatCake

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Message Posted: May 30, 2012 7:22:34 PM

Ignore LetemEatCake Report Abuse

As oil prices drop to below $90 a barrel this week, reaching a seven-month low, it’s fine to take heart in the accompanying dip in gas prices at the pump, but this is all relative in the larger picture of economic slowdown and possible recession.

Last week closed with benchmark US crude at $90.86 per barrel and $106.83 per barrel for Brent crude, the lowest levels so far in 2012, and prices continued to fall this week, dropping to below $90 for the first time since the last quarter of 2011.

Weaker demand, stronger supply, signs of slowing US and Chinese economies and a temporary cessation of simmering tensions over Iran have worked to lower prices. The possibility, and indeed probability, of a recession across the European Union is likely to drive prices down further.
Visit CNBC for full article

REPLIES (newest first)Ignore Short Messages

LetemEatCake Champion Author Oklahoma City Posts:5,667 Points:1,229,200 Joined:Mar 2008	Message Posted: Jun 1, 2012 7:51:52 AM Ignore LetemEatCake Report Abuse Thanks everybody for your comments!
BIGOILEATURCRUD Champion Author North Carolina Posts:5,948 Points:1,406,840 Joined:Nov 2008	Message Posted: May 31, 2012 2:40:19 PM Ignore BIGOILEATURCRUD Report Abuse This "story" (and I emphasize story; because oilprice.com is the only place dropping crude prices can be portrayed as negative) is so good, it got reposted the next day and is #1 on the top three. Thanks for posting Cake!
jrs4125 Champion Author Indiana Posts:2,893 Points:618,470 Joined:Sep 2011	Message Posted: May 31, 2012 9:16:32 AM Ignore jrs4125 Report Abuse Why don't the prices at the pump go down as fast as they go up?
BBopp Champion Author Dayton Posts:6,944 Points:1,956,930 Joined:Dec 2006	Message Posted: May 31, 2012 4:03:44 AM Ignore BBopp Report Abuse Oh come on, give us a break. We never truly got out of the recession. I know it was said the recession ended a couple of years ago. However, I for one did not get that memo.
asog75 All-Star Author Indiana Posts:838 Points:283,245 Joined:Aug 2011	Message Posted: May 31, 2012 12:21:01 AM Ignore asog75 Report Abuse ,spurred by global greed has got to stop or none of us will ever recover from this madness!!!get oil back to a realistic price and every body benefits,these high oil priceses,are the problem
KAR120CSII Champion Author Oregon Posts:3,282 Points:641,755 Joined:Apr 2010	Message Posted: May 31, 2012 12:18:07 AM Ignore KAR120CSII Report Abuse Huh? What does this have to do with politics? Seems everyone has some political axe to grind -- What was the price of gas when oil was this low before -- that's what we should be complaining and commenting about. And by the way -- bye, bye wild3bill -- off into the ether zone for you -- the 'Ignore' button please --
wild3bill Champion Author New York Posts:2,551 Points:1,695,490 Joined:Nov 2005	Message Posted: May 31, 2012 12:00:36 AM Ignore wild3bill Report Abuse The real inconvenient TRUTH is what Obama's ministers of propiganoover Damda have been calling a recovery backed up with fake employment/unemployment statistics is WORSE than the Great Depression. History buffs recently have noted Durinf the Great epression the US built the Empire State Building, The Golden Gate Bridge, Hoover Dam, the TVA. Obama has spent $ Trillions on cash for clunkers, and stimulus packages and wild "Green" projects that have gone belly up.The US is going deeper into debt without getting any thing in return
lesndave Champion Author Texas Posts:3,173 Points:728,630 Joined:May 2011	Message Posted: May 30, 2012 11:28:05 PM Ignore lesndave Report Abuse I agree rbrk02
WalRus49 Champion Author Boston Posts:4,215 Points:896,565 Joined:Nov 2010	Message Posted: May 30, 2012 11:07:46 PM Ignore WalRus49 Report Abuse More organized mayhem and pillage..............
