Oil price dip below $52 a barrel

Sadistic-Savior · #1 (**permalink**) 01-16-2007, 11:58 AM

Quote:

LONDON (Reuters) -- Oil prices plunged more than 3 percent back near $51 a barrel Tuesday after Saudi Arabia said OPEC production cuts were working well and that there was no need for an emergency meeting of the producer group.

U.S. light crude for February delivery tumbled $1.78 to $51.21 a barrel after touching $50.93, the lowest since May 2005, in earlier New York Mercantile Exchange trading. In London, Brent futures shed 82 cents to $52.30.

The price of crude has plunged more than 16 percent this year in part due to warm weather in the Northeast, the world's top heating oil market, in early January.

http://money.cnn.com/2007/01/16/mark...ex.htm?cnn=yes

Ben Franklin was estimating that we would not see prices fall below $60 a barrel before the 2008 elections, because the evil Republicans would be punishing us with high oil prices for making them lose Congress. And as we all know, Republicans are the ones who control oil prices, not supply and demand.

Got any other predictions for us Ben?

glitch · #2 (**permalink**) 01-16-2007, 12:13 PM

You would think that if the Bush Admin was in bed with the Saudis to the extent that the liberal conspiracy theorists would have us believe then these prices would have dropped before the elections.

superbadbrutha · #3 (**permalink**) 01-16-2007, 02:24 PM

Quote:

Originally Posted by glitch";p=&quot

You would think that if the Bush Admin was in bed with the Saudis to the extent that the liberal conspiracy theorists would have us believe then these prices would have dropped before the elections.

they did at the pump.

Peace.

glitch · #4 (**permalink**) 01-16-2007, 02:38 PM

Quote:

Originally Posted by superbadbrutha";p=&quot

Quote:

Originally Posted by glitch";p=&quot

You would think that if the Bush Admin was in bed with the Saudis to the extent that the liberal conspiracy theorists would have us believe then these prices would have dropped before the elections.

they did at the pump.

Peace.

The prices at the pump are still very high. What do the Saudis have to do with our pump prices? I thought they were just a factor in the selling price of crude.

Rebellion · #5 (**permalink**) 01-18-2007, 10:24 AM

Quote:

Originally Posted by Sadistic-Savior";p=&quot

Quote:

LONDON (Reuters) -- Oil prices plunged more than 3 percent back near $51 a barrel Tuesday after Saudi Arabia said OPEC production cuts were working well and that there was no need for an emergency meeting of the producer group.

U.S. light crude for February delivery tumbled $1.78 to $51.21 a barrel after touching $50.93, the lowest since May 2005, in earlier New York Mercantile Exchange trading. In London, Brent futures shed 82 cents to $52.30.

The price of crude has plunged more than 16 percent this year in part due to warm weather in the Northeast, the world's top heating oil market, in early January.

http://money.cnn.com/2007/01/16/mark...ex.htm?cnn=yes

Ben Franklin was estimating that we would not see prices fall below $60 a barrel before the 2008 elections, because the evil Republicans would be punishing us with high oil prices for making them lose Congress. And as we all know, Republicans are the ones who control oil prices, not supply and demand.

Got any other predictions for us Ben?

he only shows up when prices increase. You can be sure we'll see him again in June when prices once again start to rise.

stekim · #6 (**permalink**) 01-18-2007, 10:31 AM

Why? What are you GOP types planning for June?

Rebellion · #7 (**permalink**) 01-18-2007, 12:03 PM

we like to rape and pillage the vacationers over summer! Bwahahahaha!!!

Sadistic-Savior · #8 (**permalink**) 01-18-2007, 12:10 PM

Quote:

they did at the pump.

Peace.

They are now too.

Peace.

Quote:

Gas prices hit lowest level in four weeks
Motor fuel price dip reflects recent decline in crude oil costs.

January 8 2007: 6:56 PM EST

WASHINGTON (Reuters) -- U.S. retail gasoline prices fell to their lowest level in four weeks, reflecting the recent sharp drop in crude oil prices that account for about half the cost of making motor fuel, the government said Monday.

http://money.cnn.tv/2007/01/08/news/...reut/index.htm