Oil slips below $80, energy stocks fall

[Omaha Steve]

Source: AP-EXCITE

NEW YORK (AP) — The price of oil fell below $80 a barrel Monday morning and investors resumed their retreat from energy stocks.

Mounting evidence of rising supplies and weak demand continues to sour investors on prospects for crude oil and the companies that produce it.

Goldman Sachs was the latest Wall Street bank to lower its forecast for crude prices, saying OPEC was unlikely to reduce exports in an effort to push prices back up.

FULL short story at link.


Read more: http://apnews.excite.com/article/20141027/us-energy-stocks-26f13ea2de.html

[sinkingfeeling]

1. And gasoline went up here 10 to 15 cents a gallon.

[GGJohn]

2. Wow!!!

Price of a gallon of gas has fallen from $3.39 to $2.79 in the last 3 weeks and with my supermarkets value points card, I was able to get $1.00 per gallon discount, filled up at $1.79 a gallon.
SWEET!!!!!

[sinkingfeeling]

3. Ours was $2.75 on Saturday and $2.89 today.

[OnlinePoker]

4. Ours went up 6 cents a litre

That's about 25 cents a U.S. gallon.

[heaven05]

8. don't worry

we'll be right behind you, very soon.

[Newsjock]

5. And of course, CNBC tells us why cheaper oil is bad for 'America'

http://www.cnbc.com/id/102123683

"Oil dropped below $80 per barrel on Monday morning, with important implications for production and jobs."

[bigdarryl]

6. I knew this shit wouldn't last

Glad I'm driving a Prius

[Javaman]

15. you're right, it won't...

the price of $80 a barrel has to be maintained in order for the tar sands to be profitable.

it will be interesting to watch what happens now.

[heaven05]

7. thank goodness

but the oil companies still have soaked us for trillions since 2000 and cheney-bush cabal. Watch them drastically slow down production to drive the price back up.

[DeSwiss]

9. They'll probably be needing more oil subsidies.

- You know, for the CEO bonuses, hookers and blow, and the Christmas/Hanukkah parties.....


My Wife Knows Everything for the win!

[Spitfire of ATJ]

10. Over at CNBC the news of oil prices dropping is BAD news.

[DCBob]

21. Yeah.. I heard that too.

All they care about is stock price. They could care less about the average person struggling to get by. Typical Republican mentality.

[Spitfire of ATJ]

22. They only care about shifting wealth into the hands of the few.

[FLPanhandle]

11. The downside is this makes alternative energy less attractive.

Besides the whole climate changing gases released.

[Yavin4]

12. If the price of oil were surging, Obama would be blamed.

When it falls? Crickets.

[Marthe48]

13. Pump price seems to fall before elections

I noticed that in previous years. It'll go back up for all the major holidays. On the other hand, there have been many predictions that after peak oil, the world economy will be in ruins. They helped cause a giant recession by jacking the pump prices up a few years ago. Maybe somebody is seeing what happens if the pump prices fall.

[ChairmanAgnostic]

18. weekends, holidays, too.

[Marthe48]

20. yep

[Piedras]

14. SLO, CA gas price $3.30 @ Costco up to $3.69 @ 76 per GasBuddy.com

Local gas prices have come down in San Luis Obispo, California an area that usually has some of the highest prices in the country.

[Bosonic]

16. Oil price will fall to $70 US a barrel in 2015, Goldman Sachs says

Oil price will fall to $70 US a barrel in 2015, Goldman Sachs says

One of the world's leading investment banks says the benchmark price of North American oil is going to fall even further, to $70 US a barrel by next spring.

Investment bank Goldman Sachs slashed its forecast late Sunday night for both West Texas Intermediate (known as WTI) and Brent crude — the two most common types of oil used and sold in North America and Europe.

Goldman Sachs says WTI will go for $75 a barrel in the first three months of 2015. Brent, meanwhile, will change hands at $85 a barrel. Both forecasts are down $15 from what the bank was last expecting. And both are forecast to slip even lower in the second quarter — historically a seasonally low time for oil prices — before rebounding a little in the summer of 2015.

If the prediction on WTI proves correct, it will be the lowest price for North American oil since 2010, when crude was on its way higher after cratering during the recession of 2008 and 2009.

http://www.cbc.ca/news/business/oil-price-will-fall-to-70-us-a-barrel-in-2015-goldman-sachs-says-1.2814041?cmp=rss

[snowjob]

19. 70 dollars a barrel

As it should be.

[DreamSmoker]

17. So we have been lie to for years now

Remember these Investors next time the Price of Gas goes through the roof..
Remember those excuses when Gas hit the highest prices ever..
Think of those in Congress who say they will look into it.. But nothing gets changed in any way that would benefit Middle Class America..
I have seen this God Damned pattern since the Sixties.. Same lame excuses from Congress all these years as well..
The Price of Oil is at a long time low... Hell just look at the Stock Markets today..
Its all about hit quick and make that killing then out with huge Profits...
The only Folks making a killing here is the Richest investors...
Meanwhile how is that Full time Employment ding in your neck of the Woods???
I have my Daughter and her Boyfriend here who have looked for Full time Work now for over two years with no luck..
Even Part time work is lucky to get these days..
I call Bullshit what it is... And This is Pure Bullshit..
Nothing has change here in many years now with no end in sight...
Those that have that Money to invest are making it on the Backs of the Poorest of the Middle Class Americans to date..

Cheap Gas, No Jobs available worth having.. Housing is going stagnate..
Thank God for Obama Care in these times..

[notadmblnd]

23. Majority of stations in Oakland County Michigan are still over 3.00

Cheapest I've come across is 2.89 if you pay cash.

[leftyladyfrommo]

24. The good thing is that this is killing the Russians.

This is having a huge effect on their economy. And the ruble continues to drop.

Poor Putin. It's a global economy, dude. You got to play by the new rules or you lose.