Oil falls below $140 a barrel - Twin Cities Gas Prices

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Thursday, August 28, 2008 3:18:32 AM

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GasBuddy News Article

Oil falls below $140 a barrel Tuesday, July 08, 2008
CNN Money -- VIENNA, Austria (AP) -- Oil prices swung below $140 a barrel Tuesday after a plunge of nearly $4 in the previous session, as the dollar strengthened and fears of a supply disruption faded. But analysts warned the pullback was likely to be fleeting. "The plunge is really a temporary bull correction and is viewed by the market as a buying opportunity," said Victor Shum, an analyst with Purvin & Gertz in Singapore. "We are also seeing the U.S. dollar easing a bit ... and that has helped support oil pricing."
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	Tuesday, July 08, 2008 CNN Money -- VIENNA, Austria (AP) -- Oil prices swung below $140 a barrel Tuesday after a plunge of nearly $4 in the previous session, as the dollar strengthened and fears of a supply disruption faded. But analysts warned the pullback was likely to be fleeting. "The plunge is really a temporary bull correction and is viewed by the market as a buying opportunity," said Victor Shum, an analyst with Purvin & Gertz in Singapore. "We are also seeing the U.S. dollar easing a bit ... and that has helped support oil pricing." Visit CNN Money for full article

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PathfinderSC All-Star Author South Carolina Posts:709 Points:129,500 Joined:Mar 2008	Message Posted: 7/12/2008 10:26:00 AM	Ignore PathfinderSC Report Abuse
	Watch out , They building us up for a big let down.
zippy452 Veteran Author Cincinnati Posts:260 Points:96,950 Joined:Oct 2006	Message Posted: 7/12/2008 8:31:07 AM	Ignore zippy452 Report Abuse
	It doesn't take long for this to be a dated topic, does it, since crude oil futures set a new inter-day high of $147.50 Friday.
ramboTX All-Star Author Dallas Posts:643 Points:124,270 Joined:Aug 2007	Message Posted: 7/12/2008 2:08:45 AM	Ignore ramboTX Report Abuse
	It won't last long. We won't benefit from it.
Gee_NY Sophomore Author Texas Posts:126 Points:193,090 Joined:Dec 2007	Message Posted: 7/9/2008 10:55:07 PM	Ignore Gee_NY Report Abuse
	Too bad the PUMPs do not show the PLUNGE!
niceguytx Champion Author Houston Posts:5,273 Points:1,022,695 Joined:Sep 2005	Message Posted: 7/9/2008 1:43:53 PM	Ignore niceguytx Report Abuse
	Good news! Enjoy!
cucamping Champion Author Omaha Posts:3,298 Points:728,390 Joined:Jun 2006	Message Posted: 7/9/2008 12:51:16 PM	Ignore cucamping Report Abuse
	no drop here.
letmathe Champion Author Chicago Posts:6,582 Points:1,625,310 Joined:May 2001	Message Posted: 7/9/2008 10:03:55 AM	Ignore letmathe Report Abuse
	good question
Rageagainsttm Champion Author Tampa Posts:1,479 Points:347,090 Joined:Jul 2007	Message Posted: 7/9/2008 9:53:54 AM	Ignore Rageagainsttm Report Abuse
	then y do some gas stations never drop prices anymore - when the price goes up you'll see these stations raise the price
rbrowdersr All-Star Author Detroit Posts:539 Points:387,955 Joined:Aug 2006	Message Posted: 7/9/2008 9:52:57 AM	Ignore rbrowdersr Report Abuse
	Still looking for a drop at the pump.
kittykatOH Rookie Author Toledo Posts:4 Points:180 Joined:Jul 2008	Message Posted: 7/9/2008 9:52:38 AM	Ignore kittykatOH Report Abuse
	Too many people getting rich with speculating on oil is going to keep it high and then we have the oil barons that don't want to see their profiteering bruised. Ethanol is NOT the answer, either. Just another form of speculating. (It would be nice if some "posters" would use their spell-check, too - I can't believe the awful spelling I come across reading these messages. Guess it provides a good laugh!)
esquared Champion Author Oklahoma City Posts:1,125 Points:573,525 Joined:Jan 2006	Message Posted: 7/9/2008 9:52:35 AM	Ignore esquared Report Abuse
	Blue Light Special: oil on sale at $140 bbl for the next ten minutes only!
