Oil prices tumble in biggest weekly drop ever...

Marine1 · 07-19-2008, 02:29 PM

NEW YORK (AP) - A stunning sell-off dragged oil prices to their biggest weekly drop ever and gas prices at the pump slipped by the more than they have at any point since February, giving consumers a rare breather in a year of record fuel prices.

Oil prices tumble in biggest weekly drop ever

NRAJOE · 07-19-2008, 02:33 PM

Heard everyone is worried now (people that are gouging us) and prices are falling due to Bush's aggressive stance on drilling off the coast and ANWAR.

The people have had enough!

I still think gas will stabilize around $2.50 gal for awhile...but the next time we'll really get bent over with no reach around!

TXplt · 07-19-2008, 02:37 PM

^ +1

If we'd open up drilling everywhere, you'd see oil below $100 a barrel within the week. $80 once OPEC saw we were serious. This is how the market works.

nathangdad · 07-19-2008, 02:39 PM

they are now driven by speculation and like all speculative price points there comes a time when the betters feel they need to back away before
massive amounts of betters back away.

ArkansasHunter · 07-19-2008, 02:56 PM

Crude Oil a barrel closed Friday at $128.xx a barrel. Oil Commodity trader's dumped a lot of there stocks Friday too.
I can't wait for Monday to get here to see if the fall continues.

I think the ones responsible for high Oil prices have had a wake up call !!!

With the announcement of off Shore drilling being opened up and the anger of the American people along with T-Bone or T-boone Pickens possibly going to spend millions to build Wind and Solar power Stations.

The ones responsible for the high Oil Prices have had the hand Bit that feeds them
Hardy Har Har LOL !

I'd almost bet if an energy company would annouce they were going to build a Nuke Power Plant, Oil will come down a lot more.

If you haven't heard the Dollar my be on the rebound too it was up last week.

Mike Franklin · 07-19-2008, 04:12 PM

Drilling or expansion of any other energy source is going to lower oil prices. There's big movement in the wind and solar power industry right now.
I do tip my hat to Pres. Bush, he's very correct that just the prospect of more drilling/production will drop prices.

Brother Bob · 07-19-2008, 04:30 PM

Most countries are into research and development mode right now. Hybrids are the rave and wind power is just around the corner. It doesn't take a rocket scientist to realize that global demand for oil is going to go down as alternative fuels and power are created. Supply and demand.

troy2000 · 07-19-2008, 05:40 PM

Quote:

Originally Posted by nathangdad

they are now driven by speculation and like all speculative price points there comes a time when the betters feel they need to back away before
massive amounts of betters back away.

I agree; it's been a speculator-driven market for a while now. The drop in prices started with the news that stocks on hand were much larger than expected, which backed off the quick-buck artists.

President Bush's announcement didn't hurt, but I seriously don't believe it's the force driving market movement.

Johnny_Revolver · 07-19-2008, 06:14 PM

Diesel was $1.80 a litre friday morning. Times 3.8 litres in a US gallon = $6.84 ...

If it goes over 2 bucks a litre ( and it will ) it`s going to start to really bite.

Not that it isn`t tough now, a man see`s a lot of trucks parked on the side of the road with FOR SALE on the windshield.

Pred · 07-19-2008, 07:01 PM

Better fill up over the weekend boys. The US and the UN, the talks they had with Iran today "stalled", and they gave them two weeks. Should be interesting to see how oil reacts next week.

GlockMeister · 07-19-2008, 07:27 PM

Well with all this gas a gallon near me is still like $4.19 a gallon. Hasn't affected it much around me as of yet? And I think it will stabilize more around $3- $3.50 a gallon more so then $2.50 a gallon. It hasn't been $2.50 a gallon near me for about 1½ yrs. or so...

Pred · 07-19-2008, 07:31 PM

Gas went from $4.15 a gallon, to $4.09, to $3.99, to $3.95. However it would be lower except KY decided to add another $.10 tax per gallon about a month ago.

nathangdad · 07-19-2008, 07:53 PM

I appreciate your agreement.

Someday, perhaps if ever retire, I would like to meet you and
take you out for a great steak or other favorite dinner of yours.

Brother Bob · 07-19-2008, 07:57 PM

Quote:

Originally Posted by nathangdad

I appreciate your agreement.

Someday, perhaps if ever retire, I would like to meet you and
take you out for a great steak or other favorite dinner of yours.

I agree, too! I like my steak cooked medium.

