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:5,896 Points:330,330 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:5,896 Points:330,330 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:5,896 Points:330,330 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:5,896 Points:330,330 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:2,878 Points:847,920 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:1,589 Points:156,660 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:1,356 Points:284,725 Joined:Dec 2008	Message Posted: Jul 3, 2009 7:33:26 AM Ignore granma3xnow Report Abuse So lower the pump prices already!
paw4X Champion Author Gary Posts:4,388 Points:1,315,330 Joined:May 2005	Message Posted: Jul 3, 2009 7:32:50 AM Ignore paw4X Report Abuse Nice if the price of gas also falls.
kookiwoogi Champion Author Indiana Posts:2,989 Points:1,563,490 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:170,605 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:2,493 Points:1,119,460 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:6,662 Points:1,135,915 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:2,776 Points:545,290 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 All-Star Author Montreal Posts:752 Points:328,680 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:9,941 Points:1,941,825 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:2,103 Points:359,630 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:5,769 Points:1,227,155 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:3,175 Points:527,345 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:1,345 Points:364,555 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.
gr8oakOH Champion Author Akron Posts:1,884 Points:497,005 Joined:Nov 2007	Message Posted: Jul 3, 2009 7:08:51 AM Ignore gr8oakOH Report Abuse yup. the economy will not get better until we elect competant people
tankneverfull Champion Author Charlotte Posts:2,700 Points:528,695 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 Veteran Author Lansing Posts:447 Points:273,135 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:1,401 Points:289,085 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:1,217 Points:267,660 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:1,462 Points:286,860 Joined:Apr 2008	Message Posted: Jul 3, 2009 6:58:44 AM Ignore Ringmaster2008 Report Abuse Keep conserving
Hunter724 Champion Author New Hampshire Posts:1,719 Points:369,285 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:2,162 Points:393,115 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:2,069 Points:416,320 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:3,426 Points:1,371,325 Joined:Jul 2005	Message Posted: Jul 3, 2009 6:52:27 AM Ignore fratt Report Abuse Keep falling!!!
howdyIN Sophomore Author Indiana Posts:132 Points:26,220 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:6,626 Points:1,319,095 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:6,325 Points:1,372,755 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:2,481 Points:411,425 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:1,473 Points:305,765 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:1,266 Points:938,370 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:1,044 Points:301,210 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 All-Star Author Miami Posts:641 Points:261,600 Joined:Oct 2008	Message Posted: Jul 3, 2009 6:25:53 AM Ignore artyboy Report Abuse for now
Fataugie Veteran Author Rochester Posts:424 Points:225,610 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:1,135 Points:422,900 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:778 Points:558,135 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:1,584 Points:386,070 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:6,936 Points:1,372,060 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:338 Points:765,120 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:3,746 Points:461,065 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:1,417 Points:552,145 Joined:Nov 2007	Message Posted: Jul 3, 2009 6:01:09 AM Ignore stpetebp Report Abuse You Think!!
BigDogOH Champion Author Cincinnati Posts:2,143 Points:554,095 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:1,052 Points:375,265 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:8,422 Points:1,177,360 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.