Blackice Champion Author Twin Cities Posts:1,392 Points:439,975 Joined:Oct 2003	Message Posted: 7/9/2008 9:50:19 AM	Ignore Blackice Report Abuse
	EGOR you should be investing in silver and gold something you can actually hold in your hand. Plus UncleDunc and others would not think nothing of you profiting...
domer2 Veteran Author Gary Posts:447 Points:294,925 Joined:May 2007	Message Posted: 7/9/2008 9:49:53 AM	Ignore domer2 Report Abuse
	keep falling
letmathe Champion Author Chicago Posts:6,582 Points:1,625,310 Joined:May 2001	Message Posted: 7/9/2008 9:49:31 AM	Ignore letmathe Report Abuse
	OK But when will prices go down?
greywolves All-Star Author Las Vegas Posts:762 Points:852,825 Joined:Dec 2004	Message Posted: 7/9/2008 9:48:30 AM	Ignore greywolves Report Abuse
	this is not a trend yet.
ramshot412 Champion Author Riverside Posts:11,260 Points:1,127,775 Joined:Apr 2004	Message Posted: 7/9/2008 9:46:20 AM	Ignore ramshot412 Report Abuse
	Just as I've been predicting, the price of crude is going to go down.
ripped38 Rookie Author Michigan Posts:88 Points:14,255 Joined:Jun 2006	Message Posted: 7/9/2008 9:45:41 AM	Ignore ripped38 Report Abuse
	I don't buy the inventory numbers. With oil being at unreal highs, news about demand dropping, unexpected builds in gas inventories, and lower refinery utilization numbers, how can we still have a huge draw in oil? With less gasoline being used on top of less oil being refined into gasoline, how can we have anything but a build in gas? What am I missing?
roadkillGA All-Star Author Georgia Posts:815 Points:65,140 Joined:Jun 2008	Message Posted: 7/9/2008 9:41:22 AM	Ignore roadkillGA Report Abuse
	Found one Citgo Station with a Chevron cover blanketing its Citgo sign. I just hope that's one Venezaualian Company down.
MitchelSdReview Veteran Author South Dakota Posts:408 Points:76,580 Joined:Jun 2008	Message Posted: 7/9/2008 9:35:53 AM	Ignore MitchelSdReview Report Abuse
	Oil up 1.38 as of 9:35 CDT
ardmoretoday Veteran Author Oklahoma Posts:455 Points:374,805 Joined:May 2007	Message Posted: 7/9/2008 9:33:50 AM	Ignore ardmoretoday Report Abuse
	Hey "EGOR" be prepared to lose your backside on the investing of oil - the market will burst and it will not be a suttle shift. It will be sharp and painful and then we will be the laughing.
cantonbill Veteran Author Atlanta Posts:347 Points:98,775 Joined:Mar 2008	Message Posted: 7/9/2008 9:32:07 AM	Ignore cantonbill Report Abuse
	And Iran fires some missiles, and the price goes up again. Who wants to say that wasn't staged to keep prices high? I swear even the president, with his rhetoric, seems to want prices higher, instead of lower. How many oil company boards will he join after he's out of office?
