Oil falls to $55 on grim US economic outlook »
Posted By STONERS 1 year, 1 month ago in Business & FinanceOil prices slid to near $55 a barrel Thursday in Asia as more bad economic news from the U.S. heightened fears of a severe global downturn that will pulverise demand for crude.
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STONERS1 year, 1 month ago
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"The department said Wednesday it expects U.S. consumption of petroleum to next year drop more severely than any time since 1980. The department's Energy Information Administration said 2009 petroleum consumption is projected to sink by 250,000 barrels per day, or 1.3 percent, more than twice that projected in its previous outlook."
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lovemorgulComment removed: Spammer, Hard Banned1 Reply
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beavith11 year, 1 month ago
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i want to know where those bastid speculators are. they ought to be strung up for making us pay nearly $5.00 a gallon.
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what? you say?
its only $2.00 a gallon now? wow. (eyes rolling)
seriously, this is bad. when commodities are worth less every day, forget recesssion, we're facing deflation.
the article also talks about demand being off NEXT year, too.
deflation kills jobs, kills demand, kills growth, kills income.
Obama has a stark decision. whether he wants to raise taxes on certain classes of americans or not, he CAN'T. nor can he raise capital gains. doing either will be like stepping on the gas as we near the cliff...-
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Lincoln851 year, 1 month ago
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Good point Beav! the almost 5 dollar a gallon of gas is the biggest scam there has ever been. I wish we had a list of the speculators so they could be held more accountable. With the extreme lessening of gas prices recently proves the point that all normal Americans get screwed and it does not matter if it is a good economy or bad one.
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mackiemesserComment removed: Retracted by user
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jimdoze1 year, 1 month ago
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U.S. crude for December delivery ended the day up 2.08 cents to $58.24 a barrel in New York. The contract settled Wednesday at $56.16, its lowest level since late January 2007.
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This as of 1630 on 11/13 notwithstanding, deflation remains the big problem. Once the bailouts take and economic entities unzip their pocketbooks (it's anyones' guess when that will be), inflation will surge through the system due to the abundance of cash now being injected. -
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ningyo1 year, 1 month ago
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would the lib/dem media make up your mind..for the last year or two you cried about the high gas price and enormous profits and specultators amd peak oil..now suddenly its de-flation and the bottom falling out of the market.and and and...pick one and stay with it..is cheap oil a good thing or not..what hypocrisy..all bush bashing
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nikkibabe1 year, 1 month ago
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It is the Obama's election that has done the trick. Big oil lobby is vacating White House in 65 days and lobbyists are being shut out from White House.
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The big oil and White House honeymoon is over.
I hope Obama will make the public the much confidential energy commission meeting that Cheney organized and claimed executive privilege to release who were in it. He even went to the Supreme Court to keep it a secret and the Bush court approved.
It will be interesting how much ENRON and BIG oil was in it to drive up gas to $4+ per gallon and bring about the economic crisis of today. -
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ellsworth-tooheyComment removed: Hard Banned
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