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| Oil plummets below $83 on global slowdown fears |
| 2008-10-10 |
| Oil prices plummeted to a one-year low below $83 a barrel Friday in European trading as investor fears of a severe global economic downturn caused by the crisis in credit markets sparked a panicked sell-off of both crude and equities. Light, sweet crude for November delivery was down $3.85 to $82.74 a barrel in electronic trading on the New York Mercantile Exchange by midmorning in Europe, the lowest since October 2007. The contract fell $1.81 overnight to settle at $86.62. ... "We haven't seen the bottom of this yet," Pervan said. "We thought $75 would be a floor but if the market mood doesn't change, $50 to $60 a barrel is not out of the question." In other Nymex trading, heating oil futures fell 10 cents to $2.32 a gallon, while gasoline prices dropped 8.33 cents to $1.94 a gallon. Natural gas for November delivery fell 18.1 cents to $6.64 per 1,000 cubic feet. In London, November Brent crude fell $4.46 to $78.20 a barrel on the ICE Futures exchange. |
| Posted by:ed |
| #28 Where are you located Jim? Actually, that was me, forgetting to change my name from a joke made about three days back. Let's just say it's somewhere east of Mendiola. Send me somewhere East of Mendiola Where the best is like the worst And there ain't no crowin' roosters And a gal can raise a Thirst |
| Posted by: Angie Schultz 2008-10-10 21:04 |
| #27 $3.29 in San Diego for Regular. Drill, baby, drill! |
| Posted by: Frank G 2008-10-10 20:53 |
| #26 .5, you forgot the ARCLIGHT run. |
| Posted by: Nimble Spemble 2008-10-10 20:29 |
| #25 Where are you located Jim? |
| Posted by: Besoeker 2008-10-10 19:56 |
| #24 I was feeling pretty good about $2.99 for mid-grade until I saw the other prices here. If it makes you feel any better, it's still about $4.35 here. |
| Posted by: James Watt 2008-10-10 19:27 |
| #23 I was feeling pretty good about $2.99 for mid-grade until I saw the other prices here. (Yep, Iowa's weird....mid-grade is the cheapest grade here, thanks to tax breaks on ethanol.) |
| Posted by: Cornsilk Blondie 2008-10-10 19:17 |
| #22 Ever notice that when oil goes up 10 dollars a barrell the prices of gas goes up 95% overnight? But when the price of oil goes down, the price of gas goes up 95%? I say we load up some Q-ships with MOABs and take care of this little problem right now. A 6-element Q-ship ARCLITE mission would be able to lay waste to most of Central Manhattan, given the state of US AA it would be cheep and easy. The resulting shock would deh.... ummmm lead to ummm profit! |
| Posted by: .5MT 2008-10-10 19:13 |
| #21 $2.86 at Sam's Club this afternoon, just outside Richmond (Va.). |
| Posted by: Barbara Skolaut 2008-10-10 18:54 |
| #20 From your mouth to the ear of G*d, lotp. |
| Posted by: g(r)omgoru 2008-10-10 18:46 |
| #19 With the price of fuel down it will be cheaper to build, transport, and install solar and wind, improve and repair power grid. People will have more money in pocket to upgrade. McCain's plan covers that. |
| Posted by: swksvolFF 2008-10-10 17:42 |
| #18 $2.66 in South Texas. |
| Posted by: Anon4021 2008-10-10 17:31 |
| #17 Glen i was actuualy making a reference of the cost too changing the refinery over too make the fuel. but anyway, why the hell is gas still $3.89 here in GA? |
| Posted by: chris 2008-10-10 17:05 |
| #16 $2.85. No lines. |
| Posted by: Nimble Spemble 2008-10-10 16:42 |
| #15 The argument is already being made that global warming must be the incentive for them. |
| Posted by: lotp 2008-10-10 16:27 |
| #14 So what happens to all alternate fuel initiatives now? |
| Posted by: g(r)omgoru 2008-10-10 15:34 |
| #13 Chris, winter blend should actually be a little bit cheaper. The gasoline price may not come down as far as crude oil (percentage) because gasoline did not keep up with the price of crude at the height (hard as that is to believe.) Refining and marketing margins were non-existent when gas was over $4 or so. NOW they're making money. |
| Posted by: Glenmore 2008-10-10 15:07 |
| #12 Still $3.40ish in Northern Virginia |
| Posted by: IG-88 2008-10-10 15:03 |
| #11 Last night the station selling for $2.82 had a large crowd buying gas, station a mile away posting $2.99 had one customer. Supply and demand strikes again. |
| Posted by: Anguper Hupomosing9418 2008-10-10 14:31 |
| #10 Paid 3.03 this morning just south of Boston. Down about 8 cents this week. First time I've seen it dropping as fast as it rose earlier. |
| Posted by: tu3031 2008-10-10 14:22 |
| #9 $3.29-$3.45 here north of Seattle this morning |
| Posted by: USN, Ret. 2008-10-10 14:19 |
| #8 Gas last night was $3.67 by me. |
| Posted by: Steve White 2008-10-10 14:10 |
| #7 In 1981, at $38 a barrel, the world economy choked and went down the tubes. The inflation adjusted equivalent of $38 oil - the price at which the world economy chocked about 30 years ago - is around $70 today. My feeling is that oil could go down to $30, as excess capacity piles up. |
| Posted by: Zhang Fei 2008-10-10 13:59 |
| #6 that's the next excuse for the big refineries. Time too change over too the winter mix so gas won't go down much |
| Posted by: chris 2008-10-10 12:15 |
| #5 Gas is down to $3.34 here. If you can find it. |
| Posted by: Deacon Blues 2008-10-10 12:11 |
| #4 Every $10 drop is $45 billion/year that stays and circulates in the US economy. |
| Posted by: ed 2008-10-10 10:00 |
| #3 Oh, darn. |
| Posted by: DarthVader 2008-10-10 09:48 |
| #2 Before the Arab oil embargo of the 1970's domestic crude was running around $ 3.50 per barrel. |
| Posted by: Besoeker 2008-10-10 08:43 |
| #1 $50 to $60 a barrel is not out of the question *snicker* |
| Posted by: bigjim-ky 2008-10-10 08:26 |