Crude having a pretty good drop over the last few days. Now trading at $109.50/barrel. The reason for this is reduced demand in gasoline.

If it hits $7 per gallon, I have a 2010 F-150 4x4 Lariat for sale.

Crude in freefall right now. Down $3.50/barrel at $105.73

:clap:

paid $88 to fill up my truck this morning :deevee: :cuss:

Tempered clapping, sure. This is due to the unexpected job losses reported today and the perception that it will influence demand.

Its tempered...

I fully expect $10 a gallon in the next 3-5 years...

I know I have made lifestyle changes. More motorcycle trips. Combine trips and best of all make the kids walk more

What? Where do you buy your water I pay 84 cents a gallon for bottled spring water.

Holy shit. Crude now down $4.69 (4.29%) at $104.55

Now down over $6.00 to $103.01.

We are winning!

If this keeps up, I'll have to sell my second vacation home.

$102.53

Oilgarch.

Awesome news, I can't wait until we actually see a drop at the pumps in 3-4 weeks.

LMAO

Here's to a quick sale. :toast:

w00t

Just dropped the $100 dollar mark, trading @ 99.91 down 9.33 for the day!

WOW!

http://www.GasBuddy.com/gb_retail_pr...me=24&units=us

Cool Chart from gasbuddy.com

Hahahaha...**** you Donger. See you in the soup line!

Wow...have we ever seen a drop like this before, in one day I mean?

LMAO

LMAO

Keep on dropping. I'd be content with sub-$3 gas.

Down $10.60 now.

98.50

where are you guys getting the numbers from, and how come it's not being mentioned AT ALL on the news? Is this less of a big deal than it seems?

Good news is not news.

LMAO

FOX Business news

http://money.cnn.com/2011/05/05/mark...n=money_latest

NEW YORK (CNNMoney) -- Oil prices plunged more than 8% Thursday as weak economic data and a strengthening dollar drove crude to its biggest one-day drop since April 2009.

The main U.S. oil contract for June delivery settled down $9.44, or 8.6%, to $99.80 a barrel. That's its lowest level since mid-March and marks its biggest one-day percentage drop in two years. Brent crude, the European benchmark, fell $10.73 to $110.46 a barrel.

The broad underlying fear is that the U.S. economy is slowing down, and traders have a slew of data to back that theory.

On Thursday, a government report showed the number of people filing first-time unemployment claims surged to 474,000 in the latest week -- its highest total in 8 months. That means less demand for oil products because if you don't have a job, chances are you're trying conserve on gas and other energy costs.

In fact, a government report released Wednesday indicated Americans are consuming less gasoline due to sky-high prices.

Adding to the selling pressure was a strengthening U.S. dollar. The greenback gained 1.5% against the euro after the European Central Bank president Jean-Claude Trichet left Europe's interest rates alone and said they weren't likely to change in the near term, despite inflationary pressures.

That sent the dollar soaring and a stronger dollar tends to drive down crude prices because oil and other commodities are priced in the U.S. currency.

Track commodities

"It's like the commodity bubble burst," Daniel Flynn, an energy trader at PFG Best said. "We knew it was going to happen, but didn't know it would be this fast and furious."

The drop has been dramatic. Crude opened the week at $113.89 a barrel, and has declined in each trading session, for an aggregate loss of around 10% in just four days.

"This entire week has been absolutely crazy," Flynn said.
6 apps to save you money on gas

And it's not over yet. On Friday, the government will release its monthly report on jobs. A weak number there has the potential to drive prices down even further.

The drop hasn't translated into lower gasoline prices though. The national average price for a gallon of gasoline rose for the forty-fourth straight day to $3.985 on Thursday, according to motorist group AAA.

Lower crude prices usually translate into lower gasoline prices, but the effect is delayed. To top of page

----------

Kinda of like conserving food by killing a survivor.

It's funny how as soon as the prices go up, the gas stations raise it immediately. But when it goes down, it takes forever to get to the gas stations.

I'm just giving you guys a little break for a while. I put it back in your anus when I feel like it.

The market.

WOW so happy to see this, let's see if it keeps falling.

This has been answered many times in this thread.

LMAO

Just the calm before the storm eh?

I don't share your apocalyptic vision. Sorry.

Not my vision, just someone who is correct most of the time.

Answer or quote it again.

No.

Wow. Gasoline demand in the US dropped by somewhere between 1.2 and 4% last month. That's huge.

The irony seems to be that if gas prices are low, it's going to be because the economy sucks...so, rooting for lower gas prices means rooting for a sucky economy...

Putin Accuses Oil Firms of Price 'Conspiracy'

Russian Prime Minister Vladimir Putin accused oil companies on Thursday of a "conspiracy" to force up gasoline prices, as the world's largest oil producer struggles to combat fuel shortages.

Putin rebuked Deputy Prime Minister Igor Sechin, his point man for energy, for suggesting at a government meeting that price rises had resulted from a lack of oil products offered for sale on commodities exchanges.

"It's not a shortage. This is not about a shortage. This is a conspiracy. They are colluding," Putin told Sechin, who serves on the board of state-controlled oil major Rosneft and is widely seen as the chief spokesman for the industry.