GDawg · 07-19-2008, 10:41 PM

I'll believe this when I see it for more than six months or a year. It's all a ruse for us to calm down and become the sleepy sheep we've become. And for the bastards in congress to have there summer vacations in the Hamptons on our dollar. (sorry about the language guys) Keep up the pressure. Don't be the typical lazy American to let them govern us in the way that they have been doing.

troy2000 · 07-20-2008, 02:50 AM

Quote:

Originally Posted by nathangdad

I appreciate your agreement.

Someday, perhaps if ever retire, I would like to meet you and
take you out for a great steak or other favorite dinner of yours.

We'll have to sneak off, or you'll be buying Bro' Bob and a few others dinner too...

Maybe we ought to just give up, light off the grill instead, and let 'em get in line...if we work it right, maybe they'll bring the beer or something.

Rave · 07-20-2008, 08:02 AM

Hopefully the lowering prices will bring a tunabout.
If we actually do start serious drilling,uncap those thousancs of inactive wells,build a few new refineries,(that will be a sure sign) a couple of nuclear power plants,then we may see some serious drops.
However,the media has been screaming about high gas prices,grocery prices up over 30%,candidates carrying on about alternative power sources,and it IS election time,so I dunno.

We can always hope.

TXplt · 07-20-2008, 08:11 AM

^ It's gotta be a multifaceted approach, and the threat of energy supply increases (by the US) in the near term has to be credible.

Seabeescotty · 07-20-2008, 10:09 AM

I got my fingers crossed! It would be nice to have more of that jingle in the pocket, rather than the fuel tank.

NRAJOE · 07-20-2008, 10:54 AM

Got gas today $3.67 a gal....still WAY too much, but slipping.

07-19-2008, 02:29 PM	#1
Marine1 Runnin' With The Big Dogs Join Date: Feb 2008 Location: Michigan Posts: 862 Images: 4	Oil prices tumble in biggest weekly drop ever... NEW YORK (AP) - A stunning sell-off dragged oil prices to their biggest weekly drop ever and gas prices at the pump slipped by the more than they have at any point since February, giving consumers a rare breather in a year of record fuel prices. Oil prices tumble in biggest weekly drop ever

07-19-2008, 02:33 PM	#2
NRAJOE Senior Member Join Date: Apr 2002 Location: Toledo,OH Posts: 19,252 Images: 3	Heard everyone is worried now (people that are gouging us) and prices are falling due to Bush's aggressive stance on drilling off the coast and ANWAR. The people have had enough! I still think gas will stabilize around $2.50 gal for awhile...but the next time we'll really get bent over with no reach around! __________________ U.S. Army 1976-1979 237th Combat Engineers Heilbronn, Germany

07-19-2008, 02:37 PM	#3
TXplt Conservative in Exile Join Date: Jan 2008 Location: Fort Worth, TX Posts: 3,186 Images: 4 Blog Entries: 2	^ +1 If we'd open up drilling everywhere, you'd see oil below $100 a barrel within the week. $80 once OPEC saw we were serious. This is how the market works. __________________ Old fighter pilots never die.....They just wind up in Texas

07-19-2008, 02:39 PM	#4
nathangdad Senior Member Join Date: Nov 2007 Posts: 2,905	I doubt anything by Bush affected oil prices as they are now driven by speculation and like all speculative price points there comes a time when the betters feel they need to back away before massive amounts of betters back away.

07-19-2008, 04:12 PM	#6
Mike Franklin Senior Member Join Date: Apr 2008 Location: Poteet, Texas Posts: 1,276	Drilling or expansion of any other energy source is going to lower oil prices. There's big movement in the wind and solar power industry right now. I do tip my hat to Pres. Bush, he's very correct that just the prospect of more drilling/production will drop prices. __________________ Aim real good we're nearly out of ammo.

07-19-2008, 02:56 PM	#5
ArkansasHunter Senior Member Join Date: Mar 2007 Location: South Arkansas Posts: 10,984	Crude Oil a barrel closed Friday at $128.xx a barrel. Oil Commodity trader's dumped a lot of there stocks Friday too. I can't wait for Monday to get here to see if the fall continues. I think the ones responsible for high Oil prices have had a wake up call !!! With the announcement of off Shore drilling being opened up and the anger of the American people along with T-Bone or T-boone Pickens possibly going to spend millions to build Wind and Solar power Stations. The ones responsible for the high Oil Prices have had the hand Bit that feeds them Hardy Har Har LOL ! I'd almost bet if an energy company would annouce they were going to build a Nuke Power Plant, Oil will come down a lot more. If you haven't heard the Dollar my be on the rebound too it was up last week.

