GasBuddy News Article

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Oil falls towards $67, focus on weak U.S. economy

The Washington Post -- LONDON (Reuters) - Swelling gasoline stocks and a far bigger than expected rise in U.S. unemployment drove oil markets down around $2 on Thursday toward $67 a barrel.

In the latest signal the economy of the world's biggest energy consumer was still struggling, data on Thursday showed U.S. employers had cut 467,000 jobs in June and the unemployment rate had risen to 9.5 percent.

U.S. crude fell $2.02 to $67.19 a barrel by 9:07 a.m. EDT. The contract settled 58 cents lower at $69.31 on Wednesday.

London Brent crude dropped by $1.78 to $67.01.

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Submitted Jul 02, 2009 By: GM

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honda0105 Champion Author Tallahassee Posts:8,218 Points:461,155 Joined:Nov 2008	Message Posted: Jul 4, 2009 10:30:28 AM Ignore honda0105 Report Abuse let's hope the barrel price for futures will fall more so that Big Oil HOPEFULLY has no reason to jack up pump prices when August 'cane season rolls around.
honda0105 Champion Author Tallahassee Posts:8,218 Points:461,155 Joined:Nov 2008	Message Posted: Jul 4, 2009 10:29:48 AM Ignore honda0105 Report Abuse I think my cracked and cloudy crystal ball is a better predictor of future price fluctuations than any of the alleged expert writers I've seen.
honda0105 Champion Author Tallahassee Posts:8,218 Points:461,155 Joined:Nov 2008	Message Posted: Jul 4, 2009 10:22:47 AM Ignore honda0105 Report Abuse Wishing everyone a happy and safe 4th of July and thank you to all military folks who make another safe one possible.
honda0105 Champion Author Tallahassee Posts:8,218 Points:461,155 Joined:Nov 2008	Message Posted: Jul 4, 2009 10:22:08 AM Ignore honda0105 Report Abuse drive less, safe more, keep conserving.
Marson Champion Author Scranton Posts:3,533 Points:977,545 Joined:Oct 2006	Message Posted: Jul 3, 2009 7:36:44 AM Ignore Marson Report Abuse In the $66 range this morning.
outlaw49 Champion Author Michigan Posts:2,372 Points:242,310 Joined:Jan 2009	Message Posted: Jul 3, 2009 7:33:47 AM Ignore outlaw49 Report Abuse Prices should go down but wont go where it should be for what the oil is a barrel
granma3xnow Champion Author Indiana Posts:1,998 Points:410,675 Joined:Dec 2008	Message Posted: Jul 3, 2009 7:33:26 AM Ignore granma3xnow Report Abuse So lower the pump prices already!
Paw5X Champion Author Gary Posts:4,974 Points:1,419,985 Joined:May 2005	Message Posted: Jul 3, 2009 7:32:50 AM Ignore Paw5X Report Abuse Nice if the price of gas also falls.
kookiwoogi Champion Author Indiana Posts:2,997 Points:1,678,875 Joined:May 2004	Message Posted: Jul 3, 2009 7:32:01 AM Ignore kookiwoogi Report Abuse Keep falling.
JustjoeWI Veteran Author Milwaukee Posts:397 Points:205,130 Joined:Sep 2008	Message Posted: Jul 3, 2009 7:29:01 AM Ignore JustjoeWI Report Abuse Show Prices should go down. Right?
Rick01 Champion Author Utah Posts:3,156 Points:1,245,360 Joined:Sep 2005	Message Posted: Jul 3, 2009 7:28:08 AM Ignore Rick01 Report Abuse Too bad it will never fall at the pumps.
turbosaab Champion Author Cleveland Posts:7,560 Points:1,266,515 Joined:Sep 2006	Message Posted: Jul 3, 2009 7:24:39 AM Ignore turbosaab Report Abuse This is good news.
foxups Champion Author Toledo Posts:3,252 Points:645,060 Joined:Feb 2004	Message Posted: Jul 3, 2009 7:22:44 AM Ignore foxups Report Abuse the price of oil should not rule the economy
goldilox88 Champion Author Montreal Posts:1,412 Points:457,630 Joined:Jun 2008	Message Posted: Jul 3, 2009 7:22:22 AM Ignore goldilox88 Report Abuse when they say "falls", it sounds like it would translate at the pump but the price of gas is only going up no matter the 'fall'.
Bus561 Champion Author Lexington Posts:10,614 Points:2,072,425 Joined:May 2004	Message Posted: Jul 3, 2009 7:22:10 AM Ignore Bus561 Report Abuse Come on down to at least $10.00 per barrel. I hope they have cut their noses off to spite their faces.
