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Author Topic: Oil falls 5.4 percent in biggest drop since 2004 ($114/barrel)  (Read 2425 times)

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Offline Wretched Excess

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Oil falls 5.4 percent in biggest drop since 2004 ($114/barrel)
« on: August 22, 2008, 06:08:57 PM »
good thing for The BarackStar! that john mccain isn't familiar with how many houses his wife owns  :whatever: , because the
price of gas is about to disappear as a campaign issue.

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Oil falls 5.4 percent in biggest drop since 2004

NEW YORK (Reuters) - Crude oil prices fell more than 5.4 percent on Friday in the biggest one-day slide since 2004 as dealers turned their focus to rising supply levels and weakening global demand.

A rebound in the U.S. dollar encouraged the sell-off, applying downward pressure across the commodities markets by weakening the purchasing power of buyers using other currencies, dealers said.

The slide adds to a more than 20 percent fall in the price of crude since mid-July and could increase the chance oil cartel OPEC will cut official production limits when the group meets in Vienna on September 9.

U.S. crude fell $6.59, or 5.4 percent, to settle at $114.59 a barrel -- the biggest fall in percentage terms since December 27, 2004. London Brent crude fell $6.24 to $113.92 a barrel.

"People who were buying yesterday are taking profits today," said Peter Beutel, analyst at consultancy Cameron Hanover. "There is also renewed technical selling and talk again of demand destruction. The dollar is strong again too."

More
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Offline Uhhuh35

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Re: Oil falls 5.4 percent in biggest drop since 2004 ($114/barrel)
« Reply #1 on: August 22, 2008, 06:54:31 PM »
Not necessarily. A liberal on another board seems to think it's because we've been driving less.  :whatever:
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Offline Chris

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Re: Oil falls 5.4 percent in biggest drop since 2004 ($114/barrel)
« Reply #2 on: August 22, 2008, 07:00:44 PM »
Quote from: Uhhuh35 on August 22, 2008, 06:54:31 PM
Not necessarily. A liberal on another board seems to think it's because we've been driving less.  :whatever:

A 2% reduction in oil use results in a 20% drop in price?  Must be that New Math the NEA teaches.  :confused:
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Offline Happy Fun Ball

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Re: Oil falls 5.4 percent in biggest drop since 2004 ($114/barrel)
« Reply #3 on: August 22, 2008, 07:30:26 PM »
Gee, what's ol' Captain Actionable (Atman) have to say about this one? Just a few hours ago, he said that gas was going down despite rising oil prices. It turns out that oil has been going down since around when Bush rescinded the executive ban on offshore drilling. That and the strengthening dollar is contributing a lot. Gas prices started plummeting a week later. Oil prices have been going down despite Russia's shenanigans. Yes, the oil price did go up yesterday (I thought it may have been because of Russia and Poland, but it could be that some people thought it was a good buying opportunity), but that was completely cancelled out today.
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Offline rich_t

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Re: Oil falls 5.4 percent in biggest drop since 2004 ($114/barrel)
« Reply #4 on: August 22, 2008, 11:43:57 PM »
I look forward to it getting below $100 dollars a barrel.

I for one have not started driving less.  Hell, I just drove from Ohio to Georgia and back last week.

Will be drving from Ohio to NJ and back in about 3 weeks.

I still do the same level local driving that I did prior to spike in gas prices.
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Offline Chris

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Re: Oil falls 5.4 percent in biggest drop since 2004 ($114/barrel)
« Reply #5 on: August 22, 2008, 11:46:02 PM »
Heard some pundit on the radio credit "some analysts" saying it could get as low as $90 a barrel before the home-heating-oil season starts.
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Offline rich_t

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Re: Oil falls 5.4 percent in biggest drop since 2004 ($114/barrel)
« Reply #6 on: August 22, 2008, 11:46:43 PM »
Quote from: Chris on August 22, 2008, 11:46:02 PM
Heard some pundit on the radio credit "some analysts" saying it could get as low as $90 a barrel before the home-heating-oil season starts.

I hope they are right Chris
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Offline Hawkgirl

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Re: Oil falls 5.4 percent in biggest drop since 2004 ($114/barrel)
« Reply #7 on: August 23, 2008, 01:37:07 AM »
I am taking a road trip to North Georgia for Labor Day weekend...I am very happy to see the continuing downward spiral. :-)
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