UncleDunc Rookie Author Birmingham Posts:21 Points:16,250 Joined:Jun 2008	Message Posted: 7/9/2008 9:27:04 AM	Ignore UncleDunc Report Abuse
	(To Egor) First of all, I'm glad you are profiting from oil prices' 50% hike in the last year, but what about the majority of Americans. I sure hope you're being sarcastic rather than bragging about profiting from oil prices soaring while everyone is getting punished at the pump. It would be nice if all of us had enough extra cash to invest some in oil, but not everyone is that fortunate. So please be mindful of what and how you post messages on this site. Thanks!
laddyboy62 Champion Author Riverside Posts:1,155 Points:910,260 Joined:Mar 2005	Message Posted: 7/9/2008 9:24:37 AM	Ignore laddyboy62 Report Abuse
	and heading north this a.m. again
tazdriver Champion Author Alabama Posts:1,889 Points:487,475 Joined:Jan 2007	Message Posted: 7/9/2008 9:24:09 AM	Ignore tazdriver Report Abuse
	Drill now.
mcevoy22 Sophomore Author Utah Posts:154 Points:39,265 Joined:Jun 2008	Message Posted: 7/9/2008 9:23:21 AM	Ignore mcevoy22 Report Abuse
	As I have seen plenty of times before... Up, Up, Up, down, UP, UP, UP, down, UP, UP, etc.
rbdesigns Veteran Author Modesto Posts:330 Points:92,220 Joined:May 2008	Message Posted: 7/9/2008 9:22:21 AM	Ignore rbdesigns Report Abuse
	No one knows what is going to happen, not even the speculators that are the mail cause of the jump in prices.
Egor Champion Author Regina Posts:1,026 Points:511,190 Joined:Aug 2005	Message Posted: 7/9/2008 9:20:41 AM	Ignore Egor Report Abuse
	Good oil is down. I just invested lots more money in oil. I used to lose all my money whenever I invested. But now I can't lose with oil. I invested several months ago and it kept going up. Now I have even more and there is not way it is going down. I'm getting rich!!!!
kidmikey37 Veteran Author Nevada Posts:447 Points:117,705 Joined:Apr 2008	Message Posted: 7/9/2008 9:14:31 AM	Ignore kidmikey37 Report Abuse
	didn't last
sailormon Veteran Author Michigan Posts:445 Points:161,760 Joined:Jul 2007	Message Posted: 7/9/2008 9:14:26 AM	Ignore sailormon Report Abuse
	Yet I just read an opinion on a financial web site saying oil may pull back to $100! Come on, no one knows what this oil roller coster is going to do!
roydarecker Champion Author Minnesota Posts:2,540 Points:570,255 Joined:Sep 2006	Message Posted: 7/9/2008 9:13:06 AM	Ignore roydarecker Report Abuse
	Iran has plans to change that.
Egaser Sophomore Author Atlanta Posts:201 Points:101,185 Joined:Apr 2006	Message Posted: 7/9/2008 9:11:49 AM	Ignore Egaser Report Abuse
	buy,buy,buy!
NCSigma Champion Author Charlotte Posts:1,042 Points:80,145 Joined:Sep 2003	Message Posted: 7/9/2008 9:09:23 AM	Ignore NCSigma Report Abuse
	stoopid specualtors!
MetroManiac All-Star Author Rochester Posts:768 Points:74,795 Joined:Apr 2007	Message Posted: 7/9/2008 9:08:30 AM	Ignore MetroManiac Report Abuse
	this is already outdated news. Oil rebounds on Iranian missile launches
tomok Champion Author Portland Posts:7,945 Points:635,035 Joined:Aug 2006	Message Posted: 7/9/2008 9:03:47 AM	Ignore tomok Report Abuse
	It may fall now but it will be right back up there. And higher then what it is now.
vascojoe All-Star Author Washington Posts:750 Points:849,125 Joined:Aug 2005	Message Posted: 7/9/2008 9:03:23 AM	Ignore vascojoe Report Abuse
	Yes, but has he been accurate in the past.
rbdesigns Veteran Author Modesto Posts:330 Points:92,220 Joined:May 2008	Message Posted: 7/9/2008 8:58:54 AM	Ignore rbdesigns Report Abuse
	It didn't last, Iran had to go and shoot missles.
