Oil falls below $140 a barrel - Washington DC Gas Prices

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GasBuddy News Article

Oil falls below $140 a barrel Tuesday, July 08, 2008
CNN Money -- VIENNA, Austria (AP) -- Oil prices swung below $140 a barrel Tuesday after a plunge of nearly $4 in the previous session, as the dollar strengthened and fears of a supply disruption faded. But analysts warned the pullback was likely to be fleeting. "The plunge is really a temporary bull correction and is viewed by the market as a buying opportunity," said Victor Shum, an analyst with Purvin & Gertz in Singapore. "We are also seeing the U.S. dollar easing a bit ... and that has helped support oil pricing."
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	Tuesday, July 08, 2008 CNN Money -- VIENNA, Austria (AP) -- Oil prices swung below $140 a barrel Tuesday after a plunge of nearly $4 in the previous session, as the dollar strengthened and fears of a supply disruption faded. But analysts warned the pullback was likely to be fleeting. "The plunge is really a temporary bull correction and is viewed by the market as a buying opportunity," said Victor Shum, an analyst with Purvin & Gertz in Singapore. "We are also seeing the U.S. dollar easing a bit ... and that has helped support oil pricing." Visit CNN Money for full article

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PathfinderSC All-Star Author South Carolina Posts:923 Points:168,345 Joined:Mar 2008	Message Posted: 7/12/2008 11:26:00 AM	Ignore PathfinderSC Report Abuse
	Watch out , They building us up for a big let down.
zippy452 Veteran Author Cincinnati Posts:475 Points:136,710 Joined:Oct 2006	Message Posted: 7/12/2008 9:31:07 AM	Ignore zippy452 Report Abuse
	It doesn't take long for this to be a dated topic, does it, since crude oil futures set a new inter-day high of $147.50 Friday.
ramboTX All-Star Author Dallas Posts:783 Points:152,020 Joined:Aug 2007	Message Posted: 7/12/2008 3:08:45 AM	Ignore ramboTX Report Abuse
	It won't last long. We won't benefit from it.
Gee_NY Sophomore Author Texas Posts:133 Points:228,605 Joined:Dec 2007	Message Posted: 7/9/2008 11:55:07 PM	Ignore Gee_NY Report Abuse
	Too bad the PUMPs do not show the PLUNGE!
niceguytx Champion Author Houston Posts:5,466 Points:1,060,345 Joined:Sep 2005	Message Posted: 7/9/2008 2:43:53 PM	Ignore niceguytx Report Abuse
	Good news! Enjoy!
cucamping Champion Author Omaha Posts:3,509 Points:767,990 Joined:Jun 2006	Message Posted: 7/9/2008 1:51:16 PM	Ignore cucamping Report Abuse
	no drop here.
letmathe Champion Author Chicago Posts:6,776 Points:1,661,265 Joined:May 2001	Message Posted: 7/9/2008 11:03:55 AM	Ignore letmathe Report Abuse
	good question
Rageagainsttm Champion Author Tampa Posts:1,669 Points:383,590 Joined:Jul 2007	Message Posted: 7/9/2008 10:53:54 AM	Ignore Rageagainsttm Report Abuse
	then y do some gas stations never drop prices anymore - when the price goes up you'll see these stations raise the price
rbrowdersr All-Star Author Detroit Posts:732 Points:425,040 Joined:Aug 2006	Message Posted: 7/9/2008 10:52:57 AM	Ignore rbrowdersr Report Abuse
	Still looking for a drop at the pump.
kittykatOH Rookie Author Toledo Posts:4 Points:180 Joined:Jul 2008	Message Posted: 7/9/2008 10:52:38 AM	Ignore kittykatOH Report Abuse
	Too many people getting rich with speculating on oil is going to keep it high and then we have the oil barons that don't want to see their profiteering bruised. Ethanol is NOT the answer, either. Just another form of speculating. (It would be nice if some "posters" would use their spell-check, too - I can't believe the awful spelling I come across reading these messages. Guess it provides a good laugh!)
esquared Champion Author Oklahoma City Posts:1,281 Points:605,100 Joined:Jan 2006	Message Posted: 7/9/2008 10:52:35 AM	Ignore esquared Report Abuse
	Blue Light Special: oil on sale at $140 bbl for the next ten minutes only!
