Oil prices drop for a fourth day
Rocky Wire Reports
Friday, July 18, 2008
Crude oil fell for a fourth day Friday, capping the biggest weekly decline in more than three years, as the Bush administration's decision to participate in nuclear talks with Iran eased concern of a possible military conflict.
Prices tumbled 11 percent this week on reduced tension between the U.S. and Iran, which holds the world's second-largest oil reserves. A slowing global economy, faltering U.S. fuel demand and rising supplies helped push futures to their biggest weekly dollar decline ever.
The $16.20 a-barrel decline was the biggest weekly drop in dollar terms since the futures began trading in 1983.
U.S. fuel consumption fell 3 percent in the first half of 2008, the biggest decline for the period in 17 years, as high prices and a slowing economy curbed demand, the American Petroleum Institute said in a monthly report Friday.
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July 19, 2008
9:47 a.m.
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gary writes:
Hmm...oil price has dropped since Bush decided to allow offshore drilling to resume.
Nuff Said!
July 20, 2008
10:08 a.m.
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Jettero42 writes:
"WOW, George Bush is making the oil prices fall by ending an executive order that dissallowed it!", the herd of sheople bleeted in agreement.
Seems to me he should have done that at about $60 per barrel. OHHH, that's right, Mr. Cheney wouldn't let him.
WAKE UP PEOPLE!!
July 20, 2008
10:54 a.m.
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fastnloose writes:
Think how much it will drop when the first hole is drilled.Even though Obama thinks none of this drilling for our own oil will work.But he also said the surge wouldn't work.If he doesn't propose it,he thinks it's a bad idea.
July 20, 2008
12:14 p.m.
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Darwin writes:
When the price of a barrel of oil went up $16.20, the price of gasoline went up over $.50 per gallon. Now that it has come down $16.20 a barrel, I see the price of gasoline still increasing. The sheep continue to get fleeced. On the count of three, follow me and say "baa, baa".
July 20, 2008
2:23 p.m.
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Brain writes:
I guess the drop in oil prices since Bush lifted the executive order is just a coincidence?
July 21, 2008
8:22 a.m.
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CUBUFFINSUNDEVILCOUNTRY writes:
Just Imagine, if you will.. What would happen if the U.S., Canada, and Russia entered a pact to create a " cartel" for their own Oil Purposes, and Usage. Hot Dang!!! I might have found the secret weapon in the Arabian region. We know those oil rich countries think we are slaves to their oil. When we start going bck to producing our own, we won't need OPEC any longer. And I am sure if the 3 countries we to open the supplies to the EU as well, they would Appreciate it as well. As all geologists say, The US, Canada, and Russia have over 10 times the oil reserves than the Arabian region. But, the agreements that created OPEC, have virtually closed access to those areas. I remember moving from NY to Colorado in 1973 as a child. My Dad was driving a 1969 SS 396 Malibu for the entire trip, and my Mom driving a 1970 Old's 98 Luxury Edition, with a Rocket 455 under the hood. And, gas was $.28/gallon in rural Indiana. My Dad threw a fit on how expensive that was ( I think to fill both cars, he spent $15...maybe $20 ). Then the following year...The Gas Crisis!!! where it jumped to $.60/gallon < all gasp >. There went the 396 and the Olds, and in came a 74 Opel GT, and a 74 Datsun 510....lol ( I still have the Opel...BTW...Collector's Item, ya know...and yes it is restored, and with the Original Broncos Orange ( you know I had to put the old Horse in the "D" decals in the window, and an Orange Crush Sticker between them...lol ). Now I am 43 yrs old, and the last of a generation that has seen Gas under $1.00/gallon. Lets go back to 1999, when the U.S. Oil reserves we opened to the public due to an over- abundance of reserves. I was paying $.76/gallon at the Sinclair at Pierce and Alameda, driving a 1998 Cavalier Z24. $10 filled me up. Now $10 gets the needle barely off of Empty, and now I have a 2005 Cavalier ( hey, I like American cars with Manual Trannies...sorry ) Automatics are for those too lazy to learn. Plus, they are boring. Here in PHX. Reg Unl, is now $3.91