4wheel Champion Author Pittsburgh Posts:7,995 Points:1,055,815 Joined:Sep 2005	Message Posted: 7/9/2008 8:58:35 AM	Ignore 4wheel Report Abuse
	Dont look now but here comes hurricane season!!!
proverbs3 Rookie Author Detroit Posts:67 Points:21,610 Joined:May 2008	Message Posted: 7/9/2008 8:58:01 AM	Ignore proverbs3 Report Abuse
	I just saw a news clip on foture.com that the price per barrel is so volatile b/c of so many people investing in oil futures recently. They are discussing a way to identify those who are investing just to make some money, vs. those who are actually buying and receiving the futures in an effort to lower their consumption prices of oil, eg. air lines, etc.
popster1225 Rookie Author Florida Posts:5 Points:1,450 Joined:Jul 2008	Message Posted: 7/9/2008 8:57:02 AM	Ignore popster1225 Report Abuse
	We all can do something constructive......write your congressmen! We are being shafted by the Govt. because our representatives are more concerned about re-election rather than serving the American People. They are afraid of the wacko environmentalists. There are numerous things that can be done to greatly decrease our dependence on foreign; don't let our Govt. off the hook. The oil companies are NOT the problem.
Golfvdubb Rookie Author Washington Posts:1 Points:1,720 Joined:Jun 2008	Message Posted: 7/9/2008 8:56:43 AM	Ignore Golfvdubb Report Abuse
	All of these analyst keep speculating that oil will reach X amount by X day. And then the price of oil goes up, a word to all the analyst, "Shut Up!!!". Or start predicting that oil will drop below $100 a barrel, and I bet the prices would start coming down.
CrazyQ Champion Author Washington Posts:11,893 Points:1,376,575 Joined:Aug 2004	Message Posted: 7/9/2008 8:54:29 AM	Ignore CrazyQ Report Abuse
	Drill, drill, drill.
kkelkop Rookie Author Scranton Posts:91 Points:24,820 Joined:May 2008	Message Posted: 7/9/2008 8:51:52 AM	Ignore kkelkop Report Abuse
	It's not gonna last!
tobasco Champion Author Los Angeles Posts:2,758 Points:763,365 Joined:Mar 2004	Message Posted: 7/9/2008 8:51:04 AM	Ignore tobasco Report Abuse
	Now it is back up!
AC-302 Champion Author Los Angeles Posts:7,377 Points:1,232,305 Joined:Aug 2004	Message Posted: 7/9/2008 8:48:36 AM	Ignore AC-302 Report Abuse
	$140/bbl = $3.33/gallon JUST FOR THE OIL! Think about it. The raw material to make gasoline is 3/4 the price. Everyone's profit put together (including government taxes) is just a little over a buck!
scrounger Champion Author Vancouver Posts:5,870 Points:1,604,715 Joined:Mar 2003	Message Posted: 7/9/2008 8:48:00 AM	Ignore scrounger Report Abuse
	it will rebound
my3sons Champion Author New York Posts:1,204 Points:785,400 Joined:Aug 2005	Message Posted: 7/9/2008 8:47:27 AM	Ignore my3sons Report Abuse
	yipee maybe pump prices will follow
GWayne Veteran Author Florida Posts:445 Points:112,770 Joined:Mar 2008	Message Posted: 7/9/2008 8:45:05 AM	Ignore GWayne Report Abuse
	Let it keep falling.
Schwartzmdja Veteran Author Oklahoma City Posts:333 Points:112,635 Joined:Mar 2008	Message Posted: 7/9/2008 8:44:42 AM	Ignore Schwartzmdja Report Abuse
	: #
ladyjj All-Star Author Tennessee Posts:737 Points:76,740 Joined:Apr 2008	Message Posted: 7/9/2008 8:44:14 AM	Ignore ladyjj Report Abuse
	I saw gas prices jump up yesterday 4cents in some places. I wonder why but I guess that is just one those things it lowers on the stock market and jumps even higher at the pump!
rod1965 Veteran Author Portland Posts:393 Points:50,290 Joined:Jul 2007	Message Posted: 7/9/2008 8:43:20 AM	Ignore rod1965 Report Abuse
	When I see it at the pump I will care.