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Oil sinks to 6-week low on U.S. recession fears »

Posted by: STONERS 7 months, 2 weeks ago

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Oil fell to a six-week low on Tuesday, dragged lower by a stock market plunge and fears a slowdown in the United States could have a much wider impact than previously thought.

Read Full Story at news.yahoo.com

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Comments So Far: 33

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STONERS7 months, 2 weeks ago

"U.S. crude fell to a low of $86.11 a barrel, its weakest since December 6 and by 7:43 a.m. EST was trading at $87.40."
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  protoham7 months, 2 weeks ago
  
  I fail to understand why oil should fall in price, after all we are willing to pay $4 to $5 for a gallon of water which requires nothing to be done to it.
  
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engineer7 months, 2 weeks ago

It's still not low enough. It has to get to $30 per barrel or less. It's a start. If Bush wants to improve the economy, he can say to Saudi Arabia that we won't sell you the 20 Billion dollars worth of military aircraft unless the price of crude falls back to the poin it was when Bush took office. Knowing Bush --- fat chance!!
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  ADAGUY7 months, 2 weeks ago
  
  I am convinced that Bush or Cheney are the reason OPEC cut production in the late 90's.
  It's my bet that Cheney approached Arab leaders and told them that if they got OPEC to limit production, there by driving up the price, the US would get rid of Sadam.
  If this was solely the work of OPEC, any pres worth his salt would already have addressed the problem with OPEC long ago.
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  - ScrimshawComment removed: User banned.8 Replies
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      ADAGUY7 months, 2 weeks ago
      
      In the early Clinton years, oil was below $20.00
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      - ScrimshawComment removed: User banned.
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      ADAGUY7 months, 2 weeks ago
      
      Stop and think about it. Who was the first ones the Arabs called on when Saddam invaded Kuwait? At that time they feared his next move would be to invade Saudi Arabia. They asked the US to put him back in his place. That's when Bin Laden requested to meet with Saudi leaders, and told them not to get the US involved, but to let him handle Saddam. He said it was a Muslim issue. They felt he could not do the job, and he has been extremely bitter toward the US ever since. You may not be aware of it, but we have a great deal of influence over the Sandi's!
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        saneman7 months, 2 weeks ago
        
        The U.S. has an enormous influence over Saudi Arabia. The U.S. made a pact with the Saudis where the U.S. promises to protect Saudi Arabia as long as the Saudis use the dollar as the currency for selling oil and not the Euro which is the currency Hussein was using which prompted the U.S. to invade Iraq. Also, in 1997 & 1998, the price for oil was only $12 a barrel.
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        JohnQPublicComment removed: User banned.2 Replies
        
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        getreal17 months, 2 weeks ago
        
        George Bush could have easily accepted the 10 dollar offer on the barrel and had some barrels flown right on over. Bush is padding his pocket. In fact I wouldn't be surprise if he didn't accept the oil at 10 behind closed doors only for his pocket.
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        ADAGUY7 months, 2 weeks ago
        
        You bet, that's why we continue to support Israel!
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      protoham7 months, 2 weeks ago
      
      Do you realize that was 15 years ago. The cost should be about 2.5 times if it keeps up with inflation. So it should be around $75 right now.
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    protoham7 months, 2 weeks ago
    
    and I am sure Jimmy Carter caused the oil crisis in the 80's when adjusted for inflation gas cost about $6.50 a gallon.
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      ADAGUY7 months, 2 weeks ago
      
      "and I am sure Jimmy Carter caused the oil crisis in the 80's"
      Problem is the oil crisis stared under the last two years of the Nixon administration.
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Dicax_Maximus7 months, 2 weeks ago

Eng - Two hopes of EVER seeing $30 / barrel again....
None & Bob !!!
OPEC has the west over a "barrel" AND IT KNOWS IT ! These high prices are simply a windfall to them, and they are NOT going to change that......
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  Dionys7 months, 2 weeks ago
  
  Guess who's American family benefits? That's right! BushCo -- The Saudi Prince's beyotches.
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getreal17 months, 2 weeks ago

This is the way it is. If you don't have the money you don't buy anything. Most people are lucky they can pay the utility companies for the electricity and water they don't use.
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getreal17 months, 2 weeks ago

They offered to drop the price to ten a barrel and he said to let the market handle it. We have another year of this unconscious jerk in the white house.
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TheRealizer7 months, 2 weeks ago

Saddam was willing to sell us oil for around $30.00, but aparently it was better to go in, destroy the country, and steal the oil.
This has been a terribly expensive adventure, and we now have less barrels of more expensive oil.
This has been a WIN WIN situation!!!!!!!!
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  simonsez7 months, 2 weeks ago
  
  Totally untrue.
  He was selling his oil to TOTAL the French company, which in turn was selling it to others at market prices.
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joeblowe7 months, 2 weeks ago

HEY! What the hell? Haven't we all been told that oil prices depend STRICTLY on "supply and demand?" Now, all of a sudden, the stock market can ALSO have an effect? Hmmmmm - seems like maybe SOMEONE has been LYING to us, doesn't it?
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  slyboy27 months, 2 weeks ago
  
  The stock market has always controlled oil prices. There is no supply and demand working in effect here. (ok maybe a little). Nonetheless, unlike the gas price spikes of the early 80's we aren't running out of oil/gas any time soon. Has anyone seen a gas station closed because they ran out of fuel. I don't think so. So the current high prices aren't completely due to a low supply, but people buying futures because they think there is a low supply.
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    ADAGUY7 months, 2 weeks ago
    
    There are several gas stations closed because they can't afford to stock up with GAS!
    This town only has 3500 people in it, and I can think of 4 gas stations within 20 minutes of here that have closed in the last two years!
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  simonsez7 months, 2 weeks ago
  
  The market is just saying demand may go down in a recession.
  The market is psychology, not fact.
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    joeblowe7 months, 2 weeks ago
    
    Psychology MAY be a little too technical term: ouija board prognostication and panic reactions would be closer, I think.
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simonsez7 months, 2 weeks ago

80% of the world's oil is under the control of sovereign nations, controlled (coordinated) by OPEC and priced daily.
Lead-time on crude can be 90 to 180 days before it is delivered to a refinery, processed and delivered to your station. A lot can happen to demand during that period, but generally it is anticipated demand will continue up, so it becomes a fairly stable hedge.
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Justice4All7 months, 2 weeks ago

oil
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markmawn27 months, 2 weeks ago

Ashes, ashes, we all fall down.
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saneman7 months, 2 weeks ago

Greed has outpaced the health of the economy and we are seeing it with oil prices. Gee, did they realize that sooner or later there will be a breaking point? Some experts had predicted $4 per gallon of gas by spring. Obviously, those experts didn't realize that the breaking point is nearer to $3 per gallon.
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  markmawn27 months, 2 weeks ago
  
  It's all a test to see what our breaking point is. I have always had a theory that we were 3 big Macs away from total social breakdown here. Now I think we are $1.25/gallon short of absolute chaos.
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coolrayfruge7 months, 2 weeks ago

Its Election Year.
Politics.
It will go up again as soon as elections are over.
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lukeSponge7 months, 2 weeks ago

Hey has anyone watched "A Crude Awakening"?
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