Article

2008-07-25 Home Front Economy

Oil prices seen masking Canada "export recession"

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Posted by ed 2008-07-25 07:01|| || Front Page|| [1 views ] Top

#1 There could be new interest in Technology based stocks. Game Software companies are flourishing. Maybe we will have another 'nineties type of boom.

Posted by McZoid 2008-07-25 07:17|| 2008-07-25 07:17|| Front Page Top

#2 Anyone want to invest in my software game company? ;)

Posted by DarthVader">DarthVader 2008-07-25 10:03|| 2008-07-25 10:03|| Front Page Top

#3 I'd bet prices are well below $90 per barrel in '09 cause there will be a deep recession. Who ever gets in is going to wring the speculative fever out of the economy and blame it on Bush preparing for a big recovery in '10.

Posted by Nimble Spemble 2008-07-25 10:37|| 2008-07-25 10:37|| Front Page Top

#4 Canada could try not taxing the guts out of their people and businesses. That's just an idea, but I'm no economist.

Posted by bigjm-ky 2008-07-25 13:16|| 2008-07-25 13:16|| Front Page Top

#5 Hey bigjm-ky: from your mouth to Stephen Harper's ear.

Posted by Canuckistan sniper 2008-07-25 15:20|| 2008-07-25 15:20|| Front Page Top

#6 NEW YORK - Oil prices sank to their lowest point in weeks Friday as investors questioned whether crude has cooled enough to reflect a serious deterioration in demand. Prices at the pump eased to nearly $4 a gallon and the AAA auto club said that could drop another quarter by Labor Day.

Light, sweet crude for September delivery fell $1.60 to $123.89 a barrel in on the New York Mercantile Exchange. Earlier the contract dropped as far as $122.50, its lowest point since June 5.

In another sign that Americans continue to struggle with soaring energy prices, filling station operators hungry for business ratcheted down the average price for a gallon of regular by 2 cents, according to auto club AAA, the Oil Price Information Service and Wright Express.

AAA spokesman Geoff Sundstrom said such a large decline indicates a deteriorating demand by the world's thirstiest oil consumer. Retail prices have fallen about a dime per gallon in just the past week

A gallon of gas now sells for $4.006, the first time it has been that low in nearly seven weeks. Diesel dropped nearly a penny and a half to $4.774 a gallon. Sundstrom said prices at the pump should slip below the $4 mark over the weekend and could drop by at least another 25 cents by Labor Day, if oil stays on its downward path.

By afternoon Friday, crude was down nearly 16 percent from its peak above $147 a barrel two weeks earlier. Still, prices remained about 65 percent higher than they were this time last year.

In other Nymex trading, heating oil futures fell 2.18 cents to $3.5453 a gallon while gasoline futures lost 2.54 cents to $3.034 a gallon. Natural gas prices sank 15.3 cents to $9.17 per 1,000 cubic feet. In London, September Brent crude fell $1.46 to $125 a barrel on the ICE Futures exchange.

Paid $3.85 a gallon last night.

Posted by tu3031 2008-07-25 15:38|| 2008-07-25 15:38|| Front Page Top

#7 Paid $3.83 for premium this morning. Regular at $3.63.

Posted by Nimble Spemble 2008-07-25 16:27|| 2008-07-25 16:27|| Front Page Top

#8 $4.17 a gallon for regular in Will County, IL this morning. It was $4.31 two weeks ago.

Posted by Steve White 2008-07-25 18:42|| 2008-07-25 18:42|| Front Page Top

#9 Economists seem to think that gasoline demand is inelastic. Some of it is but most is not. Free markets work. I'm willing to bet that when the Chevy Volt comes out it's the highest selling auto in the history of mankind. I'd gladly shell out $40K for one just to think that every time I drove it I was keeping money away from the ME oil ticks.

Posted by Jomock Platypus9662 2008-07-25 20:45|| 2008-07-25 20:45|| Front Page Top

#10 every time I drove it I was keeping money away from the ME oil ticks.

You won't be. You'll be keeping money away from Americans, Canadians, Saudis, Mexicans, Venezuelans and Nigerians. Not a lot of ME there. you'll just be making the price lower for the Chinese and Indians and Japanese and Europeans. They'll thank you.

And if the Volt sells, GM won't be able to meet demand.

Posted by Nimble Spemble 2008-07-25 20:54|| 2008-07-25 20:54|| Front Page Top

#11 Sounds good to me. I'm not all that fond of Mexico, Nigeria or Venezuela either, and I'd love to be thinking I'm hurting the Saudis.

When the Volt sells, GM will ramp up production to meet demand, and people will be THROWING money at them to enable them to do so.

Posted by Jomock Platypus9662 2008-07-25 21:06|| 2008-07-25 21:06|| Front Page Top

23:37 JosephMendiola
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