fracknsave Champion Author Grand Rapids Posts:1,666 Points:58,000 Joined:Mar 2012	Message Posted: May 30, 2012 10:43:04 PM Ignore fracknsave Report Abuse Since so many Americans have been sitting on the sidelines for so long, it's a bit of a longshot, but we could choose not to participate in the worldwide recession this year if cheap 'fossil fools' could entice new economic activity domestically. I know that would disappoint all the rhodes scholars in DC who've almost bankrupted us trying everything else, but too simple to work, works more often than not. Of course, ship-canning obambi-care (to get biz spending again,) cutting taxes (to get more $ to the treasury,) cutting entitlements (to get more people pulling the wagon instead of getting a free ride,) lopping off whole sections of da gub'rment (so obambi can take credit for really cutting wasteful gub'rment) wouldn't hurt either.
davenles Champion Author Texas Posts:3,336 Points:746,360 Joined:May 2011	Message Posted: May 30, 2012 10:24:20 PM Ignore davenles Report Abuse Gas prices seem to have a mind of their own and do not follow any index for long.
Hoporrene Veteran Author Mississippi Posts:312 Points:206,970 Joined:Dec 2011	Message Posted: May 30, 2012 9:49:20 PM Ignore Hoporrene Report Abuse What is really nice for the times???
kag2010 Champion Author Winnipeg Posts:5,394 Points:1,047,460 Joined:Apr 2010	Message Posted: May 30, 2012 9:42:58 PM Ignore kag2010 Report Abuse I agree rbrk02.
esq262 Champion Author Asheville Posts:2,998 Points:673,665 Joined:Jul 2011	Message Posted: May 30, 2012 9:22:39 PM Ignore esq262 Report Abuse Its a good thing fo me.
carranco Champion Author Georgia Posts:1,027 Points:270,615 Joined:Dec 2008	Message Posted: May 30, 2012 9:10:29 PM Ignore carranco Report Abuse Lower prices will be a good economic stimulus.
Wanda127 Champion Author Florida Posts:2,570 Points:940,575 Joined:May 2010	Message Posted: May 30, 2012 8:55:12 PM Ignore Wanda127 Report Abuse I agree rbrk02.
BIGOILEATURCRUD Champion Author North Carolina Posts:5,948 Points:1,406,840 Joined:Nov 2008	Message Posted: May 30, 2012 8:52:38 PM Ignore BIGOILEATURCRUD Report Abuse Jeff Rubin, former chief economist for CIBC World Markets, told Canadian media that the danger of cheap oil is that it will mean much slower economic growth in the future, noting that “oil prices plunged to $40 a barrel in the last recession.” ----------------------------------------------------------------------- Would have to believe high oil prices contributed more to the recession, than the recession causing oil prices to drop. Oil was at $40, close to when the recession ended; if it ended. When oil goes up, everything follows!
Jeff1944 Champion Author South Dakota Posts:4,342 Points:1,100,285 Joined:Jan 2010	Message Posted: May 30, 2012 8:47:02 PM Ignore Jeff1944 Report Abuse Well, if demand drops, then the price should drop if Economics 101 works in the free market society.
rbrk02 Champion Author Rhode Island Posts:5,917 Points:844,930 Joined:Jan 2011	Message Posted: May 30, 2012 8:38:51 PM Ignore rbrk02 Report Abuse From the article, "The trend is welcome at the pump in the US...." It sure is. But the recession the article warns of? Not so much.
amerk73 Champion Author Dallas Posts:7,185 Points:1,648,680 Joined:Oct 2008	Message Posted: May 30, 2012 8:30:54 PM Ignore amerk73 Report Abuse gas price still high today want down 1 cent after 2 days
Lugi1967 Champion Author Ohio Posts:4,916 Points:1,028,685 Joined:Jun 2010	Message Posted: May 30, 2012 8:29:06 PM Ignore Lugi1967 Report Abuse Its been too high too long
deek_candy Rookie Author London Posts:36 Points:17,505 Joined:Jan 2012	Message Posted: May 30, 2012 8:20:36 PM Ignore deek_candy Report Abuse I just want lower prices.
melindanc Rookie Author North Carolina Posts:31 Points:15,225 Joined:Dec 2011	Message Posted: May 30, 2012 7:48:57 PM Ignore melindanc Report Abuse This is great, but if it isn't going to help reduce our gas prices and help us out then who cares.
dave27johnson Champion Author Chicago Posts:1,823 Points:433,070 Joined:Feb 2012	Message Posted: May 30, 2012 7:35:40 PM Ignore dave27johnson Report Abuse Part of the price drop has been a stronger dollar.
mikaye Champion Author Cleveland Posts:3,959 Points:890,185 Joined:Jun 2010	Message Posted: May 30, 2012 7:33:16 PM Ignore mikaye Report Abuse why complain on lower prices
VanIsleRover Champion Author British Columbia Posts:2,611 Points:605,800 Joined:Apr 2010	Message Posted: May 30, 2012 7:24:54 PM Ignore VanIsleRover Report Abuse Our prices went up 10 cents a lit. today