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Oil tumbles as economists warn on high prices

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posted on Mar, 10 2011 @ 12:28 PM
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NEW YORK – Oil prices tumbled 3 percent Thursday, as economists warned that the recent surge in fuel prices will eventually hurt the fragile economic recovery. So far fuel prices haven't slowed consumption, but economist Michael Lynch said drivers and businesses may start cutting back, if oil remains above the $100 per barrel level.

The jump in oil has already pushed the average price of gasoline up by 46 cents a gallon this year, just as some workers who were laid off during the recession return to a daily commute.

"We're past the point of, 'Oh, it's only going to be up for a few days,'" Lynch said. "I think people are already starting to change their behavior, and they're modifying their vacation plans as we get closer to the summer."


news.yahoo.com...

Wall street speculators still playing the game. jack up the price of oil on any sliver of a chance of any type of disruption of supply.....then sell it off.

Rinse/Repeat.

If gas prices hit 4 dollars a gallon and stay there however....we're toast. They know that....we just seen what happened a few years ago because of it.




posted on Mar, 10 2011 @ 12:33 PM
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3% is hardly a tumble.

What a load of hogwash. Thanks oil oligarchs.



posted on Mar, 10 2011 @ 12:37 PM
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That means nothing, you are going to see $200 plus a barrel before the end of 2011 . Better get a horse or 2, atleast you can eat them if things get really bad...



posted on Mar, 10 2011 @ 12:38 PM
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Originally posted by David9176




If gas prices hit 4 dollars a gallon and stay there however....we're toast. They know that....we just seen what happened a few years ago because of it.





$4 a gallon
we in the UK are paying £6 a gallon right now thats $9.63.

edit on 10-3-2011 by tarifa37 because: (no reason given)



posted on Mar, 10 2011 @ 12:41 PM
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reply to post by David9176
 


Whats more disturbing is that the price jumps immediately.

Gasoline that is already paid for by the retailer and in the ground at the station will have it's price increased TODAY because speculators think that in 3 months a barrel of crude oil MAY go up.

Price gouging at it's finest.


ETA...$5.00 a gallon here as of an hour ago
edit on 10-3-2011 by [davinci] because: (no reason given)



posted on Mar, 10 2011 @ 12:43 PM
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The following is my opinion as a member participating in this discussion.



Originally posted by pirhanna
3% is hardly a tumble.


That's the same thing I thought. Ever notice how 3% down is a tumble, but 20% up and it's creeping or edging?


As an ATS Staff Member, I will not moderate in threads such as this where I have participated as a member.



posted on Mar, 10 2011 @ 12:49 PM
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Would you damn Brits stop throwing that in our face

So to say $6 would be cheap for you as would be $2 for us.
It's just what we're used to.



posted on Mar, 10 2011 @ 12:53 PM
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Originally posted by yeahright
The following is my opinion as a member participating in this discussion.



Originally posted by pirhanna
3% is hardly a tumble.


That's the same thing I thought. Ever notice how 3% down is a tumble, but 20% up and it's creeping or edging?


As an ATS Staff Member, I will not moderate in threads such as this where I have participated as a member.


Exactly: Public opinion manipulation at it's finest.
I wish the masses were bright enough to pick up on the overt manipulation.
But they are willfully ignorant of such deception.

Doublethink has become a bedrock of our dystopia.



posted on Mar, 10 2011 @ 01:00 PM
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Well tommrow is the start of the day of rage and than begins middle east double cross by the states where they start producing there own oil in the states, the price of oil will stay at that price of 200/barrel might peak to 220
for the next 6 months and than starts the roits and the FEMA camps open and they start killing off americans and replacing with people from china who are also slaves, there better cheaper slaves, they work for plastic flavored rice, than the dollar will begin to further collaspe. Obama will get reelected as the china slaves will vote him back in you will all be gone than. and than the NWO bank currency comes into play



posted on Mar, 10 2011 @ 01:03 PM
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The following is my opinion as a member participating in this discussion.


reply to post by pacofunk64
 


I think in the UK they use some weird 5 quart gallon thing. You can't even compare them without converting measurements and money (farthings and quids and what all). Way too much trouble.


Short course: Gas is too expensive and we're being gouged and manipulated.


As an ATS Staff Member, I will not moderate in threads such as this where I have participated as a member.



posted on Mar, 10 2011 @ 01:11 PM
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Originally posted by yeahright
The following is my opinion as a member participating in this discussion.


reply to post by pacofunk64
 


I think in the UK they use some weird 5 quart gallon thing. You can't even compare them without converting measurements and money (farthings and quids and what all). Way too much trouble.


Short course: Gas is too expensive and we're being gouged and manipulated.


As an ATS Staff Member, I will not moderate in threads such as this where I have participated as a member.




Not that much in it really, still makes your fuel seem very cheap in comparison

1 US gallon = 3.78541178 litres

1 Imperial gallon = 4.54609188 litres



posted on Mar, 10 2011 @ 01:19 PM
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Stop complaining

get a straw and start your own oil production company

You're just mad 'cause it cost twice as much as it did half a decade ago, get a better job or ride a bike.
Create an airship or become a geneticist and give humans feathers to fly...

Union thugs and George Soros are ruining this country



posted on Mar, 10 2011 @ 01:20 PM
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reply to post by tarifa37
 





$4 a gallon we in the UK are paying £6 a gallon right now thats $9.63.


It's actually higher than that...that's what we pay at the pump...but if the government didn't do oil subsidies it would be much higher.



posted on Mar, 10 2011 @ 01:59 PM
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Wheat, corn also going crazy high.... All connected means fubar. Yeah, just wait til reserve currency status goes bye bye. Keep pumping the POMO Bernanke, thanks.



posted on Mar, 10 2011 @ 03:36 PM
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Gas just went up here (Michigan) today from 3.48 to 3.65.


We're screwed.

God this sucks.
edit on 10-3-2011 by David9176 because: (no reason given)



posted on Mar, 10 2011 @ 03:58 PM
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Originally posted by David9176
Gas just went up here (Michigan) today from 3.48 to 3.65.


We're screwed.

God this sucks.
edit on 10-3-2011 by David9176 because: (no reason given)



Well if we'd just eliminate the minimum wage they could charge us less at the pump, them
people at the counters ain't free you no



posted on Mar, 10 2011 @ 04:27 PM
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reply to post by Janky Red
 





Well if we'd just eliminate the minimum wage they could charge us less at the pump, them people at the counters ain't free you no


Or we could cut costs...do a little budgeting ourselves by NOT EATING or possibly GOING HOMELESS. both are great ideas though.



posted on Mar, 10 2011 @ 04:38 PM
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Originally posted by David9176
reply to post by Janky Red
 





Well if we'd just eliminate the minimum wage they could charge us less at the pump, them people at the counters ain't free you no


Or we could cut costs...do a little budgeting ourselves by NOT EATING or possibly GOING HOMELESS. both are great ideas though.



How bout we cut off every ones feet and save on socks and shoes?



posted on Mar, 10 2011 @ 04:41 PM
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reply to post by Janky Red
 





How bout we cut off every ones feet and save on socks and shoes?


Hey, if it helps out the Koch Bros...I'll stick a foot in that plan.....literally!!!

God Bless true Patriots like them....we don't deserve the elitist power hungry and greedy leaders that they are.

Hell...i'll even throw in a testicle!



posted on Mar, 10 2011 @ 04:48 PM
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Gas here is around 66 cents per litre,petrol on the other hand is around 1.40 $ per litre.What is the gas price in the U.S and UK?.If you dont understand i am talking gas not petrol.It does seem to go up relative to oil just so we dont get it too cheap.



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