Oil prices close at 5-month low on US gas report

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Friday, November 21, 2008 5:11:46 AM

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GasBuddy News Article

Oil prices close at 5-month low on US gas report Friday, September 05, 2008
The Associated Press -- NEW YORK (AP) — Oil prices closed at their lowest level in five months Thursday as a lower-than-expected drop in U.S. gasoline supplies gave traders more reason to believe that a cooling economy is forcing Americans to drive less. Light, sweet crude for October delivery fell $1.46 to settle at $107.89 a barrel on the New York Mercantile Exchange. It was the lowest settlement price for a front-month contract since April 4. Crude prices have fallen for five straight sessions, extending an almost two-month slide as traders shift their attention away from supply-threatening storms and back toward a stronger dollar and evidence of falling demand.
Visit The Associated Press for full article

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JT Moderator	Message Posted: 9/5/2008 7:49:18 AM	Ignore JT Report Abuse
	Friday, September 05, 2008 The Associated Press -- NEW YORK (AP) — Oil prices closed at their lowest level in five months Thursday as a lower-than-expected drop in U.S. gasoline supplies gave traders more reason to believe that a cooling economy is forcing Americans to drive less. Light, sweet crude for October delivery fell $1.46 to settle at $107.89 a barrel on the New York Mercantile Exchange. It was the lowest settlement price for a front-month contract since April 4. Crude prices have fallen for five straight sessions, extending an almost two-month slide as traders shift their attention away from supply-threatening storms and back toward a stronger dollar and evidence of falling demand. Visit The Associated Press for full article

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FastAndy Champion Author Indianapolis Posts:1,821 Points:491,900 Joined:Jun 2007	Message Posted: 9/7/2008 12:12:27 PM	Ignore FastAndy Report Abuse
	Then why did are gas prices go up this week from $ 3.48 to $3.75, who is trying to rip us off and steal this money from us?
jb47 All-Star Author Shreveport Posts:507 Points:288,875 Joined:Aug 2007	Message Posted: 9/7/2008 9:24:58 AM	Ignore jb47 Report Abuse
	now we need gas pricecs to drop in relation to oil prices
dpgas Veteran Author New York Posts:488 Points:140,500 Joined:Oct 2004	Message Posted: 9/7/2008 8:54:23 AM	Ignore dpgas Report Abuse
	"Plug-in-Hybrid-Electric-Vehicle or PHEV’s are yet another possible answer. http://www.cleanmpg.com/forums/showthread.php?s=dc2d8fd31a7e29e0e6c9938d5232a7ec&t=196 text deleted The best idea of using solar panels to charge PHEV's or BEV's would be the solar car park, or home solar array! (issue is converted solar radiation at 15% efficiency per area solar radiation received, cost per solar panel - flexible ones to mate well with auto surfaces, and available auto upper or nearly flat areas) You will need about $20,000 worth of panels and controllers at todays prices, to get a good output for a days charge! Of course - if you have it - you are now insulated from grid outages, price increases, etc. Consider - full on sun at direct angle of 90 degrees on a 15 watt / 1 amp panel that costs about $150 Canadian at Canadian Tire for a reference - or see this GE 200 Watt pannel ($1,100 U.S.$ ea. ) for reference - about 38"" x 58"" x 1.5"" thk. {Correction: 2.2"" thk} with max amps at 7.6 http://shop.altenergystore.com/itemd...00~eq~~Tp~.htm Bottom Line - you don't have expandable solar panels like a sattelite (but if it interests you, you could design them with me if you like!) and - you are not just powering a radio transmitter like a sattelite! So - you need a LOT more power than you could get in a 6 - 8 hour period in a fixed roof + hood + truck coverage of solar cells. Better Fuel efficincy gains can be had by going with aerodynamic improvements done right - like Phil Knox's streamlined 1994 Toyota Tacoma pickup - http://www.evworld.com/view.cfm?sect...le&storyid=870 (newer article. - an older version of the story can be found here: http://www.evworld.com/view.cfm?sect...le&storyid=774 )"
