GasBuddy News Article

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Oil edges down toward US$76 amid economic uncertainty

http://www.winnipegfreepress.com/ -- NEW YORK - Oil prices fell below US$77 a barrel on Friday on a stronger U.S. dollar and amid concern about the strength of the global economic recovery.

Benchmark crude gave up 74 cents to settle at $76.72 a barrel on the last trading day for the December contract. Crude prices for January delivery lost 58 cents to settle at $77.47.

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Submitted Nov 20, 2009 By: Mooseman1

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alterman156 Champion Author New York Posts:1,630 Points:410,450 Joined:Dec 2008	Message Posted: Nov 21, 2009 9:53:14 PM Ignore alterman156 Report Abuse If demand for oil continues to remain weak, the price could drop further.
spiderjay Champion Author Little Rock Posts:2,090 Points:503,180 Joined:Oct 2005	Message Posted: Nov 21, 2009 7:19:23 PM Ignore spiderjay Report Abuse when it drops below $70 come talk to me
remay Champion Author Houston Posts:1,365 Points:984,630 Joined:May 2006	Message Posted: Nov 21, 2009 10:25:47 AM Ignore remay Report Abuse probably will go up since a travel week is coming...
gs7101 All-Star Author San Antonio Posts:935 Points:66,340 Joined:Jun 2009	Message Posted: Nov 21, 2009 9:32:29 AM Ignore gs7101 Report Abuse This a weekly trend -- oil prices fall on Friday, rise back up on Monday.
silverfox63 Champion Author Michigan Posts:2,489 Points:498,690 Joined:Oct 2008	Message Posted: Nov 21, 2009 9:16:25 AM Ignore silverfox63 Report Abuse With only a few days before Thanksgiving, they will find ways to jack up the prices even more. This downward price trend the last few days will not last. The speculators will see to that.
DerHahn Champion Author Illinois Posts:7,120 Points:976,710 Joined:May 2004	Message Posted: Nov 21, 2009 8:49:20 AM Ignore DerHahn Report Abuse the speculators will find a reason to jack prices back up. if they were actually worried about the economy, oil prices would have never reached record levels last year causing the mess we are in now.
lovelakota Veteran Author Detroit Posts:314 Points:588,405 Joined:Apr 2006	Message Posted: Nov 21, 2009 5:44:22 AM Ignore lovelakota Report Abuse Earlier in the week it was up a couple dollars on "signs that pointed to economic recovery." These stupid excuses the media give or the experts they quote every day to explain the fluctuating price of oil are ridiculous. How is there economic recovery Monday and economic uncertainy Friday?
fratt Champion Author Grand Rapids Posts:4,071 Points:1,498,830 Joined:Jul 2005	Message Posted: Nov 21, 2009 5:42:36 AM Ignore fratt Report Abuse Keep falling!!!
JoeKR Champion Author New Jersey Posts:4,220 Points:997,170 Joined:Feb 2006	Message Posted: Nov 20, 2009 11:43:21 PM Ignore JoeKR Report Abuse My corner station must not have known that when they raised their prices 6 cents overnight.
mstearno Champion Author Dayton Posts:3,058 Points:636,040 Joined:Jan 2008	Message Posted: Nov 20, 2009 11:35:33 PM Ignore mstearno Report Abuse if the recession were over the price would be going up not down
BartBuzz Champion Author Atlanta Posts:3,026 Points:636,885 Joined:Aug 2006	Message Posted: Nov 20, 2009 11:30:35 PM Ignore BartBuzz Report Abuse $76! Wow! The recession must be over. But just in case....keep conserving.
phurburger Champion Author Atlanta Posts:2,201 Points:460,125 Joined:Oct 2005	Message Posted: Nov 20, 2009 11:19:34 PM Ignore phurburger Report Abuse whoo whooo. It's artificially high by double its value & has been for some time. Let's see it come down to reasonable prices in the low $40's.
milespergallon Champion Author Illinois Posts:4,287 Points:927,095 Joined:Feb 2007	Message Posted: Nov 20, 2009 11:17:31 PM Ignore milespergallon Report Abuse This is not a 'fall'. Dropping in half would be a FALL
SSchmidty Champion Author Illinois Posts:3,464 Points:661,265 Joined:Mar 2008	Message Posted: Nov 20, 2009 11:15:04 PM Ignore SSchmidty Report Abuse Even pig-oil is only a commodity without long term invincibility
fasu007 Veteran Author South Carolina Posts:411 Points:557,700 Joined:Jun 2008	Message Posted: Nov 20, 2009 11:14:30 PM Ignore fasu007 Report Abuse Keep going.