The government last week raised gasoline export duties by 44 percent to keep fuel in the domestic market after pumps ran dry in some regions and shortages spread to Moscow and St Petersburg.

Sechin has chaired talks to discuss proposed amendments to oil tax reforms that would ramp up export duties on refined products to punitive levels if crude oil prices are high.

Analysts blame the shortages on price curbs demanded by Putin from industry bosses in February, and a lack of investment in the refinery capacity needed to produce the premium fuel used by Russia's growing fleet of modern cars.

Fuel prices are the latest driver of inflation that is close to double digits. Gasoline prices rose by 2.8 percent last week, their biggest jump in 14 weeks, data showed on Thursday.

The central bank hiked interest rates last Friday to contain inflation, which will be key for sentiment ahead of elections to parliament in December and a presidential poll next March.

Putin has not ruled out returning to the presidency, and the viability of any candidacy will depend on his handling of the economy. President Dmitry Medvedev, the other wheel in Russia's ruling "tandem," may also seek a second term.

Sechin's talks with officials discussed emergency measures such as increased trading of oil products on official exchanges and intervention sales of gasoline from strategic reserves.

One goverment source familiar with the talks said, however, that such intervention sales would be difficult to carry out in short order from a legal point of view.

Sechin did not clarify what measures he would back, but said possible additional measures would be focused on crude oil.
Russia's government sets monthly export schedules for oil firms from major ports and therefore has the ability to limit shipments, a measure that could unsettle oil markets at a time of high global prices.

Russia produces over 10 million barrels per day (bpd) of crude, of which 4 million bpd is refined. Around half of the refined products are exported, mainly to Europe.

FIRM GRIP

Russia's government has been tightening the screws on the oil sector, which generates the lion's share of state revenue, to rein in the budget deficit and fund pre-election spending helped by oil prices' rise to a 2 1/2 year high.

It has from this month cancelled preferential export duties for Rosneft's Vankor oilfield as well as for TNK-BP's Verkhnechonskoye and Surgutneftegaz's Talakan. Some analysts had expected that the government might ease pressure on the sector by cutting taxes on crude production but Deputy Finance Minister Sergei Shatalov said he saw "no reason to do this."

Thursday's meeting considered faster implementation of an Energy Ministry proposal to lighten the tax burden on crude oil exports and equalise export duties on products.

The so-called "60/66" proposal would lower a coefficient that determines crude oil export duty to 60 from 65 now, while equalising the export duty applying to light products at 66 percent of the crude oil export duty.

High oil prices have, however, complicated the maths on the proposals, which had been due to take effect in July.

The Vedomosti daily reported that one proposal on the table would lower the crude oil export duty coefficient to 55 and hike the factor applying to refined products to 86 percent if the oil price exceeds $90 per barrel.

"60/66 only works with the price at $90-$95 per barrel... With $100 it doesn't work at all," Deputy Energy Minister Sergei Kudryashov told reporters.

Read more: http://www.foxbusiness.com/markets/2...#ixzz1LW6YXEps

I was surprised to see gas prices dropped here over night. They were down about a a nickel. $3.79 now.

I read this on CNN.

In the past week, oil prices have tumbled more than 10% on worries that recent disappointing economic reports may mean we are in for an economic slowdown.

Well, no shit!! I'm an idiot, but even I could have told them that raising gas prices that drastically is going to effect the economy negatively.

Does this mean prices will quickly head back up?

Strong Job Report Shows U.S. Economy Gaining Steam
http://www.nytimes.com/2011/05/07/bu...jobs.html?_r=1

Gas here went down from $4.16 to $4.09 overnight WOOOOT! We can spend our money frivolously again!

Crude going back up today. Yesterday was too much of a drop, IMO.

I thinkin gas is over priced. When oil peaked @ 147 in 08, gas was pretty much where it is now.

so, following the usual pattern, the suddent drop had no affect on gas prices, because of the "wait and see" attitude when prices decrease. However, the subsequent rise/rebound will cause gas prices to go up, because of the "panic" attitude when prices increase.

prices were raised in order to ancitipate all the demand that was gonig to happen when the prices dropped.
lol

Oil 'goes crazy' after jobs report

http://i2.cdn.turner.com/money/2011/...%2010.45am.png

2011: 12:53 PM ET

NEW YORK (CNNMoney) -- Commodities tried to make a comeback Friday, after a stronger-than-expected report on the labor market sparked a rush into equities.

The U.S. economy added 244,000 jobs in April, the government said Friday. Economists surveyed by CNNMoney had predicted an increase of 185,000 jobs in April, following a 216,000 rise in March.

As stocks rallied, oil prices flip-flopped. Crude fell 3% ahead of the jobs report, then got a little boost before retreating again.

In early afternoon trading, crude for June delivery slipped 1% to $98.80 a barrel. On Thursday, crude sank nearly 9% -- the biggest one-day percentage drop in two years.

"Oil prices are going crazy," said Phil Flynn, senior market analyst at PFG Best. "We had this huge correction because people were concerned about the economy slowing down and demand weakening, and now we're rebounding from yesterday's selloff because we got a good jobs report and people are saying maybe demand will be okay."