dpgas Veteran Author New York Posts:488 Points:140,500 Joined:Oct 2004	Message Posted: 9/7/2008 8:53:20 AM	Ignore dpgas Report Abuse
	"Maybe we should try this: http://rapidshare.com/files/119450487/HydrogenConverter.pdf"
dpgas Veteran Author New York Posts:488 Points:140,500 Joined:Oct 2004	Message Posted: 9/7/2008 8:51:53 AM	Ignore dpgas Report Abuse
	"These days Senate is discussing to stop the $17 billion ""give away"" to oil companies. Please: search yahoo/google with ""senator message email [state name]"" for your senator and tell your thought about it! "
dpgas Veteran Author New York Posts:488 Points:140,500 Joined:Oct 2004	Message Posted: 9/7/2008 8:51:06 AM	Ignore dpgas Report Abuse
	"India Minister Blames Oil Surge on Speculators, Urges Price Cap ""Surely demand and supply cannot explain what has happened over the last 12 months,"" Chidambaram said. ""Oil prices were $70 a barrel in August 2007 and how is it that they've doubled when there has been no dramatic change in demand?"" Oil prices surged as financial institutions invested in the commodity through ""unregulated and highly opaque"" transactions, he said. U.S. Energy Secretary Samuel Bodman rejected yesterday calls to put greater control on the markets, and said a shortage of supply was responsible for pushing oil prices higher. He rejected the argument that speculators are leading the markets to record levels. http://www.bloomberg.com/apps/news?pid=20601080&sid=a1soSwhkWDkI&refer=asia"
dpgas Veteran Author New York Posts:488 Points:140,500 Joined:Oct 2004	Message Posted: 9/7/2008 8:48:36 AM	Ignore dpgas Report Abuse
	Still not enough! Waiting for $1-$2 to drive more, like before!
GasholeMI Champion Author Lansing Posts:1,490 Points:114,515 Joined:Jul 2008	Message Posted: 9/7/2008 8:47:19 AM	Ignore GasholeMI Report Abuse
	Great trend.
Rageagainsttm Champion Author Tampa Posts:1,907 Points:430,115 Joined:Jul 2007	Message Posted: 9/7/2008 7:35:02 AM	Ignore Rageagainsttm Report Abuse
	not enuff
Jacks45 Champion Author Michigan Posts:2,173 Points:438,000 Joined:Jul 2007	Message Posted: 9/7/2008 7:30:42 AM	Ignore Jacks45 Report Abuse
	Dollar is being speculated by the speculators.
dougrusty Veteran Author Illinois Posts:414 Points:111,110 Joined:Mar 2008	Message Posted: 9/7/2008 7:27:40 AM	Ignore dougrusty Report Abuse
	Old....
PioneerUrban All-Star Author West Virginia Posts:654 Points:129,985 Joined:Jun 2008	Message Posted: 9/7/2008 7:24:43 AM	Ignore PioneerUrban Report Abuse
	Yep
REVLAW Champion Author San Antonio Posts:2,104 Points:396,010 Joined:Jul 2007	Message Posted: 9/7/2008 7:22:46 AM	Ignore REVLAW Report Abuse
	Low compared to the spike (peak) ... exceedingly high compared to the level of a reasonable trend over time. Old news.
Somis1 Champion Author Ventura Posts:4,897 Points:1,062,225 Joined:Jul 2005	Message Posted: 9/7/2008 7:16:19 AM	Ignore Somis1 Report Abuse
	In spite of excuses for a run-up, the downward trend is holding, for now.
jrnascar Veteran Author Dayton Posts:276 Points:177,125 Joined:Jul 2006	Message Posted: 9/7/2008 7:14:22 AM	Ignore jrnascar Report Abuse
	Would be nice to see oil back down to $80 where it really should be.
EXTREMESNOW Champion Author Oregon Posts:1,191 Points:310,585 Joined:Jul 2006	Message Posted: 9/7/2008 7:13:49 AM	Ignore EXTREMESNOW Report Abuse
	LOVE GOOD NEWS NOW AND THEN.
hank1326 All-Star Author Los Angeles Posts:505 Points:126,730 Joined:Jun 2008	Message Posted: 9/7/2008 7:13:32 AM	Ignore hank1326 Report Abuse
	It is at 5-month low here in Southern California pre and post Gustav. However, keep on conserving, drive less and walk more.
