Oil falls to one year-low at $83

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Thursday, November 20, 2008 7:06:18 AM

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GasBuddy News Article

Oil falls to one year-low at $83 Friday, October 10, 2008
CNN International -- SINGAPORE (AP) -- Oil prices plummeted to a one-year low below $83 a barrel Friday in Asia, as investor fears of a severe global economic downturn sparked a panicked sell-off of equities and crude. Light, sweet crude for November delivery was down $4.00 to $82.59 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore, the lowest since October 2007. The contract overnight fell $1.81 to settle at $86.62. "The whole market has lost confidence in everything," said Mark Pervan, senior commodity strategist with ANZ Bank in Melbourne. "Everyone is worried about global growth, and oil is the front line commodity for that. There's just a lot of panic and fear in the market."
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	Friday, October 10, 2008 CNN International -- SINGAPORE (AP) -- Oil prices plummeted to a one-year low below $83 a barrel Friday in Asia, as investor fears of a severe global economic downturn sparked a panicked sell-off of equities and crude. Light, sweet crude for November delivery was down $4.00 to $82.59 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore, the lowest since October 2007. The contract overnight fell $1.81 to settle at $86.62. "The whole market has lost confidence in everything," said Mark Pervan, senior commodity strategist with ANZ Bank in Melbourne. "Everyone is worried about global growth, and oil is the front line commodity for that. There's just a lot of panic and fear in the market." Visit CNN International for full article

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thomas41546 Champion Author Tennessee Posts:1,700 Points:789,690 Joined:Oct 2005	Message Posted: 10/11/2008 6:03:42 PM	Ignore thomas41546 Report Abuse
	thats good news but look at waht has happened to the worlds economies
Honda_Insight Sophomore Author Lexington Posts:190 Points:5,695 Joined:Sep 2008	Message Posted: 10/11/2008 12:18:20 PM	Ignore Honda_Insight Report Abuse
	Yeah, after the election, and Holiday Shopping Season, right back up, according to the historical charts. Save enough for next summer, it'll be high.
domer2 All-Star Author Gary Posts:867 Points:378,025 Joined:May 2007	Message Posted: 10/11/2008 12:14:14 PM	Ignore domer2 Report Abuse
	closed at 77-78 yesterday.
bbreff Champion Author Atlanta Posts:2,065 Points:1,024,290 Joined:Jun 2005	Message Posted: 10/11/2008 11:46:04 AM	Ignore bbreff Report Abuse
	According to an article in the paper today, 10/11/08, oil is at $78.00.
RLH68 Champion Author Orlando Posts:1,990 Points:412,000 Joined:Jun 2007	Message Posted: 10/11/2008 10:45:34 AM	Ignore RLH68 Report Abuse
	Tough!
adslguru All-Star Author Florida Posts:858 Points:63,200 Joined:Sep 2008	Message Posted: 10/11/2008 10:15:43 AM	Ignore adslguru Report Abuse
	repost just because I like it....in Jan '05 when Pelosi took over the house crude was at $46 a barrel, and she said she had a plan for the high price of gas. I guess it worked
NYRfan Sophomore Author Cincinnati Posts:152 Points:122,545 Joined:Jul 2006	Message Posted: 10/11/2008 9:32:41 AM	Ignore NYRfan Report Abuse
	it's about time
Don20 Champion Author Oklahoma City Posts:1,520 Points:1,012,795 Joined:Mar 2005	Message Posted: 10/11/2008 9:29:28 AM	Ignore Don20 Report Abuse
	DarthDadJr: What difference does it make, how low it goes if you don't have any money to buy anyway.?? If you have STOCK look at the value it is also down. Every thing has to cost more, so hang onto you wallet...
JPGKC Champion Author Tampa Posts:3,159 Points:571,075 Joined:Sep 2006	Message Posted: 10/11/2008 9:29:13 AM	Ignore JPGKC Report Abuse
	They are just rolling the dice, they have NO idea.
DarthDadJr Veteran Author Virginia Posts:457 Points:95,310 Joined:Jul 2008	Message Posted: 10/11/2008 9:24:13 AM	Ignore DarthDadJr Report Abuse
	Boy, the talk I heard last night...all the oil analysts are now saying oil could drop all the way down to $20 -- unbelievable -- in July, they were all saying it would go over $200. DO THESE PEOPLE KNOW WHAT THEY ARE TALKING ABOUT!
gasie1 Champion Author Maine Posts:2,031 Points:949,710 Joined:Nov 2005	Message Posted: 10/11/2008 9:23:03 AM	Ignore gasie1 Report Abuse
	Keep on falling.
Zygnatz Champion Author British Columbia Posts:4,976 Points:977,130 Joined:Oct 2005	Message Posted: 10/11/2008 9:19:56 AM	Ignore Zygnatz Report Abuse
	Wake me up when it gets to $50.00
DooDaa Champion Author Massachusetts Posts:3,585 Points:782,015 Joined:Dec 2004	Message Posted: 10/11/2008 9:15:16 AM	Ignore DooDaa Report Abuse
	Who would have believed it 6 months ago..