Blackice Champion Author Twin Cities Posts:1,591 Points:465,000 Joined:Oct 2003	Message Posted: 7/9/2008 10:50:19 AM	Ignore Blackice Report Abuse
	EGOR you should be investing in silver and gold something you can actually hold in your hand. Plus UncleDunc and others would not think nothing of you profiting...
domer2 All-Star Author Gary Posts:642 Points:333,550 Joined:May 2007	Message Posted: 7/9/2008 10:49:53 AM	Ignore domer2 Report Abuse
	keep falling
letmathe Champion Author Chicago Posts:6,776 Points:1,661,265 Joined:May 2001	Message Posted: 7/9/2008 10:49:31 AM	Ignore letmathe Report Abuse
	OK But when will prices go down?
greywolves All-Star Author Las Vegas Posts:958 Points:891,450 Joined:Dec 2004	Message Posted: 7/9/2008 10:48:30 AM	Ignore greywolves Report Abuse
	this is not a trend yet.
ramshot412 Champion Author Riverside Posts:11,522 Points:1,154,950 Joined:Apr 2004	Message Posted: 7/9/2008 10:46:20 AM	Ignore ramshot412 Report Abuse
	Just as I've been predicting, the price of crude is going to go down.
ripped38 Rookie Author Michigan Posts:92 Points:15,160 Joined:Jun 2006	Message Posted: 7/9/2008 10:45:41 AM	Ignore ripped38 Report Abuse
	I don't buy the inventory numbers. With oil being at unreal highs, news about demand dropping, unexpected builds in gas inventories, and lower refinery utilization numbers, how can we still have a huge draw in oil? With less gasoline being used on top of less oil being refined into gasoline, how can we have anything but a build in gas? What am I missing?
roadkillGA Champion Author Georgia Posts:1,038 Points:100,840 Joined:Jun 2008	Message Posted: 7/9/2008 10:41:22 AM	Ignore roadkillGA Report Abuse
	Found one Citgo Station with a Chevron cover blanketing its Citgo sign. I just hope that's one Venezaualian Company down.
MitchelSdReview Veteran Author South Dakota Posts:492 Points:94,560 Joined:Jun 2008	Message Posted: 7/9/2008 10:35:53 AM	Ignore MitchelSdReview Report Abuse
	Oil up 1.38 as of 9:35 CDT
ardmoretoday All-Star Author Oklahoma Posts:645 Points:413,205 Joined:May 2007	Message Posted: 7/9/2008 10:33:50 AM	Ignore ardmoretoday Report Abuse
	Hey "EGOR" be prepared to lose your backside on the investing of oil - the market will burst and it will not be a suttle shift. It will be sharp and painful and then we will be the laughing.
cantonbill All-Star Author Atlanta Posts:517 Points:127,500 Joined:Mar 2008	Message Posted: 7/9/2008 10:32:07 AM	Ignore cantonbill Report Abuse
	And Iran fires some missiles, and the price goes up again. Who wants to say that wasn't staged to keep prices high? I swear even the president, with his rhetoric, seems to want prices higher, instead of lower. How many oil company boards will he join after he's out of office?