Number43 Champion Author Lexington Posts:2,638 Points:510,445 Joined:Oct 2008	Message Posted: Nov 20, 2009 11:13:52 PM Ignore Number43 Report Abuse Oil should be a lot cheaper than $76.00
altima2008 Champion Author Philadelphia Posts:2,373 Points:596,080 Joined:Apr 2008	Message Posted: Nov 20, 2009 11:03:09 PM Ignore altima2008 Report Abuse Nobama can't be to happy about this!
Skyeja All-Star Author New Hampshire Posts:555 Points:410,295 Joined:Sep 2008	Message Posted: Nov 20, 2009 10:59:33 PM Ignore Skyeja Report Abuse Lately it seems the opposite happens here when they mention going up or down. Right now its on the trend of up. With Thanksgiving coming, hardly a surprise with it going up now.
woodeye55 Champion Author Gary Posts:2,049 Points:757,695 Joined:Mar 2006	Message Posted: Nov 20, 2009 10:56:50 PM Ignore woodeye55 Report Abuse BHO won't let this last long.
idigau22 Champion Author Modesto Posts:15,954 Points:2,208,110 Joined:Apr 2003	Message Posted: Nov 20, 2009 10:55:01 PM Ignore idigau22 Report Abuse YAWN!!!!
BamaPack All-Star Author Atlanta Posts:781 Points:196,950 Joined:Sep 2008	Message Posted: Nov 20, 2009 10:51:14 PM Ignore BamaPack Report Abuse prices inched up here...hopefully the downward trend will start soon
carlsonguitars Champion Author Portland Posts:3,505 Points:563,615 Joined:Jan 2008	Message Posted: Nov 20, 2009 10:49:07 PM Ignore carlsonguitars Report Abuse uh........ that's not DOWN...... Down is, say, $25 a barrel, WHERE IT SHOULD BE!!!!!!!!! We should NEVER see oil peak $40 a barrel, so why is it about DOUBLE of what it SHOULD BE?!?!?!?! UGH!
eagleeye2008 Champion Author Wisconsin Posts:3,124 Points:589,090 Joined:Jul 2008	Message Posted: Nov 20, 2009 10:44:25 PM Ignore eagleeye2008 Report Abuse too soon to see any change at the pumps !!
Bleeder Champion Author Virginia Posts:3,105 Points:654,580 Joined:Jan 2008	Message Posted: Nov 20, 2009 10:37:51 PM Ignore Bleeder Report Abuse It needs to do more than just "edge" down. It has been steady up in the $70s for too long now.
cincidap Champion Author Cincinnati Posts:2,810 Points:551,250 Joined:Sep 2006	Message Posted: Nov 20, 2009 10:33:52 PM Ignore cincidap Report Abuse Relief at the pump won't come until it falls below $70.
bad_sailor Champion Author London Posts:2,129 Points:555,905 Joined:Dec 2007	Message Posted: Nov 20, 2009 10:31:37 PM Ignore bad_sailor Report Abuse It sure would be nice to see the pump prices fall.
Grismer Champion Author Kitchener-Waterloo Posts:2,929 Points:613,955 Joined:Apr 2008	Message Posted: Nov 20, 2009 10:31:04 PM Ignore Grismer Report Abuse A very thin edge downward.
dkinsf Champion Author San Jose Posts:2,367 Points:666,710 Joined:Mar 2007	Message Posted: Nov 20, 2009 10:29:13 PM Ignore dkinsf Report Abuse So oil goes up and it goes down. The trend is still up and we still need alternatives.
Chris46 Champion Author Dayton Posts:9,142 Points:1,099,585 Joined:Sep 2005	Message Posted: Nov 20, 2009 10:26:35 PM Ignore Chris46 Report Abuse Finally, the prices of gas have come back to earth a little!
ssect8 Champion Author Hartford Posts:2,219 Points:1,072,815 Joined:Jun 2006	Message Posted: Nov 20, 2009 10:20:30 PM Ignore ssect8 Report Abuse Nothing new, oil goes up and down every minute of every day.
paulydel Champion Author Delaware Posts:3,505 Points:408,010 Joined:Jan 2008	Message Posted: Nov 20, 2009 10:05:22 PM Ignore paulydel Report Abuse Up and down round and round.
RobRD Champion Author Alberta Posts:3,693 Points:868,820 Joined:Jul 2007	Message Posted: Nov 20, 2009 10:01:38 PM Ignore RobRD Report Abuse Prices need to drop another twenty bucks to meet the supply currently on the market.
RoadRover Champion Author Jacksonville Posts:2,673 Points:388,480 Joined:May 2004	Message Posted: Nov 20, 2009 10:00:27 PM Ignore RoadRover Report Abuse If it wasn't for speculators playing with oil prices, it would have to stay down! The economy hasn't been getting better. They play with the numbers to make it LOOK like things are moving. Everything is STILL slowing down, for example, AOL is now laying off 2500. mediamemo.allthingsd.com/.../aol-we-need-to-fire-2500-volunteers/ IF things were getting BETTER this would NOT be happening! Keep your money in your pockets as many RAINY DAYS are coming!
truckguy115 All-Star Author Orange County Posts:704 Points:110,295 Joined:Apr 2008	Message Posted: Nov 20, 2009 9:58:55 PM Ignore truckguy115 Report Abuse i'm not optomistic that this downward trend will continue for much longer.
