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Oil Prices Tumble - AP Story

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Oil Prices Tumble - AP Story

Unread postby PrivatePilot on Mon Mar 17, 2008 11:33 pm

Todays news:

http://ap.google.com/article/ALeqM5i5Tt ... AD8VFCCA04

Oil prices plunged Monday, pulling back at least temporarily from record levels as investors feared that the financial crisis that forced the sale of Bear Stearns Cos. is a sign of deep economic trouble.


Since oil moved above $100 a barrel last month, a growing number of analysts have argued that oil prices are in a bubble. Several forecasters have lowered demand growth predictions for this year, while supplies have grown.

"The fundamentals of the oil market didn't support the prices we had to begin with," said Addison Armstrong, director of exchange traded markets at TFS Energy Futures LLC in Stamford, Conn.

A retreat in the oil market could spell relief for consumers. Higher energy prices have by themselves forced consumers to cut back discretionary spending, a trend that has hurt retail sales. Higher costs for fuel have also driven the price of everything else higher as well.


Perhaps the big bubble is about to burst?
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Re: Oil Prices Tumble - AP Story

Unread postby mikhen on Tue Mar 18, 2008 7:47 am

There is a gas station near here that had regular at $3.35/ gallon last week and now it's $3.24. Hopefully that trend continues.
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Re: Oil Prices Tumble - AP Story

Unread postby Rough2000 on Tue Mar 18, 2008 11:36 am

PrivatePilot wrote:Perhaps the big bubble is about to burst?


I hope you are right...do you supposed it will ever get back to $.25 a gallon. ;) Boy, now you talk about the good old days...get three buddies to chip in a quarter each and you could cruise all evening. By the way, I don't want to go back to making $.75 an hour.
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Re: Oil Prices Tumble - AP Story

Unread postby skipnchar on Tue Mar 18, 2008 11:47 am

Brings back memories alright. When DW and I purchased our first brand new car (1963 Pontiac) we cashed in 3 rolls of pennies to put gas in it the first night. I think it gave us about a half a tank LOL
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