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Biggest oil price drop in 17 years

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posted on Jul, 15 2008 @ 06:21 PM
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Biggest oil price drop in 17 years


money.cnn.com

NEW YORK (CNNMoney.com) -- Oil prices plummeted by the second-largest margin on record Tuesday as investors feared a further decline in U.S. demand after hearing comments from Federal Reserve Chairman Ben Bernanke.

Light, sweet crude fell $6.44 to settle at $138.74 a barrel in trading on the New York Mercantile Exchange.

The drop in oil was the largest single-day slide in dollar terms since Jan. 17, 1991, when oil fell by $10.56. On that day, President George H.W. Bush withdrew oil from the Strategic Petroleum Reserve ahead of the first Gulf War.
(visit the link for the full news article)




posted on Jul, 15 2008 @ 06:21 PM
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They are calling it "demand destruction", which is a fancy way of saying we can't afford it anymore.

Energy-related costs will be passed on to consumers, said the Fed.

money.cnn.com
(visit the link for the full news article)



posted on Jul, 15 2008 @ 06:24 PM
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I watched the price of oil with glee on the ticker all day at work. At one point it was down over $8. I can't help but wonder if it's going to spring right back tomorrow though.

[edit on 15-7-2008 by BlueTriangle]



posted on Jul, 15 2008 @ 07:55 PM
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I looked at the charts and the near by is still supported by the long trend. Now tomorrow maybe of interest, if it open weak and closes below support then maybe the top is in. MAYBE folks. What I don't see is a defined top but when mkts are top heavy they just fall. It's all a gamble!

Roper



posted on Jul, 15 2008 @ 07:58 PM
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after months of seeing the biggest rise in Oil prices ever, it only seems fair. If congress signs off on the deal, maybe we can get a little break and get the economy back on track for a little bit. I am a big fan of Hydrogen. get that working, and we have a chance. IMHO



posted on Jul, 15 2008 @ 08:23 PM
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I think the part at the end of the quoted text was interesting. Georgia Bush's daddy did a similar move that accounted for the biggest drop prior to this one...

"I did it just like my daddy did!"

This is highly suspicious to me despite the apparently positive attributes.




posted on Jul, 15 2008 @ 08:32 PM
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Another possibilty is a really good cheap alternative fuel, or something simular. I've often thought that the big speculators have inside info on such things, and despite any law to the contrary, would start dumpimg at the first sign something might take away the gravy train.

One could only hope.



posted on Jul, 15 2008 @ 08:33 PM
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Nothing rises in a straight line. The Dollar is what's in question, since oil is priced in what? That's right, Dollars.

The country is in shock and denial. Natural Emotions, but don't change a thing. We can't add more Debt to our Bankrupt nation and the world knows it.


Merrill Lynch has warned that the United States could face a foreign "financing crisis" within months as the full consequences of the Fannie Mae and Freddie Mac mortgage debacle spread through the world.

www.telegraph.co.uk.../money/2008/07/16/ccusdebt116.xml



posted on Jul, 15 2008 @ 08:36 PM
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reply to post by jsobecky
 


Oooookkk...

Listen carefully:

When oil was $20/b a 6 dollar increase/decrease would have been dramatic .. like nothing ever seen.

At $145 a barrel .... it means absolutely nothing.

In fact, it cannot even be compared.

IMO. If you want to gauge oil price drops/gains .. go be PERCENTAGE.

Numbers/charts/graphs serve to confuse those who don't understand what lies behind the mask of numbers and lines.



posted on Jul, 15 2008 @ 08:43 PM
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today was pure market manipulation by the PPT to try and keep the economy from collapsing.

i ASSURE you it will rise tommorrow. as long as there is inflation commodities will continue to rise, and heres a hint...inflation aint goin nowhere.



posted on Jul, 15 2008 @ 08:43 PM
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reply to post by Rockpuck
 


True enough Rock. I was thinking that if this accelerated, and turned into a rush to unload. Besides, hope springs eternal to those suffering.



posted on Jul, 15 2008 @ 08:46 PM
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plus, when has the technique NOT been to raise the price dramatically, then lower it again, only to creep back up to the original dramatic price... like oh, say... 2005-2006? The prices had almost got to $4 at one point, and then dropped again quickly. Since then, we've all gotten used to the price over time, penny by penny.

It all just seems so artificial to me, but then again I'm not an economics major for a reason.



posted on Jul, 15 2008 @ 09:37 PM
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Originally posted by TheRepublic
today was pure market manipulation by the PPT to try and keep the economy from collapsing.

i ASSURE you it will rise tommorrow. as long as there is inflation commodities will continue to rise, and heres a hint...inflation aint goin nowhere.


If the economy collapses, so will oil. Oil can't be bid up if there is no demand



posted on Jul, 15 2008 @ 09:58 PM
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reply to post by yellowcard
 


I would agree with that statement. However, there will be a window where commodities (the only things with real value) will be run up. I personally will not play that game. The timing is too iffy.



posted on Jul, 16 2008 @ 12:53 AM
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reply to post by Rockpuck
 


I'm glad I bothered to read everyone's post before posting because I was just about to post basically the same thing you just did. Thanks to inflation, cost of living changes, and differences in GDP, when dealing with money issues percentages are ALWAYS more telling than just lump dollar values. It is extremely telling that this drop at 4.4% doesn't even crack the top 100 largest percentile drops of oil over the history of the market. To even come close to equalling 1991, tomorrow's oil prices would need to shed about $40 in one day. If that happens, then by-God you better believe I'll enjoy watching FOX's coverage of broken and defeated speculators hurling themselves off skyscrapers to their deaths and quick appearance in Hell across the country tomorrow evening.



posted on Jul, 16 2008 @ 01:13 AM
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I don't think a drop in price-per-barrel will be reflected at the pumps. It just means a bigger bubble of profit for the manipulators, we won't see it.



posted on Jul, 16 2008 @ 01:14 AM
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reply to post by jsobecky
 


that's good news!!!!

I used to buy and sell crude...over extended myself and I'm out.

anyways, I looked at the charts, and it nose dived at about 10 am

my opinion is, it'll trend down for a while

this may be connected or made to look connected to bush drilling here

I have no idea how long this will last...probably thru the elections

but this is such a manipulated market, and the speculators get credit,

but it goes wayyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy deeper than that.



I also think gold will follow suit before long...

from mar it was trending down til jun, then trended upward, and last I saw, lost 7 dollars

[edit on 16-7-2008 by toasted]

[edit on 16-7-2008 by toasted]



posted on Jul, 16 2008 @ 12:53 PM
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crude drooped another 3.50

gold is off by 14 dollars

too bad I can't play this market



posted on Jul, 16 2008 @ 12:58 PM
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reply to post by Rockpuck
 


Bingo!!!!!!!!!!!!!!!!!!!! like I said in another thread listen, watch and learn you are going to learn once and for all who really is controlling the oil prices right now.

Is nothing than a scam, run by liars in our own backyard.

I am going to tag this thread also to bring it up when things goes ugly after election.



posted on Jul, 16 2008 @ 01:00 PM
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The drop is just to prepare the public for the major hike soon to come.




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