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Oil drops to one year low

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posted on Oct, 9 2008 @ 05:39 PM
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Oil drops to one year low


biz.yahoo.com

NEW YORK (AP) -- Oil prices closed at their lowest level in a year Thursday, falling below $85 a barrel even after OPEC signaled it may try to slow crude's downward spiral by cutting production.

At the pump, retail gas prices kept falling, with a gallon of regular shedding 4.4 cents overnight to a new national average of $3.403, according to auto club AAA, the Oil Price Information Service and Wright Express.
(visit the link for the full news article)




posted on Oct, 9 2008 @ 05:39 PM
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What I would like to know is if this will lead to a real significant drop in the us price of gasoline at the pumps. Also will we have the money left to afford it even if the prices fall. Also any educated guess out there as to how much the price of oil will be in a weeks time? Overall demand for oil fell for a fifth straight week and year-on-year demand fell for a 24th straight week.

biz.yahoo.com
(visit the link for the full news article)



posted on Oct, 9 2008 @ 06:10 PM
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well gas has gone form 3.89 a couple weeks back to 2.99 today. I did see that they will proablly cut supply so prices dont drop even further
it was lower before but now that the price of oil drops back to normal....no one is making profits so they have to cut production to increase these so called lost profits.



posted on Oct, 9 2008 @ 06:25 PM
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Well let me tell you guys that gas has gone up in the past week in Australia (perth) from $1.42 to $1.54 a lt I just shake my head and fill up any way Not much we can do about it But its crazy when oil is droping



posted on Oct, 9 2008 @ 06:33 PM
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Beyond them stemming the production, with the dollar nose-diving into never-never land, and the fed throwing trillions more to the Elitists, don't hold your breath that prices are going to go back to anything less than rape-levels.

Ahh, fond memories of dollar-a-gallon gas...



posted on Oct, 9 2008 @ 06:34 PM
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Our gas prices around Chicago have dropped 90 cents a gallon over the
past month. This Summer, it was $4.27 a gallon and today I filled up for
$3.37 @ gallon. I heard on the news driving home that experts expect
a barrel of oil to drop to $50 by the end of the year due to the global
recession which is starting to take hold. The average nationwide price
for gas is expected to dip to the $2.50 to $2.75 range. That will be great,
since I drive hundreds of miles per week.

With hurricane season winding down, all we need to do now is keep
terrorists from screwing things up.
-cwm



posted on Oct, 9 2008 @ 06:36 PM
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I think that when oil gets back to $50-$60 per barrel, we might see an economic surge once again.

The price of food will come down.

Cars and trucks will once again start to sell.

Prices of everything will come down.

Employment will go back up.



posted on Oct, 9 2008 @ 06:38 PM
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Originally posted by DimensionalDetective
with the dollar nose-diving into never-never land


Um...the dollar has gone substantially up against every major currency for the past month or so. Didn't notice?



posted on Oct, 9 2008 @ 06:43 PM
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reply to post by BlueTriangle
 


That's because every one under the sun that is trying to save the economy is dumping money in the US currency to try and fill in the gaping hole. It's just that much more of an indicator of how much effort is being put in to keeping it from tanking.



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