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WTF!? Did oil drop to $50 a barrel today???

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posted on May, 10 2011 @ 12:27 AM
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I was watching the Today Show this morning on Channel 9 (Sydney, Australia) and during the 8:30am News break (approx 7 hours ago) they showed that oil had dropped.

Now i'm not knowledgable regarding oil prices, actually this is the first time i have ever posted in this part of ATS, but it said that oil had dropped over 50 per barrel!

Despite my lack of knowledge in this, even i know that such a drop would be MAJOR MAJOR news. The news reader even read it out, very matter-of-factly, so i wasn't seeing things.


So ATS friends - please help explain what i saw!?

- DID oil temporarily drop 50c per barrel today?

- If not, is it possible that a major news agancy could make such a major finance-related mistake!?

- Is this a fore-shadowing of an upcoming price drop?

NB/: I incorrectly and accidentally quoted 50 cents per barrel instead of $50 per barrel when i made this thread. That was an error. It should be $50 per barrel for all references herein.



edit on 10-5-2011 by srsen because: Changed thread title - was a bit misleading. My bad, sorry


edit on 10-5-2011 by srsen because: Accidentally wrote cents instead of dollars in title. Hence all my posts now refer to cents... sorry.. again.
edit on 10-5-2011 by srsen because: (no reason given)
extra DIV




posted on May, 10 2011 @ 12:31 AM
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you may wish to see this article from todays Sydney Morning Herald mate

www.smh.com.au...



posted on May, 10 2011 @ 12:31 AM
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Thought i should add some links so we are all aware that this is not some amateur news service.

Today Show Business

Thought poking around the two links below may reveal something regarding oil prices, and exactly what the Today Show acutally reported, but nothing...

Today Show Material Sector

Today Show Energy Sector

And for the record - i didnt create this thread straight away as i had University today - just got home



posted on May, 10 2011 @ 12:34 AM
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Originally posted by Highlander64
you may wish to see this article from todays Sydney Morning Herald mate

www.smh.com.au...


Thanks
looks like oil price are stuck up there for a while yet then.

I defintely saw it though, clear as day, guess it must have been a typo??? Only thing i can think of.


What could, if anything, precipitate a oil price drop of 50c per barrel? Out of curiosity....



posted on May, 10 2011 @ 12:34 AM
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WTF!? Oil drops to 50 cents a barrel!?!?


Very misleading title.

It did not drop TO .50 cents PER barrel.


edit on 10-5-2011 by jude11 because: (no reason given)



posted on May, 10 2011 @ 12:37 AM
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Hmmm, your OP is confusing. Did you see oil drop to 50 cents/barrel or by 50 vents per barrel?

The second one would be nothing new as prices fluctuate all the time. The first one would be unprecedented and either a huge mistake or joke.
edit on 10-5-2011 by markosity1973 because: fix spelling



posted on May, 10 2011 @ 12:42 AM
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Sorry bout the title being misleading, changed it



Originally posted by markosity1973
Hmmm, your OP is confusing. Did you see oil drop to 50 cents/barrel or by 50 dents per barrel?

The second one would be nothing new prices fluctuate all the time. The first one would be unprecedented and either a huge mistake or joke.


I cant recall the exact numbers, but it was something like oil had decreased by 54 cents per barrel to about 51 cents per barrel.

Do those numbers even make sense considering current oil per barrel price?



posted on May, 10 2011 @ 12:44 AM
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Of course it might be based on the new "gold backed chinese yen" wouldn't that be something,, finally off of the american/oil dollar at $70 per barrel plus tax? lol No sorry for laughing diesal more expensive than gas now so i guess the stock market cut another slice off the cow, or is that bear or bull i always forget ,, ya a big bronze bull,, smart guys ,,, not.



posted on May, 10 2011 @ 12:45 AM
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reply to post by srsen
 


It's much more likely that the rate of decline dropped from 54 cents to 51 cents.