UncleDunc Rookie Author Birmingham Posts:21 Points:16,250 Joined:Jun 2008	Message Posted: 7/9/2008 10:27:04 AM	Ignore UncleDunc Report Abuse
	(To Egor) First of all, I'm glad you are profiting from oil prices' 50% hike in the last year, but what about the majority of Americans. I sure hope you're being sarcastic rather than bragging about profiting from oil prices soaring while everyone is getting punished at the pump. It would be nice if all of us had enough extra cash to invest some in oil, but not everyone is that fortunate. So please be mindful of what and how you post messages on this site. Thanks!
laddyboy62 Champion Author Riverside Posts:1,350 Points:948,885 Joined:Mar 2005	Message Posted: 7/9/2008 10:24:37 AM	Ignore laddyboy62 Report Abuse
	and heading north this a.m. again
tazdriver Champion Author Alabama Posts:2,082 Points:526,060 Joined:Jan 2007	Message Posted: 7/9/2008 10:24:09 AM	Ignore tazdriver Report Abuse
	Drill now.
mcevoy22 Sophomore Author Utah Posts:180 Points:46,895 Joined:Jun 2008	Message Posted: 7/9/2008 10:23:21 AM	Ignore mcevoy22 Report Abuse
	As I have seen plenty of times before... Up, Up, Up, down, UP, UP, UP, down, UP, UP, etc.
rbdesigns Veteran Author Modesto Posts:429 Points:128,455 Joined:May 2008	Message Posted: 7/9/2008 10:22:21 AM	Ignore rbdesigns Report Abuse
	No one knows what is going to happen, not even the speculators that are the mail cause of the jump in prices.
Egor Champion Author Regina Posts:1,164 Points:538,910 Joined:Aug 2005	Message Posted: 7/9/2008 10:20:41 AM	Ignore Egor Report Abuse
	Good oil is down. I just invested lots more money in oil. I used to lose all my money whenever I invested. But now I can't lose with oil. I invested several months ago and it kept going up. Now I have even more and there is not way it is going down. I'm getting rich!!!!
kidmikey37 All-Star Author Texas Posts:514 Points:137,770 Joined:Apr 2008	Message Posted: 7/9/2008 10:14:31 AM	Ignore kidmikey37 Report Abuse
	didn't last
sailormon All-Star Author Michigan Posts:518 Points:179,195 Joined:Jul 2007	Message Posted: 7/9/2008 10:14:26 AM	Ignore sailormon Report Abuse
	Yet I just read an opinion on a financial web site saying oil may pull back to $100! Come on, no one knows what this oil roller coster is going to do!
roydarecker Champion Author Minnesota Posts:2,718 Points:604,980 Joined:Sep 2006	Message Posted: 7/9/2008 10:13:06 AM	Ignore roydarecker Report Abuse
	Iran has plans to change that.
Egaser Veteran Author Atlanta Posts:315 Points:125,860 Joined:Apr 2006	Message Posted: 7/9/2008 10:11:49 AM	Ignore Egaser Report Abuse
	buy,buy,buy!
NCSigma Champion Author Charlotte Posts:1,130 Points:86,945 Joined:Sep 2003	Message Posted: 7/9/2008 10:09:23 AM	Ignore NCSigma Report Abuse
	stoopid specualtors!
MetroManiac All-Star Author Rochester Posts:819 Points:80,245 Joined:Apr 2007	Message Posted: 7/9/2008 10:08:30 AM	Ignore MetroManiac Report Abuse
	this is already outdated news. Oil rebounds on Iranian missile launches
tomok Champion Author Portland Posts:8,675 Points:673,660 Joined:Aug 2006	Message Posted: 7/9/2008 10:03:47 AM	Ignore tomok Report Abuse
	It may fall now but it will be right back up there. And higher then what it is now.
vascojoe All-Star Author Washington Posts:936 Points:885,800 Joined:Aug 2005	Message Posted: 7/9/2008 10:03:23 AM	Ignore vascojoe Report Abuse
	Yes, but has he been accurate in the past.
rbdesigns Veteran Author Modesto Posts:429 Points:128,455 Joined:May 2008	Message Posted: 7/9/2008 9:58:54 AM	Ignore rbdesigns Report Abuse
	It didn't last, Iran had to go and shoot missles.