Terrapinone All-Star Author Baltimore Posts:676 Points:550,605 Joined:May 2004	Message Posted: 9/7/2008 7:11:53 AM	Ignore Terrapinone Report Abuse
	keep the good news coming
PhilMay Champion Author Detroit Posts:1,051 Points:173,670 Joined:May 2008	Message Posted: 9/7/2008 7:07:02 AM	Ignore PhilMay Report Abuse
	√
Toppers All-Star Author Atlanta Posts:882 Points:857,875 Joined:Mar 2005	Message Posted: 9/7/2008 7:06:38 AM	Ignore Toppers Report Abuse
	Ike's a comin'!
rvnvet70 Champion Author Michigan Posts:1,836 Points:990,230 Joined:Sep 2005	Message Posted: 9/7/2008 7:01:24 AM	Ignore rvnvet70 Report Abuse
	Just wait until the middle of the week.
Pseudorious Veteran Author Philadelphia Posts:474 Points:220,575 Joined:Sep 2005	Message Posted: 9/7/2008 6:59:22 AM	Ignore Pseudorious Report Abuse
	That will change next week.
KCTraveler Champion Author Kansas City Posts:1,042 Points:81,790 Joined:Aug 2008	Message Posted: 9/7/2008 6:58:01 AM	Ignore KCTraveler Report Abuse
	Let's keep our fingers crossed that Ike doesn't mess up the gulf rigs and that the post Labor Day traditional drop in gas prices holds steay.
lukelewis Sophomore Author Kentucky Posts:143 Points:306,355 Joined:Jun 2006	Message Posted: 9/7/2008 6:57:09 AM	Ignore lukelewis Report Abuse
	I like that but the gas prices ain't reflecting that
Gassie1 Champion Author Akron Posts:4,397 Points:564,860 Joined:Apr 2007	Message Posted: 9/7/2008 6:55:03 AM	Ignore Gassie1 Report Abuse
	Oil prices and gasoline prices are only related when the price of oil goes up
radicale All-Star Author Calgary Posts:684 Points:183,525 Joined:Aug 2006	Message Posted: 9/7/2008 6:52:07 AM	Ignore radicale Report Abuse
	funny how gas has not followed oil in price change - NOT! Someone is getting rich and it isn't me.
GASHAMMERS Sophomore Author Kentucky Posts:147 Points:262,550 Joined:May 2007	Message Posted: 9/7/2008 6:44:29 AM	Ignore GASHAMMERS Report Abuse
	gas needs to follow drop of oil!
KingBiscuit Champion Author Raleigh Posts:3,118 Points:680,980 Joined:Aug 2006	Message Posted: 9/7/2008 6:42:35 AM	Ignore KingBiscuit Report Abuse
	FYI - the report was pre-Gustav.
TRAIN RIDER Champion Author San Bernardino Posts:1,145 Points:1,172,380 Joined:Oct 2004	Message Posted: 9/7/2008 6:41:14 AM	Ignore TRAIN RIDER Report Abuse
	GOOD FOR A FIVE MONTH LOW, BUT THEY SHOULD BE LOWER.
Rick01 All-Star Author Utah Posts:713 Points:778,015 Joined:Sep 2005	Message Posted: 9/7/2008 6:41:09 AM	Ignore Rick01 Report Abuse
	sure wish gas would follow oil!
qaqcsup Champion Author Michigan Posts:3,174 Points:131,635 Joined:Jun 2008	Message Posted: 9/7/2008 6:39:25 AM	Ignore qaqcsup Report Abuse
	Should the Associated Press change it's name to like, United Propaganda?
smama Sophomore Author Illinois Posts:160 Points:54,660 Joined:Jun 2008	Message Posted: 9/7/2008 6:32:28 AM	Ignore smama Report Abuse
	Gas prices having lowered in 3 weeks here in rural Illinois
Razzincain All-Star Author Kansas Posts:746 Points:527,135 Joined:Aug 2005	Message Posted: 9/7/2008 6:31:46 AM	Ignore Razzincain Report Abuse
	Lets get below 100 a barrel
Gassipper30mpg Veteran Author Rhode Island Posts:399 Points:104,860 Joined:Jul 2008	Message Posted: 9/7/2008 6:30:42 AM	Ignore Gassipper30mpg Report Abuse
	Keep posting. Use less.
