Crude oil nears $40 per barrel

[pscot]

http://www.marketwatch.com/news/story/Oil-posts-biggest-weekly-loss/story.aspx?guid=%7B457AE65F%2DDA6A%2D4A7C%2DAAD2%2D59F9271AF981%7D



Crude oil for January delivery ended down $2.85, or 6.5%, at $40.81 a barrel on the New York Mercantile Exchange, the lowest closing level since December 2004. Oil lost 25% during the week, the largest drop since the week ended Jan. 18, 1991. In after-hour electronic trading, oil climbed back 2%.
Crude's weekly loss, the second biggest since oil futures started trading in 1983, surpassed the 24% decline recorded in the week ended March 21, 2003, when the U.S. government confirmed that coalition troops had seized control of Iraqi oil fields.

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Yeeaay!!! The energy crisis is over. Amerika's fabled lifestyle dodges the bullet. Ladies and gentlemen, start your engines.

[PetrusMonsFormicarum]

1. Doesn't appear to be doing squat

to home heating oil prices.

I'm going to spend the winter in a nice warm pub.

[Warpy]

4. I spent more than one oppressively hot night in Boston

snoozing in an all night biker movie theater in the Combat Zone.

If I drank, the pub might sound good for the winter.

[hoplophile]

11. Or food prices!

The cheep store brand sodas are still 1.20. Up .20 because of the high gas prices that are no longer high!:(

[TheWraith]

12. Oil dealers often sign contracts to lock in prices for the winter.

The irony is it's usually done to prevent increases in the price from causing havoc.

[wtmusic]

2. See? We don't need to be demanding electric cars from the Big Three

Plenty of gas for everyone.

[tridim]

3. So food prices should be dropping like a rock soon.

Right?

[TechBear_Seattle]

5. Riiiiiiight

:eyes:

[RC]

9. Like a cork on water...

[lapfog_1]

6. Undershoot. - n/t

[Strelnikov_]

21. Fire sale to raise cash n/t

[madrchsod]

7. should be around 45-55

remember the run up on oil was due the fake iranian war and bank and private speculation. it`s going lower

[louis-t]

8. Home heating oil and nat gas price going up.

Diesel is $1 a gallon more than reg. It's soooo obvious.

[MichellesBFF]

10. Question

What was the price per gallon the last time the price of a barrel of oil was $40?

[louis-t]

14. Good question. I think it was higher, over $2.

I do know Exxon-Mobil made record profits at $50 barrel.

[pscot]

15. As a matter of fact, natural gas

was trading earlier today for $5.83 per 10K btu. That's down from $12-plus last summer. There's some price gouging going on. No doubt about it.

[INdemo]

18. I use propane for heating and

I just paid $2.29 per gal...The explanation I got for the high price was that dealers purchased this seasons gas back in the summer and it won't go down until this contracted gas is sold..Is this believable coming from the dealer?

[pscot]

19. I would suggest you ask him again

while holding a`pistol to his head. Or you could your state Attorney Generals office. I think they handle consumer complaints.

[jpak]

13. $147 a barrel oil was NOT the result of speculation - just plain ol' supply and demand

Nope nope nope

[pscot]

16. There are some folks who are never going to accept that

They think it's as plain as a turtle on a fence post. Somebody had to have put up it there.

[oldnslo]

17. SUV sales soar....

Wouldn't you know it, sales of Them big bubbas of the hiways are starting to take off again. Some dumbasses never learn, and the big SUV lovers of the world are the dumbassedest of them all. They put 'em alongside the road with for sale signs when gas was $4 a gallon, now they're running out to buy replacements. That gene pool is definitely tainted.

[hunter]

20. It really sucks when my pessimism proves true...

Back in March I said this:

"If oil prices do go down (which they may) it will be entirely by demand destruction, not by the deflation of some supposed "bubble." If the price of sweet crude ever goes down to $60, as some here have suggested, look around then and you'll see the smoldering economic ruins of entire industries."

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=2990179&mesg_id=2997354