Oil Prices Plunge In Record Sell-Off

Oil Prices Plunge In Record Sell-Off

www.huffingtonpost.com

NEW YORK -- Oil prices took a nosedive Thursday in a historic selloff, erasing weeks of gains and indicating that the months-long climb in energy prices may have hit a ceiling.

Crude oil plunged 10 percent as startled investors unloaded their positions and a weeklong decline accelerated into an outright freefall. The price of U.S. crude went from triple digits to double digits..

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This is some very interesting news as well. I'm not sure exactly how much gas prices will fall, but they're going to fall. As the article reads, it seemed to be in time with the OBL event. Personally I think we all could a little relief at the pumps.

My question is if these prices stay this way, or will it be short-lived?

TWBU

www.huffingtonpost.com
(visit the link for the full news article)

reply to post by TheyWontBelieveU


Oil prices fell ten percent, i can guarantee gas will not drop ten percent, in fact I expect it to go up a couple percent.
This means we're getting skrood one hundred percent!
I wish they would kiss me first.

Gotta stay positive my friend

well I think whats happening
is as the price went up
people started to curtail their driving habits [i know i did]
Not consuming as much gas
but they didn't stop producing it...
Now leaving them with a surplus they need to get rid of ...

sell sell sell

reply to post by spoonbender


yes yes yes, most definitely. It's the same game over and over. They can't push prices up too high for too long, or else people would finally demand a better energy source.

The government was starting a investigation into high gas prices.

I wonder of they were getting to close to someone or group manipulating oil prices and they bolted before the government found something.

reply to post by ANNED


Yeah we hear that one every few years when they jump gas prices a dollar a gallon.
I can think of hearing about 2 other "investigations", follow that down a rabbit hole you might as well.
Sad but true, we need to find an alternative.
Fairly soon please?

Originally posted by spoonbender
well I think whats happening
is as the price went up
people started to curtail their driving habits [i know i did]
Not consuming as much gas
but they didn't stop producing it...
Now leaving them with a surplus they need to get rid of ...

sell sell sell

Excellent reasoning, and I agree,
but I don't think that covers the full 10% drop, just most of it.
I take this to also be a signal that someone is selling oil for currency other than US dollars.


David Grouchy

Originally posted by spoonbender
well I think whats happening
is as the price went up
people started to curtail their driving habits [i know i did]
Not consuming as much gas
but they didn't stop producing it...
Now leaving them with a surplus they need to get rid of ...

sell sell sell

That isn't how it works. Personal car use is small compared to deisal and other heavy oils used in power stations, ships, long haul trucks, furnaces etc. The price at the pump is a result of bigger market forces, and useage at the pump has very little effect on global prices.

This just offers further proof that oil prices are manipulated by Big Oil and Wall Street, and have little to do with supply and demand.

Big Oil is also set to make some of their highest record profits this quarter ever.

reply to post by Shamatt


we could put that to the test if every one stopped buying gas from the Petrol stations for a couple a weeks

reply to post by TheyWontBelieveU


Everyone knows that it is all manipulation of the markets. The American people have been lied to for about 40 years with promises to get the US off foreign oil and particularly OPEC. We are still hearing the same rhetoric nothing changed. The US hasn't even gone as far as having an energy policy much less implementing one. I was told that when you don't know what to do then do nothing at all. Does anyone one know what effect it would have if everyone did just that ABSOLUTELY NOTHING.

[color=deepskyblue]I hope they start to go down because gas prices are seriously killing us right now. The price of gas also affects the price of groceries so we are doubly screwed.

Same ol' story:

Take the price way up and then take it down a little, then take it up further and then back down a little...

A couple years ago $3.00 per gallon would seem insane.

Now $3.00 would make people happy, even though $3.00 per gallon is still insane.

They get you used to the pain in increments, a few more years and people will be comfortable with
$10.00 per gallon.

The problem is...It doesn't matter. Doesn't matter how high or low the price is...we have no viable alternative. 3.00/ gallon or 10.00/ gallon, though you can cut back a little here or there, it is a marginal difference. Buy low sell high, and we really have little to say about it. Any excuse they can use they will. And weather low or high, both are manipulated. The buyers want the prices to wildly fluctuate, in fact they bank on it. It is a shame that the most any of us regular people can hedge is as much as our gas tanks will hold.

it doesn't matter what the people want...polls back in the 90's revealed that 70% of the people were against NAFTA and 80% were against GATT, these treaties were still approved and we lost alot of our manufacturing jobs because of it. oil and gas prices have nothing to due with supply and demand, there is an absolute monopoly and the wealthy in all countries make lots of money off the high prices.