s6sputnik Champion Author Austin Posts:2,186 Points:442,030 Joined:Jun 2007	Message Posted: 9/7/2008 6:28:30 AM	Ignore s6sputnik Report Abuse
	$80 a barrel by Christmas! Dollar 1= 1.25 Euro!
cudatim All-Star Author San Antonio Posts:738 Points:371,695 Joined:Jan 2007	Message Posted: 9/7/2008 6:27:14 AM	Ignore cudatim Report Abuse
	The more the better.
zivkam Veteran Author Dallas Posts:462 Points:196,600 Joined:Dec 2007	Message Posted: 9/7/2008 6:25:41 AM	Ignore zivkam Report Abuse
	Let gas fall too........
eddyp94 All-Star Author Ontario Posts:901 Points:226,305 Joined:Mar 2008	Message Posted: 9/7/2008 6:23:41 AM	Ignore eddyp94 Report Abuse
	gas prices have not moved in a week...
Price_Patrol Champion Author Cincinnati Posts:1,247 Points:469,970 Joined:Jun 2007	Message Posted: 9/7/2008 6:23:14 AM	Ignore Price_Patrol Report Abuse
	They claim Ike will strike the Gulf Coast. [Edited by: Price_Patrol at 9/7/2008 9:25:10 AM EST]
weenerdog Champion Author Detroit Posts:1,647 Points:302,085 Joined:Jan 2008	Message Posted: 9/7/2008 6:19:55 AM	Ignore weenerdog Report Abuse
	the gas prices havent gone down as much as the oil prices
dreamweaver7050 All-Star Author Louisiana Posts:670 Points:478,415 Joined:Sep 2006	Message Posted: 9/7/2008 6:18:13 AM	Ignore dreamweaver7050 Report Abuse
	pump price still hi
CSharpGuy Champion Author Colorado Springs Posts:1,281 Points:279,605 Joined:Jan 2008	Message Posted: 9/7/2008 6:18:11 AM	Ignore CSharpGuy Report Abuse
	Let's hope for a 12 month low.
GasholeMI Champion Author Lansing Posts:1,490 Points:114,515 Joined:Jul 2008	Message Posted: 9/7/2008 6:17:18 AM	Ignore GasholeMI Report Abuse
	"...as traders shift their attention away from supply-threatening storms..." Who are these traders? On our national news media, we only get politics and storm fears. Don't the traders watch the news?
Laser917 Champion Author Minnesota Posts:2,388 Points:798,055 Joined:Oct 2005	Message Posted: 9/7/2008 6:15:32 AM	Ignore Laser917 Report Abuse
	But our prices are keeping up aren't they?
reb4 Champion Author Chicago Posts:1,829 Points:198,335 Joined:Sep 2004	Message Posted: 9/7/2008 6:13:50 AM	Ignore reb4 Report Abuse
	get the prices down now!
evasilion All-Star Author Virginia Beach Posts:701 Points:132,320 Joined:Mar 2008	Message Posted: 9/7/2008 6:12:26 AM	Ignore evasilion Report Abuse
	Could have fooled me.
Martinman Champion Author Mississippi Posts:2,766 Points:553,770 Joined:Sep 2005	Message Posted: 9/7/2008 6:10:47 AM	Ignore Martinman Report Abuse
	go troll somewhere else
jmuse All-Star Author Long Island Posts:929 Points:189,775 Joined:May 2008	Message Posted: 9/7/2008 6:10:45 AM	Ignore jmuse Report Abuse
	If you liked Thursday, you'll love Friday.
Sandhog7 Veteran Author New York Posts:268 Points:110,650 Joined:Apr 2008	Message Posted: 9/7/2008 6:09:39 AM	Ignore Sandhog7 Report Abuse
	It's still higher than the current market rate.
Martinman Champion Author Mississippi Posts:2,766 Points:553,770 Joined:Sep 2005	Message Posted: 9/7/2008 6:08:55 AM	Ignore Martinman Report Abuse
	You can see a thunderstorm from space. It doesn't take a rocket scientist to realize you can also see a hurricane. Go troll somewhere else.