Takmygas Champion Author Indianapolis Posts:2,063 Points:282,780 Joined:Dec 2007	Message Posted: 10/11/2008 9:13:26 AM	Ignore Takmygas Report Abuse
	not low enough for us, here dat.
21597 All-Star Author Colorado Posts:636 Points:207,540 Joined:Sep 2005	Message Posted: 10/11/2008 9:10:48 AM	Ignore 21597 Report Abuse
	A person still needs to cut consumption, after all that is where the real dollar savings are
Lonewolftx Champion Author Houston Posts:5,709 Points:1,124,035 Joined:Sep 2005	Message Posted: 10/11/2008 9:10:19 AM	Ignore Lonewolftx Report Abuse
	How nice for us . . .
bdrviper All-Star Author Grand Rapids Posts:990 Points:711,435 Joined:May 2006	Message Posted: 10/11/2008 9:09:35 AM	Ignore bdrviper Report Abuse
	it can keep on going down to $40.00
irated1 Champion Author Detroit Posts:7,810 Points:1,004,575 Joined:Aug 2005	Message Posted: 10/11/2008 9:09:05 AM	Ignore irated1 Report Abuse
	Gee , almost to last years gouge point !
zeljko All-Star Author Greensboro Posts:786 Points:326,150 Joined:Sep 2005	Message Posted: 10/11/2008 9:09:00 AM	Ignore zeljko Report Abuse
	well, we shall see it lower that that in a week or so
F250CA Veteran Author Oakland Posts:398 Points:153,835 Joined:Mar 2008	Message Posted: 10/11/2008 9:07:44 AM	Ignore F250CA Report Abuse
	Woo Hoooooo I just made 90 days of posting I can't wait for my new fast blue car
rockinrog All-Star Author Ontario Posts:838 Points:680,705 Joined:May 2006	Message Posted: 10/11/2008 9:06:25 AM	Ignore rockinrog Report Abuse
	drop baby drop
rgb42722 Veteran Author Kentucky Posts:308 Points:105,885 Joined:May 2004	Message Posted: 10/11/2008 9:03:23 AM	Ignore rgb42722 Report Abuse
	I would like see oil go down even further, but if it does we will to see if OPEC cuts production to make the price rebound.
ironbox_sara Champion Author Albany Posts:1,618 Points:698,105 Joined:Mar 2006	Message Posted: 10/11/2008 9:02:47 AM	Ignore ironbox_sara Report Abuse
	$2.99 here now!
ladybugIL Sophomore Author Chicago Posts:231 Points:100,805 Joined:Jul 2008	Message Posted: 10/11/2008 9:01:29 AM	Ignore ladybugIL Report Abuse
	When is this panic going to stop?
cableman31 All-Star Author New York Posts:764 Points:428,820 Joined:May 2004	Message Posted: 10/11/2008 9:00:55 AM	Ignore cableman31 Report Abuse
	I agree with Rochbear.
Pseudorious Veteran Author Philadelphia Posts:469 Points:219,600 Joined:Sep 2005	Message Posted: 10/11/2008 8:56:20 AM	Ignore Pseudorious Report Abuse
	I'm mixed on this.
tizbowwow Champion Author Illinois Posts:1,015 Points:175,735 Joined:May 2008	Message Posted: 10/11/2008 8:55:27 AM	Ignore tizbowwow Report Abuse
	Right on Rochbear
canescommuter All-Star Author Greensboro Posts:668 Points:157,445 Joined:Feb 2008	Message Posted: 10/11/2008 8:51:16 AM	Ignore canescommuter Report Abuse
	Ground sludge should be priced at $10 a barrel and gas should be no more than $1.50. We have to become less dependent on this manipulated energy source.
takethe_point All-Star Author Omaha Posts:729 Points:27,595 Joined:Apr 2008	Message Posted: 10/11/2008 8:51:08 AM	Ignore takethe_point Report Abuse
	Can you say Depression.
RCinNM Champion Author New Mexico Posts:4,482 Points:537,860 Joined:Sep 2005	Message Posted: 10/11/2008 8:50:33 AM	Ignore RCinNM Report Abuse
	Pretty soon, it's going to be worse than the Great Depression. Better have a healthy stock of can goods.
murphy50 Champion Author Colorado Posts:1,190 Points:1,001,060 Joined:May 2004	Message Posted: 10/11/2008 8:50:29 AM	Ignore murphy50 Report Abuse
	That just means Oil was too high this time last year, too.
dlowe79 Veteran Author Alabama Posts:281 Points:55,195 Joined:Sep 2008	Message Posted: 10/11/2008 8:49:00 AM	Ignore dlowe79 Report Abuse
	Just hang on big oil is working hard on the next crises to increase costs!
techque All-Star Author St. Louis Posts:661 Points:952,800 Joined:Apr 2005	Message Posted: 10/11/2008 8:48:20 AM	Ignore techque Report Abuse
	so oil has dropped to last year's price, but gasoline is still significantly higher, and is still driving down the economy, and the housing market, which is fueling the financial and stock markets crisis - aka crash. welcome to bread lines.
