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| Economy |
| Oil plunges below $40: Longest losing streak in 29 years |
| 2015-08-22 |
| [ARABNEWS] US crude oil prices on Friday plunged below $40 a barrel for the first time since the 2009 financial crisis, notching their longest weekly losing streak in 29 years after a further rise in US drilling and a drop in Chinese manufacturing. US October crude fell $1.07, or 2.6 percent, to $40.25 a barrel by 1:41 p.m. EDT (1741 GMT), having touched a new 6-1/2-year low of $39.86 a barrel. Front-month US crude has fallen 33 percent over eight consecutive weeks of losses, the longest such losing streak since 1986. Brent oil fell $1.27, or 2.8 percent, to $45.35 a barrel, after hitting a low of $45.09 and threatening to break below $45 a barrel for the first time since March 2009, Reuters reported |
| Posted by:Fred |
| #6 The biggest question is why gasoline prices are still at about the same level as they were when oil was at +$95 a barrel. Me thinks Congress and/or the state assembly in Californicate passed some kind of gasoline tax increase that has not been announced. The states and Federal Governments receive more revenue from the taxation of the sale of gasoline than the oil companies do from manufacture and sales...that's the reason gas prices are still high.. |
| Posted by: Bill Clinton 2015-08-22 19:29 |
| #5 Meanwhile the Fed and Treasury keep printing (or hitting a keyboard at the Fed) money without any backing, so don't expect a whole lot of relief at the pump. It's not the greedy oil companies, it's the socialists who can't grasp a relation of value to currency aka inflation. While there are thieves in the boardrooms, the biggest ones are in the Beltway. |
| Posted by: Procopius2k 2015-08-22 08:54 |
| #4 Beso, there's a reason the Caitlyn is such a big story. This regime is, with total MSM cooperation, busily hiding all of the bad, scandalous, traitorous news that's available. And boy that's a lot of $hit. |
| Posted by: AlanC 2015-08-22 08:27 |
| #3 The real war on terror! |
| Posted by: g(r)omgoru 2015-08-22 03:20 |
| #2 I've seen nothing from the WH recently on the economic recovery. |
| Posted by: Besoeker 2015-08-22 03:07 |
| #1 Despite optimism, hoped-for new car sales has led the US-Global econ to not only NOT emerge from pervasive National+ Worldwide Recession toward de facto positive recovery-n-prosperity, but said recession may instead be relabeled as DE FACTO DEPRESSION. |
| Posted by: JosephMendiola 2015-08-22 01:19 |