07-19-2008, 04:30 PM	#7
Brother Bob The Mayor Join Date: Jul 2007 Location: Olive Branch, MS. Posts: 3,046 Blog Entries: 3	Most countries are into research and development mode right now. Hybrids are the rave and wind power is just around the corner. It doesn't take a rocket scientist to realize that global demand for oil is going to go down as alternative fuels and power are created. Supply and demand.

07-19-2008, 06:14 PM	#9
Johnny_Revolver Gun Liker Join Date: May 2005 Location: Queensland, Australia Posts: 1,222 Blog Entries: 6	Diesel was $1.80 a litre friday morning. Times 3.8 litres in a US gallon = $6.84 ... If it goes over 2 bucks a litre ( and it will ) it`s going to start to really bite. Not that it isn`t tough now, a man see`s a lot of trucks parked on the side of the road with FOR SALE on the windshield. __________________ It`s a good life, provided you don`t weaken.

07-19-2008, 07:01 PM	#10
Pred Banned Join Date: Aug 2005 Location: Kentucky Posts: 3,873 Blog Entries: 3	Better fill up over the weekend boys. The US and the UN, the talks they had with Iran today "stalled", and they gave them two weeks. Should be interesting to see how oil reacts next week.

07-19-2008, 07:27 PM	#11
GlockMeister Senior Member Join Date: Dec 2007 Location: Northern Illinois Posts: 6,252	Well with all this gas a gallon near me is still like $4.19 a gallon. Hasn't affected it much around me as of yet? And I think it will stabilize more around $3- $3.50 a gallon more so then $2.50 a gallon. It hasn't been $2.50 a gallon near me for about 1½ yrs. or so... __________________ I'd rather be tried by 12 than carried by 6!

07-19-2008, 07:31 PM	#12
Pred Banned Join Date: Aug 2005 Location: Kentucky Posts: 3,873 Blog Entries: 3	Gas went from $4.15 a gallon, to $4.09, to $3.99, to $3.95. However it would be lower except KY decided to add another $.10 tax per gallon about a month ago.

07-19-2008, 07:53 PM	#13
nathangdad Senior Member Join Date: Nov 2007 Posts: 2,905	Hooray troy2000 I appreciate your agreement. Someday, perhaps if ever retire, I would like to meet you and take you out for a great steak or other favorite dinner of yours.

07-19-2008, 10:41 PM	#15
GDawg Senior Member Join Date: Dec 2007 Location: Not in Colorado... anymore... Posts: 987	I'll believe this when I see it for more than six months or a year. It's all a ruse for us to calm down and become the sleepy sheep we've become. And for the bastards in congress to have there summer vacations in the Hamptons on our dollar. (sorry about the language guys) Keep up the pressure. Don't be the typical lazy American to let them govern us in the way that they have been doing. Last edited by GDawg; 07-20-2008 at 11:31 AM.

07-20-2008, 08:02 AM	#17
Rave Senior Member Join Date: Mar 2002 Location: Tampa Posts: 7,047	Hopefully the lowering prices will bring a tunabout. If we actually do start serious drilling,uncap those thousancs of inactive wells,build a few new refineries,(that will be a sure sign) a couple of nuclear power plants,then we may see some serious drops. However,the media has been screaming about high gas prices,grocery prices up over 30%,candidates carrying on about alternative power sources,and it IS election time,so I dunno. We can always hope. __________________ USAF '62-'66 .

07-20-2008, 08:11 AM	#18
TXplt Conservative in Exile Join Date: Jan 2008 Location: Fort Worth, TX Posts: 3,186 Images: 4 Blog Entries: 2	^ It's gotta be a multifaceted approach, and the threat of energy supply increases (by the US) in the near term has to be credible. __________________ Old fighter pilots never die.....They just wind up in Texas

07-20-2008, 10:09 AM	#19
Seabeescotty The ol' Coot Join Date: Dec 2007 Location: Jay, Oklahoma, God's country. Posts: 4,567 Images: 18 Blog Entries: 1	I got my fingers crossed! It would be nice to have more of that jingle in the pocket, rather than the fuel tank. __________________ Adapt, improvise, overcome.-Gysgt Highway, Heartbreak Ridge

07-20-2008, 10:54 AM	#20
NRAJOE Senior Member Join Date: Apr 2002 Location: Toledo,OH Posts: 19,252 Images: 3	Got gas today $3.67 a gal....still WAY too much, but slipping. __________________ U.S. Army 1976-1979 237th Combat Engineers Heilbronn, Germany