Track commodities

Flynn said oil had to take a break from the recent run-up at some point, and now that "we broke the back of the parabolic bull move," it will just take some time for prices to stabilize.

"We're going to see some volatility, but I do think we've hit the top -- I don't think we're going to see $115 a barrel for some time," he said, adding that once the near-term choppiness smoothes out, prices will likely hover between $80 and $104 a barrel.

Crude prices neared $114 a barrel last month as fears about supplies took hold following escalating violence in Libya. But as investors got 'accustomed' to those concerns, oil prices became mired in a fairly tight range...until this week.

Why companies are about to start hiring

In the past week, oil prices have tumbled more than 10% on worries that recent disappointing economic reports may mean we are in for an economic slowdown.

Along with oil, stocks also took a big hit Thursday as investors became increasingly nervous ahead of the government's monthly jobs report.

Earlier this week, payroll processing company ADP said private sector payrolls grew by 179,000 in April, after an upwardly revised 207,000 increase in March. Economists were expecting a gain of 200,000 private sector jobs.

The ADP jobs report typically sets the tone for the government's monthly jobs data. Meanwhile, on Thursday, a report showed jobless claims surged to the highest level in eight months.

The dollar gained nearly 2% on Thursday after the European Central Bank left interest rates unchanged -- putting additional pressure on oil prices. Because crude prices are priced in dollars, a stronger U.S. currency tends to pressures commodities.

That was the case Friday as well, with the dollar rallying 1% against the euro, which added to the commodities selling pressure.

Silver: canary in the commodity coalmine?

In other commodities, silver prices also pared some of its early losses, falling 4% Friday -- after sinking 7% before the jobs report. Silver has taken a big hit after the CME raised its margin requirements, meaning traders have to leave more on the table to buy silver futures.

Gold for June delivery ticked up $2.10, or 1%, to 1483.50, after dropping more than 2% on Thursday.

Gas prices declined on Friday, following a 44-day string of gains -- during which the price of gasoline surged 12%. The national average price for a gallon of gasoline fell one tenth of a cent to $3.984 on Friday, according to motorist group AAA.

Donger, I have a feeling your whole family is going down.

Your thought is wrong Down 2.62 so far @ 97.51, but you already knew that didn't you? :p

Why is oil down? The reason may surprise you.

" All over the country and in some parts of Vermont, motorists are angry. "I just can't pay for food AND gas" one man with overalls explained. "We went to an easter dinner and we barely had enough gas to get to easter 4th meal at taco bell!" The mans overalls fell down unexpectedly. There is some good news on the horizon though, Gas prices have feel two days in a row thanks to what some experts are calling the "Eric Hosmer effect"
"Eric Hosmer is one bad mother ****er" Warren Buffet told congress. "I wouldn't be surprised if he turns out to be 2-pac" one black man told the senate. Eric Hosmer's bad speed has been known to turn heads and turn awesome into Oil.

LMAO

I meant the one day drop yesterday. At one point, it was at $95.63/barrel. That was too much for one day.

I believe your quote said crude would be going back UP today, Friday.

You posted that @ 9:33am TODAY, Friday.

Crude was going up when I posted that. It's all over the place today. We'll see where it closes. That bump up this morning wasn't unexpected after yesterday's blood bath.

Hey, Donger. Help me understand this. Crude is $50 less per barrel now than it was in July 08, yet gas is the same price. What gives?

We're getting ****ed somehow.

Gas isn't the same price now as it was in July 2008.

What was it? It wasn't much higher. I know in Ohio it peaked around 4.10 in 08. It set a record this time at around 4.15.

I know this isn't the national average.

What was the average in July 08?

$4.17/gallon

So its not much higher. Like 20 cents. I still think gas prices are set too high right now. At $98/bl, seems like it should be around 3.50.

It should be a little bit under $3.00

I don't necessarily disagree. Don't forget that the retailers had precedent this time. A lot of them took it in the shorts in 2008. This time, they probably raised their prices faster and sooner than compared to 2008.

They are, of course, other factors involved in retail pricing that might be in play now, too.

:spock:

Indeed.......

http://myword.info/images/sm_screw_1g.gif

LMAO

Here's an historical example:

In June 2008, the national retail average of gasoline was $3.93/gallon. About where gas is now.

Crude was at $122/barrel.

Crude peaked near $114/barrel recently.

Crude up $6.00/barrel today.

Of course! The evil empire giveth, and the evil empire taketh away.

Crude up 3% to $99.80 today.

And I am paying the same price at the pump as I was when it was at $110 a barrel. I would love to get my 10% price decrease soon.

You'll get it when I decide you get it.

Congratulations

Holiday weekend price gouging underway!

The Speedway near where I work was 3.64 when I got off work at 4:30a. It jumped to 3.89 on my way in. ****.

a gallon of midgrade in nor cal was 4.35 on sunday.

shit beez crazy these dayz

Ohio is getting raped on gas prices right now. 3.99

I hope you ****ers in Missouri and Kansas are enjoying your 3.60 a gallon.

Its high in Illinois and Indiana as well.