DanMtz Veteran Author Oakland Posts:397 Points:152,600 Joined:Oct 2009	Message Posted: Nov 20, 2009 9:53:28 PM Ignore DanMtz Report Abuse Good. The price of gas is starting to slide around here (CA).
TBONE3 Champion Author Pennsylvania Posts:3,017 Points:832,520 Joined:Mar 2005	Message Posted: Nov 20, 2009 9:42:12 PM Ignore TBONE3 Report Abuse That's nice bit I think Ill wait before I celebrate!
wiwhite87 All-Star Author Indiana Posts:710 Points:63,990 Joined:May 2009	Message Posted: Nov 20, 2009 9:38:22 PM Ignore wiwhite87 Report Abuse Down a couple... it'll yo-yo again.
KrispyKreme Champion Author Richmond Posts:14,057 Points:1,870,695 Joined:Oct 2003	Message Posted: Nov 20, 2009 9:34:04 PM Ignore KrispyKreme Report Abuse "Now that summer driving season is over it should be coming down. Has a long ways to go to get to $38.00 like last year at this time." - WCCurtis Oil didn't drop to $38 last year because of the end of the driving season, it fell because the bottom fell out of the economy. $38 oil would also require the Dow to crash to 6,000 again. So which would you rather, cheap gas, or a dead stock market? "squeeze as much money out of the Red States as I possibly could." NavyStore I don't get that comment. [Edited by: KrispyKreme at 11/20/2009 9:34:37 PM EST]
NavyStore Champion Author Seattle Posts:1,872 Points:1,017,915 Joined:Aug 2005	Message Posted: Nov 20, 2009 9:27:45 PM Ignore NavyStore Report Abuse Has nothing to do with prices at the pump. But, if I had about $30 million dollars I'd certainly be investing in oil futures and trying to squeeze as much money out of the Red States as I possibly could. (ROFLMAO!!)
PissedCanuck Champion Author Toronto Posts:3,145 Points:682,075 Joined:Nov 2006	Message Posted: Nov 20, 2009 9:27:22 PM Ignore PissedCanuck Report Abuse Come January and oil could go a lot lower still. January and February are the two most brutal months for business and it is usually this period where you will see things make or break.
Asbury09 Champion Author Iowa Posts:1,515 Points:386,930 Joined:Jan 2009	Message Posted: Nov 20, 2009 9:25:12 PM Ignore Asbury09 Report Abuse at least the trend appears to be in the right direction
REKEY Champion Author South Carolina Posts:2,800 Points:568,365 Joined:May 2008	Message Posted: Nov 20, 2009 9:24:50 PM Ignore REKEY Report Abuse Did the dollar go up?
ChuckGVT Champion Author Vermont Posts:1,227 Points:561,365 Joined:Apr 2008	Message Posted: Nov 20, 2009 9:23:53 PM Ignore ChuckGVT Report Abuse OK
WCCurtis Champion Author San Bernardino Posts:2,183 Points:749,270 Joined:Oct 2005	Message Posted: Nov 20, 2009 9:21:42 PM Ignore WCCurtis Report Abuse Now that summer driving season is over it should be coming down. Has a long ways to go to get to $38.00 like last year at this time.
TomT2Lee Champion Author Cincinnati Posts:3,166 Points:1,025,010 Joined:Sep 2005	Message Posted: Nov 20, 2009 9:19:32 PM Ignore TomT2Lee Report Abuse What a bunch of complete drivel.
janctx Champion Author Lubbock Posts:1,989 Points:693,770 Joined:Nov 2007	Message Posted: Nov 20, 2009 9:17:58 PM Ignore janctx Report Abuse they say this to get us to open our pocketbooks for Christmas, Everything cost too much, we are not spending near what we used to, Bah Humbug
BEngr All-Star Author Illinois Posts:898 Points:450,805 Joined:May 2008	Message Posted: Nov 20, 2009 9:17:37 PM Ignore BEngr Report Abuse That is good news! I was sure the price of oil wasn't based upon supply and demand lately. As long as the dollar gets stronger then the price oil will go down.
clermont40miles Champion Author Cincinnati Posts:3,739 Points:641,410 Joined:Apr 2008	Message Posted: Nov 20, 2009 9:16:20 PM Ignore clermont40miles Report Abuse Good to see a move toward reality. A long way to go if it ever gets there.
danreino Champion Author Twin Cities Posts:2,958 Points:515,870 Joined:Mar 2008	Message Posted: Nov 20, 2009 9:16:01 PM Ignore danreino Report Abuse Good news overall as our economy here in the United States generally sets the pace for the rest of the world, including Europe.
MDTDriver Champion Author California Posts:4,117 Points:1,019,195 Joined:Jul 2006	Message Posted: Nov 20, 2009 9:09:33 PM Ignore MDTDriver Report Abuse Good news for Dec. and Jan. but not for Nov.