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2009-01-20 Home Front Economy

Oil futures fall on forecasts of lower fuel consumption

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Posted by Fred 2009-01-20 00:00|| || Front Page|| [11132 views ] Top

#1 Wasn't Goldman Sachs among those chirping about $250/bbl oil back in July?

Posted by AzCat 2009-01-20 00:19|| 2009-01-20 00:19|| Front Page Top

#2 I'm still waiting for food riots in Soodia.

Posted by g(r)omgoru 2009-01-20 05:45|| 2009-01-20 05:45|| Front Page Top

#3 Patience, grom.

Posted by Spike Uniter 2009-01-20 07:43|| 2009-01-20 07:43|| Front Page Top

#4 There is still a lot of activity of futures contracts for $75-$100 a bbl. this year. And I hope they lose their collective arses again.

They never learn, do they?

Posted by bigjim-ky 2009-01-20 08:58|| 2009-01-20 08:58|| Front Page Top

#5 The Organisation of Petroleum Exporting Countries (Opec) may have to cut output again should prices fall further, Algerian Oil Minister Chakib Khelil said over the weekend.

When will these guys stop dicking around and just go with the market? They are about to run out of floating storage, having already run out of terminal storage. I even read on piece about them filling up old pipelines and using them as storage. I guess when you are out of storage, you DO need to cut production, but not to support prices, because you have nowhere to put it.

Posted by bigjim-ky 2009-01-20 09:02|| 2009-01-20 09:02|| Front Page Top

#6 I like it. They cut production. Prices fall. Now they've got less product to sell at lower prices.

Posted by Fred 2009-01-20 09:16|| 2009-01-20 09:16|| Front Page Top

#7 I've crossed most of the US since 12/11/08. Price of gasoline has risen 30 cents/gal (~20%) during that time while crude oil has continued to fall.

Posted by Anguper Hupomosing9418 2009-01-20 12:15|| 2009-01-20 12:15|| Front Page Top

#8 Anguper,
We've been taking advantage of low gasoline (& other refined product) prices and demand to do necessary or desired maintainance on a lot of our refineries. If you are going to have to postpone making a gallon of gas doesn't it make more sense to postpone it when demand is low and the revenue you would get from it is low, and then have it available to sell later, when demand will presumably be higher, and thus revenues higher? The likely effect will be somewhat smaller price increases in May and June than would otherwise have been the case.

Posted by Glenmore 2009-01-20 13:06|| 2009-01-20 13:06|| Front Page Top

#9 Our gas price is hanging tough at $1.49, was as low as $1.34 a few weeks ago.

Posted by Rednek Jim 2009-01-20 13:39|| 2009-01-20 13:39|| Front Page Top

#10 the price of oil (and ag. commodities)have been fluctuating with the strength of the dollar. Dollar up today, oil down.

Posted by bman 2009-01-20 14:25|| 2009-01-20 14:25|| Front Page Top

#11 In California the price today at Shell in sacramento was $2.14/gal. It has been steadily rising in the past month. Can someone check the re-emergence of the hedgefunds? If they are back in this, Obama, how about some SEC oversight right out of the gate?

Posted by Grolump Bonaparte9472 2009-01-20 19:35|| 2009-01-20 19:35|| Front Page Top

#12 $1.67 at a Valero I passed in Richmond, Va., this evening.

Expect it's a little lower at Sam's Club, but won't be out that way before this weekend.

I can live with it.

Posted by Barbara Skolaut">Barbara Skolaut 2009-01-20 20:17|| http://ariellestjohndesigns.com/]">[http://ariellestjohndesigns.com/] 2009-01-20 20:17|| Front Page Top

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