mdmtnbiker Champion Author District of Columbia Posts:1,619 Points:329,960 Joined:May 2004	Message Posted: Jul 3, 2009 7:17:03 AM Ignore mdmtnbiker Report Abuse The price of oil should come down more. The economy is still in recovery and the oil speculators got a bit ahead of themselves.
biza4u Champion Author New Haven Posts:2,761 Points:489,255 Joined:Jan 2007	Message Posted: Jul 3, 2009 7:15:10 AM Ignore biza4u Report Abuse Down Down Down goes the profits of OPEC
lpj Champion Author Macon Posts:6,423 Points:1,356,935 Joined:Apr 2006	Message Posted: Jul 3, 2009 7:12:24 AM Ignore lpj Report Abuse at the pump went up 5 cents !!
olcowboy14 Champion Author Spokane Posts:3,835 Points:620,095 Joined:Jul 2007	Message Posted: Jul 3, 2009 7:11:49 AM Ignore olcowboy14 Report Abuse I also have to agree with nb52. It would seem that the oil companies would lower their prices to get their cash flow going. Gasoline sitting around doesn't make them any money. In other words make a nickel instead of holding out for a dime.
PaylessKY Champion Author Kentucky Posts:2,325 Points:495,155 Joined:Oct 2008	Message Posted: Jul 3, 2009 7:09:19 AM Ignore PaylessKY Report Abuse Keep the prices of oil and gas coming down.
tankneverfull Champion Author Charlotte Posts:3,372 Points:659,295 Joined:Apr 2008	Message Posted: Jul 3, 2009 7:08:33 AM Ignore tankneverfull Report Abuse Funny, it should have never been near $67 on "real" economic data but then why would anyone use "real" data, apparently it only gets in the way.
dave364 All-Star Author Lansing Posts:827 Points:386,335 Joined:Nov 2007	Message Posted: Jul 3, 2009 7:06:49 AM Ignore dave364 Report Abuse Have to agree with nb52
nb52 Champion Author Grand Rapids Posts:2,063 Points:419,685 Joined:Nov 2008	Message Posted: Jul 3, 2009 7:01:34 AM Ignore nb52 Report Abuse ...and the economy will not improve with the current bunch of politicians in D.C.
Doubleeez Champion Author Connecticut Posts:1,881 Points:395,200 Joined:Sep 2005	Message Posted: Jul 3, 2009 7:00:40 AM Ignore Doubleeez Report Abuse Don't care why it's going down - just make sure it keeps going down.
Ringmaster2008 Champion Author Ontario Posts:2,117 Points:383,310 Joined:Apr 2008	Message Posted: Jul 3, 2009 6:58:44 AM Ignore Ringmaster2008 Report Abuse Keep conserving
Hunter724 Champion Author New Hampshire Posts:2,379 Points:500,725 Joined:Sep 2008	Message Posted: Jul 3, 2009 6:58:17 AM Ignore Hunter724 Report Abuse Would like to see the bottom fall out of oil prices and settle around $10 a `barrel......... [Edited by: Hunter724 at 7/3/2009 6:59:21 AM EST]
Weirdomania1 Champion Author Orange County Posts:2,611 Points:478,820 Joined:Jan 2008	Message Posted: Jul 3, 2009 6:58:07 AM Ignore Weirdomania1 Report Abuse ok... im ready for the next excuse as to why the prices at the pump will still be rising....
DTGas Champion Author Ontario Posts:2,115 Points:426,115 Joined:Feb 2008	Message Posted: Jul 3, 2009 6:57:38 AM Ignore DTGas Report Abuse 50 cents is low (gal.)
Prescottonian Champion Author Ontario Posts:1,183 Points:527,395 Joined:Aug 2007	Message Posted: Jul 3, 2009 6:54:13 AM Ignore Prescottonian Report Abuse $50.00 per barrel should be more than adequate.
fratt Champion Author Grand Rapids Posts:4,086 Points:1,501,755 Joined:Jul 2005	Message Posted: Jul 3, 2009 6:52:27 AM Ignore fratt Report Abuse Keep falling!!!
howdyIN Sophomore Author Indiana Posts:142 Points:39,795 Joined:Jun 2008	Message Posted: Jul 3, 2009 6:46:07 AM Ignore howdyIN Report Abuse this has been the case since January, people being laid off every day , and just now they see it? how stupid can a person be? Drop the price where it should have been LONG ago and some of those companys would NOT have had to lay off or SHUT DOWN! All for the oil co to make billions.
AvantiMick Champion Author Indiana Posts:7,251 Points:1,444,310 Joined:Dec 2005	Message Posted: Jul 3, 2009 6:43:36 AM Ignore AvantiMick Report Abuse Again, then why did gas jump 10 cents on Wed.???
NJColt Champion Author New Jersey Posts:6,985 Points:1,503,355 Joined:Aug 2005	Message Posted: Jul 3, 2009 6:41:27 AM Ignore NJColt Report Abuse Yeah, MORE focus on bad economy LESS on market manipulation