4wheel Champion Author Pittsburgh Posts:8,273 Points:1,094,645 Joined:Sep 2005	Message Posted: 7/9/2008 9:58:35 AM	Ignore 4wheel Report Abuse
	Dont look now but here comes hurricane season!!!
proverbs3 Rookie Author Detroit Posts:67 Points:21,610 Joined:May 2008	Message Posted: 7/9/2008 9:58:01 AM	Ignore proverbs3 Report Abuse
	I just saw a news clip on foture.com that the price per barrel is so volatile b/c of so many people investing in oil futures recently. They are discussing a way to identify those who are investing just to make some money, vs. those who are actually buying and receiving the futures in an effort to lower their consumption prices of oil, eg. air lines, etc.
popster1225 Rookie Author Florida Posts:5 Points:1,450 Joined:Jul 2008	Message Posted: 7/9/2008 9:57:02 AM	Ignore popster1225 Report Abuse
	We all can do something constructive......write your congressmen! We are being shafted by the Govt. because our representatives are more concerned about re-election rather than serving the American People. They are afraid of the wacko environmentalists. There are numerous things that can be done to greatly decrease our dependence on foreign; don't let our Govt. off the hook. The oil companies are NOT the problem.
Golfvdubb Rookie Author Washington Posts:1 Points:1,720 Joined:Jun 2008	Message Posted: 7/9/2008 9:56:43 AM	Ignore Golfvdubb Report Abuse
	All of these analyst keep speculating that oil will reach X amount by X day. And then the price of oil goes up, a word to all the analyst, "Shut Up!!!". Or start predicting that oil will drop below $100 a barrel, and I bet the prices would start coming down.
CrazyQ Champion Author Washington Posts:12,145 Points:1,415,200 Joined:Aug 2004	Message Posted: 7/9/2008 9:54:29 AM	Ignore CrazyQ Report Abuse
	Drill, drill, drill.
kkelkop Rookie Author Scranton Posts:91 Points:24,820 Joined:May 2008	Message Posted: 7/9/2008 9:51:52 AM	Ignore kkelkop Report Abuse
	It's not gonna last!
tobasco Champion Author Los Angeles Posts:2,910 Points:794,540 Joined:Mar 2004	Message Posted: 7/9/2008 9:51:04 AM	Ignore tobasco Report Abuse
	Now it is back up!
AC-302 Champion Author Los Angeles Posts:7,827 Points:1,270,930 Joined:Aug 2004	Message Posted: 7/9/2008 9:48:36 AM	Ignore AC-302 Report Abuse
	$140/bbl = $3.33/gallon JUST FOR THE OIL! Think about it. The raw material to make gasoline is 3/4 the price. Everyone's profit put together (including government taxes) is just a little over a buck!
scrounger Champion Author Vancouver Posts:6,059 Points:1,642,245 Joined:Mar 2003	Message Posted: 7/9/2008 9:48:00 AM	Ignore scrounger Report Abuse
	it will rebound
my3sons Champion Author New York Posts:1,378 Points:818,380 Joined:Aug 2005	Message Posted: 7/9/2008 9:47:27 AM	Ignore my3sons Report Abuse
	yipee maybe pump prices will follow
GWayne All-Star Author Florida Posts:538 Points:141,760 Joined:Mar 2008	Message Posted: 7/9/2008 9:45:05 AM	Ignore GWayne Report Abuse
	Let it keep falling.
Schwartzmdja All-Star Author Oklahoma City Posts:529 Points:150,415 Joined:Mar 2008	Message Posted: 7/9/2008 9:44:42 AM	Ignore Schwartzmdja Report Abuse
	: #
ladyjj Champion Author Tennessee Posts:1,045 Points:116,115 Joined:Apr 2008	Message Posted: 7/9/2008 9:44:14 AM	Ignore ladyjj Report Abuse
	I saw gas prices jump up yesterday 4cents in some places. I wonder why but I guess that is just one those things it lowers on the stock market and jumps even higher at the pump!
rod1965 All-Star Author Portland Posts:501 Points:72,200 Joined:Jul 2007	Message Posted: 7/9/2008 9:43:20 AM	Ignore rod1965 Report Abuse
	When I see it at the pump I will care.