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2008-10-10 Home Front Economy

Oil plummets below $83 on global slowdown fears

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Posted by ed 2008-10-10 07:53|| || Front Page|| [11129 views ] Top

#1 $50 to $60 a barrel is not out of the question

*snicker*

Posted by bigjim-ky 2008-10-10 08:26|| 2008-10-10 08:26|| Front Page Top

#2 Before the Arab oil embargo of the 1970's domestic crude was running around $ 3.50 per barrel.

Posted by Besoeker 2008-10-10 08:43|| 2008-10-10 08:43|| Front Page Top

#3 Oh, darn.

Posted by DarthVader 2008-10-10 09:48|| 2008-10-10 09:48|| Front Page Top

#4 Every $10 drop is $45 billion/year that stays and circulates in the US economy.

Posted by ed 2008-10-10 10:00|| 2008-10-10 10:00|| Front Page Top

#5 Gas is down to $3.34 here. If you can find it.

Posted by Deacon Blues">Deacon Blues 2008-10-10 12:11|| 2008-10-10 12:11|| Front Page Top

#6 that's the next excuse for the big refineries. Time too change over too the winter mix so gas won't go down much

Posted by chris 2008-10-10 12:15|| 2008-10-10 12:15|| Front Page Top

#7 In 1981, at $38 a barrel, the world economy choked and went down the tubes. The inflation adjusted equivalent of $38 oil - the price at which the world economy chocked about 30 years ago - is around $70 today. My feeling is that oil could go down to $30, as excess capacity piles up.

Posted by Zhang Fei 2008-10-10 13:59|| http://timurileng.blogspot.com]">[http://timurileng.blogspot.com] 2008-10-10 13:59|| Front Page Top

#8 Gas last night was $3.67 by me.

Posted by Steve White 2008-10-10 14:10|| 2008-10-10 14:10|| Front Page Top

#9 $3.29-$3.45 here north of Seattle this morning

Posted by USN, Ret. 2008-10-10 14:19|| 2008-10-10 14:19|| Front Page Top

#10 Paid 3.03 this morning just south of Boston. Down about 8 cents this week. First time I've seen it dropping as fast as it rose earlier.

Posted by tu3031 2008-10-10 14:22|| 2008-10-10 14:22|| Front Page Top

#11 Last night the station selling for $2.82 had a large crowd buying gas, station a mile away posting $2.99 had one customer. Supply and demand strikes again.

Posted by Anguper Hupomosing9418 2008-10-10 14:31|| 2008-10-10 14:31|| Front Page Top

#12 Still $3.40ish in Northern Virginia

Posted by IG-88 2008-10-10 15:03|| 2008-10-10 15:03|| Front Page Top

#13 Chris, winter blend should actually be a little bit cheaper.
The gasoline price may not come down as far as crude oil (percentage) because gasoline did not keep up with the price of crude at the height (hard as that is to believe.) Refining and marketing margins were non-existent when gas was over $4 or so. NOW they're making money.

Posted by Glenmore">Glenmore 2008-10-10 15:07|| 2008-10-10 15:07|| Front Page Top

#14 So what happens to all alternate fuel initiatives now?

Posted by g(r)omgoru 2008-10-10 15:34|| 2008-10-10 15:34|| Front Page Top

#15 The argument is already being made that global warming must be the incentive for them.

Posted by lotp 2008-10-10 16:27|| 2008-10-10 16:27|| Front Page Top

#16 $2.85. No lines.

Posted by Nimble Spemble 2008-10-10 16:42|| 2008-10-10 16:42|| Front Page Top

#17 Glen i was actuualy making a reference of the cost too changing the refinery over too make the fuel. but anyway, why the hell is gas still $3.89 here in GA?

Posted by chris 2008-10-10 17:05|| 2008-10-10 17:05|| Front Page Top

#18 $2.66 in South Texas.

Posted by Anon4021 2008-10-10 17:31|| 2008-10-10 17:31|| Front Page Top

#19 With the price of fuel down it will be cheaper to build, transport, and install solar and wind, improve and repair power grid. People will have more money in pocket to upgrade. McCain's plan covers that.

Posted by swksvolFF 2008-10-10 17:42|| 2008-10-10 17:42|| Front Page Top

#20 From your mouth to the ear of G*d, lotp.

Posted by g(r)omgoru 2008-10-10 18:46|| 2008-10-10 18:46|| Front Page Top

#21 $2.86 at Sam's Club this afternoon, just outside Richmond (Va.).

Posted by Barbara Skolaut">Barbara Skolaut 2008-10-10 18:54|| http://ariellestjohndesigns.com/]">[http://ariellestjohndesigns.com/] 2008-10-10 18:54|| Front Page Top

#22 Ever notice that when oil goes up 10 dollars a barrell the prices of gas goes up 95% overnight?

But when the price of oil goes down, the price of gas goes up 95%?

I say we load up some Q-ships with MOABs and take care of this little problem right now. A 6-element Q-ship ARCLITE mission would be able to lay waste to most of Central Manhattan, given the state of US AA it would be cheep and easy. The resulting shock would deh.... ummmm lead to ummm

profit!

Posted by .5MT 2008-10-10 19:13|| www.cybernations.net]">[www.cybernations.net] 2008-10-10 19:13|| Front Page Top

#23 I was feeling pretty good about $2.99 for mid-grade until I saw the other prices here.

(Yep, Iowa's weird....mid-grade is the cheapest grade here, thanks to tax breaks on ethanol.)

Posted by Cornsilk Blondie 2008-10-10 19:17|| 2008-10-10 19:17|| Front Page Top

#24 I was feeling pretty good about $2.99 for mid-grade until I saw the other prices here.

If it makes you feel any better, it's still about $4.35 here.

Posted by James Watt 2008-10-10 19:27|| 2008-10-10 19:27|| Front Page Top

#25 Where are you located Jim?

Posted by Besoeker 2008-10-10 19:56|| 2008-10-10 19:56|| Front Page Top

#26 .5, you forgot the ARCLIGHT run.

Posted by Nimble Spemble 2008-10-10 20:29|| 2008-10-10 20:29|| Front Page Top

#27 $3.29 in San Diego for Regular. Drill, baby, drill!

Posted by Frank G">Frank G 2008-10-10 20:53|| 2008-10-10 20:53|| Front Page Top

#28 Where are you located Jim?

Actually, that was me, forgetting to change my name from a joke made about three days back.

Let's just say it's somewhere east of Mendiola.

Send me somewhere East of Mendiola
Where the best is like the worst
And there ain't no crowin' roosters
And a gal can raise a Thirst

Posted by Angie Schultz 2008-10-10 21:04|| 2008-10-10 21:04|| Front Page Top

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