Jamer Champion Author Orange County Posts:3,146 Points:537,150 Joined:Jul 2002	Message Posted: Jul 3, 2009 6:35:54 AM Ignore Jamer Report Abuse Less jobs equals less people driving. It's about time OPEC and the oil companies get the big picture. Thank God for the new regulator's new enforcement rules. This was long overdue, the speculators were manipulating the market for their own profit and greed.
doncNJ Champion Author New Jersey Posts:1,998 Points:411,340 Joined:Oct 2008	Message Posted: Jul 3, 2009 6:34:25 AM Ignore doncNJ Report Abuse employment is down and oil is down.
QueenMother Champion Author New Hampshire Posts:1,907 Points:1,061,215 Joined:May 2006	Message Posted: Jul 3, 2009 6:34:06 AM Ignore QueenMother Report Abuse When can we expect to see the price go down at the pumps?
jwalkerh Champion Author Louisiana Posts:1,438 Points:408,985 Joined:Oct 2008	Message Posted: Jul 3, 2009 6:30:55 AM Ignore jwalkerh Report Abuse Give me a break, a far bigger rise in unemployment than expected. Where are they getting their information? Looks like they actually believe all this speculation. Nothing has changed in our state of the economy except more job losses and foreclosures.
artyboy Champion Author Miami Posts:1,299 Points:389,415 Joined:Oct 2008	Message Posted: Jul 3, 2009 6:25:53 AM Ignore artyboy Report Abuse for now
Fataugie Veteran Author Rochester Posts:438 Points:243,515 Joined:Oct 2006	Message Posted: Jul 3, 2009 6:21:46 AM Ignore Fataugie Report Abuse It's falling back because some jackass trader did "unauthorized trades" http://www.ft.com/cms/s/0/e0ae2b2a-66f7-11de-925f-00144feabdc0.html
DrCashFlow Champion Author Massachusetts Posts:1,712 Points:542,445 Joined:Jun 2008	Message Posted: Jul 3, 2009 6:17:15 AM Ignore DrCashFlow Report Abuse nothing much new so far this year, as prices have steadily increased since late winter in anticipation of the summer driving season, as has been the case virtually every other year, and look likely to top out seasonally within the next week or two ... and perhaps already have.
JNewkirk All-Star Author Arkansas Posts:809 Points:588,555 Joined:Sep 2005	Message Posted: Jul 3, 2009 6:12:52 AM Ignore JNewkirk Report Abuse Down is VERY good. And keep up with more of the same.
dhawk24 Champion Author Maine Posts:2,234 Points:511,660 Joined:Jul 2008	Message Posted: Jul 3, 2009 6:12:22 AM Ignore dhawk24 Report Abuse Down is good..
westover Champion Author New Jersey Posts:7,604 Points:1,502,640 Joined:Nov 2005	Message Posted: Jul 3, 2009 6:08:51 AM Ignore westover Report Abuse Let us see the gas prices falling
SCSDOG Veteran Author Toledo Posts:352 Points:776,875 Joined:Apr 2004	Message Posted: Jul 3, 2009 6:06:52 AM Ignore SCSDOG Report Abuse our sinking dollar is driven by the outragous spending by Obama and Congress
GasholeMI Champion Author Lansing Posts:4,426 Points:591,665 Joined:Jul 2008	Message Posted: Jul 3, 2009 6:02:04 AM Ignore GasholeMI Report Abuse Pump prices should be lower still. Tankers are lined up ready to unload oil except there is no place to unload it because the land based tanks are full too. There is no demand. The only thing driving prices is our sinking dollar.
stpetebp Champion Author Tampa Posts:2,090 Points:675,370 Joined:Nov 2007	Message Posted: Jul 3, 2009 6:01:09 AM Ignore stpetebp Report Abuse You Think!!
BigDogOH Champion Author Cincinnati Posts:2,765 Points:676,895 Joined:Mar 2008	Message Posted: Jul 3, 2009 5:59:09 AM Ignore BigDogOH Report Abuse Obama is bowling to OPEC
mdegug Champion Author Rochester Posts:1,060 Points:389,925 Joined:Jul 2008	Message Posted: Jul 3, 2009 5:57:42 AM Ignore mdegug Report Abuse not around here
BoerneWatch Champion Author San Antonio Posts:9,150 Points:1,307,960 Joined:Oct 2005	Message Posted: Jul 3, 2009 5:42:19 AM Ignore BoerneWatch Report Abuse If the same numbers were present 10 years ago, we would be at $10 a barrel.
Petrock Champion Author Lexington Posts:3,606 Points:1,441,185 Joined:Apr 2005	Message Posted: Jul 3, 2009 5:41:19 AM Ignore Petrock Report Abuse The price of oil goes up, the price of oil goes down. Recently it seems to want to hang out around $65 to $70 per barrel.