OilManMO Rookie Author Missouri Posts:51 Points:29,545 Joined:Sep 2008	Message Posted: 10/11/2008 8:45:23 AM	Ignore OilManMO Report Abuse
	I agree it is still now enough. I won't be happy until it get back under $50 a barrel.
Dennis783 Champion Author Wisconsin Posts:5,598 Points:1,121,970 Joined:Sep 2005	Message Posted: 10/11/2008 8:42:42 AM	Ignore Dennis783 Report Abuse
	It will go up up up after the election
Gassaver30 Sophomore Author Austin Posts:108 Points:21,150 Joined:Aug 2008	Message Posted: 10/11/2008 8:42:28 AM	Ignore Gassaver30 Report Abuse
	Well said Rochbear!! I agree
cheapertvs Champion Author Richmond Posts:1,828 Points:1,121,395 Joined:Jan 2004	Message Posted: 10/11/2008 8:42:15 AM	Ignore cheapertvs Report Abuse
	Can you imagine being happy that oil is DOWN below $ 85 per barrel?
gasman50 Champion Author Portland Posts:1,314 Points:819,645 Joined:Nov 2005	Message Posted: 10/11/2008 8:41:27 AM	Ignore gasman50 Report Abuse
	Down baby, down
Hangnail309 Veteran Author Manitoba Posts:259 Points:201,775 Joined:Aug 2006	Message Posted: 10/11/2008 8:41:14 AM	Ignore Hangnail309 Report Abuse
	Oil is down. Is the pump prices reflecting this new reality?
eye-spy Veteran Author Quebec Posts:262 Points:915,190 Joined:Feb 2005	Message Posted: 10/11/2008 8:40:05 AM	Ignore eye-spy Report Abuse
	Oil is down and still going down but we must continue to conserve otherwise we will be back where we were this past summer.($147 per barrel)
takethe_point All-Star Author Omaha Posts:729 Points:27,595 Joined:Apr 2008	Message Posted: 10/11/2008 8:40:03 AM	Ignore takethe_point Report Abuse
	Nice. Now let big oil drink in drown in there own oil.
TeachR06 Champion Author Raleigh Posts:1,023 Points:482,960 Joined:Sep 2006	Message Posted: 10/11/2008 8:37:47 AM	Ignore TeachR06 Report Abuse
	$3 still isn't cheap. but I agree that we need to make sure we don't go crazy with SUVs and other over buying.
miatabill Champion Author St. Louis Posts:1,965 Points:168,350 Joined:Mar 2003	Message Posted: 10/11/2008 8:37:12 AM	Ignore miatabill Report Abuse
	Just think about all the poor middle-easterners...where will their next meal come from?
billy44bo Champion Author Mobile Posts:1,410 Points:252,935 Joined:Feb 2008	Message Posted: 10/11/2008 8:36:11 AM	Ignore billy44bo Report Abuse
	wish gas would fall as fast as my 401k has
LaCajunDJ Veteran Author Louisiana Posts:379 Points:88,205 Joined:Jul 2008	Message Posted: 10/11/2008 8:35:47 AM	Ignore LaCajunDJ Report Abuse
	Still not low enough! Keep dropping!
RochBear Champion Author Minnesota Posts:1,750 Points:504,545 Joined:May 2006	Message Posted: 10/11/2008 8:34:46 AM	Ignore RochBear Report Abuse
	I certainly hope this cheap oil (again) does not bring back poor driving habits, SUVs, and other wasteful consumption. I would like to take this time to develop alternatives, and work the kinks out of them.
ArboretumCop Champion Author Richmond Posts:1,262 Points:1,012,085 Joined:Sep 2005	Message Posted: 10/11/2008 8:31:53 AM	Ignore ArboretumCop Report Abuse
	'Cause the futures traders have figured out we consumers will have very little money to puchase anything, including their overpriced fuel. I hope they are eating large losses!
CSharpGuy Champion Author Colorado Springs Posts:1,276 Points:278,630 Joined:Jan 2008	Message Posted: 10/11/2008 8:30:24 AM	Ignore CSharpGuy Report Abuse
	This is the silver lining to the stock market plunge.
brutus Champion Author Alberta Posts:1,752 Points:936,605 Joined:Feb 2003	Message Posted: 10/11/2008 8:29:49 AM	Ignore brutus Report Abuse
	Long overdue.
Gas_Buzzer Champion Author South Carolina Posts:6,455 Points:1,104,350 Joined:Sep 2005	Message Posted: 10/11/2008 8:27:53 AM	Ignore Gas_Buzzer Report Abuse
	Rumors are that it will be below $50 by year end.