So if the price was $100, it was just recently $99.46, and then at the announcement became $99.49

There's simply no way in hell that oil would drop TO $50 cents a barrel without....uh...I dunno....us entering some alternative reality or something.



posted on May, 10 2011 @ 12:50 AM
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I think he mean't 50$ a barrel Simple mistake i probably would have made as well. Try to be nicer to the guy!


Its an easy mistake >



posted on May, 10 2011 @ 12:56 AM
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Originally posted by unityemissions
reply to post by srsen
 


It's much more likely that the rate of decline dropped from 54 cents to 51 cents.

So if the price was $100, it was just recently $99.46, and then at the announcement became $99.49

There's simply no way in hell that oil would drop TO $50 cents a barrel without....uh...I dunno....us entering some alternative reality or something.


Defintely wasn't the rate of decline dropping. It was crystal clear and 100% a drop of 54 down to 51.

I dont know, but i think the few responses to this thread already have given me the answer i was seeking.

It seems oil did not have a major drop of value today. They must have made a typo - MSM for you i guess!



Though i'll say this, IF this happens anytime soon, then i'm calling that i predicted it through a vision haha



posted on May, 10 2011 @ 12:57 AM
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Oh the way to work this morning I did hear them say that oil prices dropped so they expect the price of gas to drop by 50 cents. But that is all they said.



posted on May, 10 2011 @ 01:00 AM
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Originally posted by XRaDiiX
I think he mean't 50$ a barrel Simple mistake i probably would have made as well. Try to be nicer to the guy!


Its an easy mistake >



posted on May, 10 2011 @ 01:03 AM
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Originally posted by gimme_some_truth
Oh the way to work this morning I did hear them say that oil prices dropped so they expect the price of gas to drop by 50 cents. But that is all they said.


Am starting to think the media people at the Today Show might have heard similar news and accidentally enetered the wrong info to appear on the report. Easy mistake, most likey answer



posted on May, 10 2011 @ 01:09 AM
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reply to post by srsen
 


Last time I saw the price it was around $107 US per barrel, so a drop of 50 cents is less that 1/2 percent. Pretty standard stuff. I am not sure what you saw when they said by 50 cents to 54 cents - it is not possible.

A barrel of oil is not the same as a litre of petrol - it is the equivalent of a 42 US gallon drum of crude oil (just under 160 litres). a 42 gallon drum produces about 19.3 gallons of petrol (approx 73 litres) The rest is not waste - it becomes diesel, aviation fuel, bitumen etc etc.

For a full breakdown of what one barrel of oil will produce, see this link below

www.greensborogasprices.com...



posted on May, 10 2011 @ 01:17 AM
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reply to post by markosity1973
 


Thanks for that mate - good info, good to know


I made an error when i started this thread and in my first few posts - I was accidentally saying 50 cents per barrel instead of $50 - which is what they actually reported.

So yeah, i'll say it again coz i made it very hard to follow - reported on the Today Show this morning that oil had dropped to $51 per barrel (approx, cant recall exact numbers), which was down by $54 per barrel from the previous prices.



posted on May, 10 2011 @ 01:24 AM
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Gas on average will be 3.50 by memorial day.

bets?



posted on May, 10 2011 @ 01:33 AM
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Oil prices today dropped from $120.00 a barrel to a little over $97.00 a barrel. Thats an almost 15% drop in price from last week.



posted on May, 10 2011 @ 02:30 AM
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reply to post by srsen
 

Ahh, I see. Well, I have checked on the latest pricing, and it did take a dive of approx 10% over the last week to just under $100 per barrel but is now back at about $102.50 per barrel.

So, sadly, no half price petrol for us any time soon



posted on May, 10 2011 @ 05:53 AM
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reply to post by markosity1973
 


hah fair enough then


You see, this is why I dont have a car! We've had petrol (gas) prices of over $1.50/litre in Australia on and off for at least 6 months already now!



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