Article

2017-05-05 Economy

US crude plunges 4.8% to $45.52, posting worst close in more than five months

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Posted by Fred 2017-05-05 00:00|| || Front Page|| [11133 views ] Top

#1 "Worst"? Sort of depends which side of the transaction you're standing on.

Posted by AlanC 2017-05-05 08:10|| 2017-05-05 08:10|| Front Page Top

#2 Certainly good for the consumer. I was sure it would never plummet to these levels and remain there for so long. I was wrong.

Posted by Besoeker 2017-05-05 08:19|| 2017-05-05 08:19|| Front Page Top

#3 Praise to the Frackers

Posted by DarthVader 2017-05-05 09:42|| 2017-05-05 09:42|| Front Page Top

#4 I was thinking (hoping too, for other reasons) that it would be in the mid-high 50's or more by now, Besoerker.

Although it's good for the average folks fueling their 10-year old non-sparky vehicles at the pumps for sure.

Posted by Mullah Richard 2017-05-05 09:42|| 2017-05-05 09:42|| Front Page Top

#5 Last time crude was $45 I was paying $1.96/gal. Why is the price now $2.35? Changing to "summer blend"? Refinery repairs? Stock manipulation?

Posted by Eohippus Elmuque5848 2017-05-05 10:00|| 2017-05-05 10:00|| Front Page Top

#6 One of these days my dream* will come through.

*Bleeding hearts collecting for starving Saudi children.

Posted by g(r)omgoru 2017-05-05 10:06|| 2017-05-05 10:06|| Front Page Top

#7 Sacramento area prices hover at the $2.85-95 mark now for Shell regular, and that is before additional 12 cent tax increase in November. As of November 1st, gas price will include 18 cents federal tax, 42 cents CA exercise tax and 9.8 cents sales tax. Almost 70 cents per gallon!

Posted by NoMoreBS 2017-05-05 11:24|| 2017-05-05 11:24|| Front Page Top

#8 Last time crude was $45 I was paying $1.96/gal. Why is the price now $2.35? Changing to "summer blend"? Refinery repairs? Stock manipulation?

Taxes.

Posted by Abu Uluque 2017-05-05 11:38|| 2017-05-05 11:38|| Front Page Top

#9 #6 One of these days my dream* will come through.

Me too such as when the gas wars occurred in Detroit in the early '60s. You could drive up to Detroit and get $0.20/gal gasoline.

Posted by JohnQC 2017-05-05 13:15|| 2017-05-05 13:15|| Front Page Top

#10 Mid ''60s in Peoria was $0.18 JQC.

Posted by AlanC 2017-05-05 14:25|| 2017-05-05 14:25|| Front Page Top

#11 IMO, this is a structural shift in the oil market. And oil will settle toward the cost of fracked oil, which I understand is dropping all the time.

If I were the Saudis, I'd be thinking about kicking off a war in the Gulf. Saudi and the Emirates can get most of their oil to market via pipelines that bypass the Gulf. Shiia Iran and Iraq can't.

Posted by phil_b 2017-05-05 15:23|| 2017-05-05 15:23|| Front Page Top

#12 Yep,

Every time the Soddy's do something to prop up the cost of their oil, it encourages more oil production in the US and down go the prices again.

The oil price the KSA needs, given their vast horde of princes and Ferraris is around $100 a barrel, US shale oil is wildly profitable right now at $47 a barrel so the Soddy's are screwed.

Couldn't happen to a nicer bunch of folks. Do you suppose this means they will cut down on the funding to all of those Wahabi fanatics they've been financing all these years? AND the Moslem Brotherhood?

Times could get tough for the jihadi business as the revenue stream could dry up to a trickle

Posted by Sock Puppet of Doom 2017-05-05 15:36|| 2017-05-05 15:36|| Front Page Top

#13 crude is up about 2% as of now

Posted by lord garth 2017-05-05 15:36|| 2017-05-05 15:36|| Front Page Top

#14 Taxes of inflation. When the Fed magically created billions of unbacked dollars to bailout the connected, we pay the price via inflation. In 2006 the Treasury could mint 100 pennies for a dollar, today they can only mint less than four dozen. That is why the price of gas hasn't gone back down to pre-2008 levels.

Posted by P2kontheroad 2017-05-05 22:11|| 2017-05-05 22:11|| Front Page Top

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