Oil dropping like a rock in after hrs trading.

[safeinOhio]

Down to $95. Eat that hedge funds and big banks.

Another bubble pops.

Don't fill up until tuesday, gas may be about $3.50 or less.

that is all




http://money.cnn.com/data/premarket/index.html

[safeinOhio]

1. Obama cuts the price of oil

with no new drilling.

He is a freaking genius, or Republicans have no luck, but bad luck.

[Tripod]

2. Nice

[safeinOhio]

3. Price is jumping around every few seconds

right now.

http://money.cnn.com/data/premarket/index.html

Well worth watching. Never seen anything like this. grab the :popcorn: and :applause:

What will happen when markets really open?

[safeinOhio]

4. Dollar is going up on most other

currencies. Krugman is right on again.

[aquart]

7. What'd he say? What'd he say?

And why the fuck isn't he in the cabinet?????

[aquart]

6. Fun or frightening?

[aquart]

9. It's up to 98 something from 97 something.

Does it usually bounce up and down?

[aquart]

5. So will the greedy bastards lose a few bucks?

I sincerely hope?

[no_hypocrisy]

8. And no federal bailout to cover the losses.

Sweet!

:bounce:

[Exilednight]

10. The price of gas is not going to drop any time soon. Get use to over $4.00/ gallon for

a long time to come. If oil prices stay below $100/barrel, it might fall sometime after labor day.

[Atman]

11. Bingo. Gas ALWAYS rises leading up to Labor Day.

They always say it's because of the switch to summer gas formulas...coincidentally, just when many Americans are going on holiday. Coincidentally.

[customerserviceguy]

12. Agreed

The gasoline that is coming to your pump was bought weeks ago, and with summer driving season approaching, it's not going to go down, but the price raises that we've seen over the past several months might be slowed somewhat.

This is just the speculators dumping their positions on the surprise of the death of bin Laden, it's just a blip. The basic underlying causes of the oil price rise are still firmly in place, and before long, the speculators will wander back into the oil market, they always do.

[Hutzpa]

18. So it is safe to say

then that when the price of oil increased, gas prices did not wait for new supply but the increment was seen
immediately without waiting on new supply, how does that logic work out?

[customerserviceguy]

19. As I observed it

Oil prices rose before gasoline prices did. Both have been rising so fast for so long, that it's difficult to not see them in absolute lockstep with each other.

I do expect gasoline prices to pause for only a bit in a few weeks, after the Memorial Day holiday. I also expect oil prices to rise again in a week or two, as I said, the underlying causes are still there. The rest of the world seems to have recovered, and will keep up the demand for petroleum products. We will continue printing, and thus devaluing, money, and that will drive the price in dollars up.

[Exilednight]

23. What you're asking is actually a market question. Oil companies look at

the price of oil on a given day and look for spikes and dips.

If the oil companies see a spike, they panic and raise prices immediately to cover potential future costs. When the price of oil dips, they react slower and take a more cautious approach.

But let's be really honest, if supply and demand were true market factors, a gallon of gas would cost around $10.00. Oil companies over estimate supply to keep up with demand. It's a rigged game that can only be carried on for so long. Ask an oil company and they will tell you that we have another 10 to 20 years before hitting peak oil. Ask most people who study the oil industry and they will tell you that we passed peak sometime around 2004-2006.

[sinkingfeeling]

13. Tuesday of what month? When did you see the price of gas decline at the same rate as it rose?

[Awsi Dooger]

20. Correct, it will decline only a little bit

If this trend is sustained, then prices will eventually dip. But right now you're looking at only a few cents.

I'd prefer to get gas next Tuesday than today. The short term trend is down but the stations are always quick to rise, slow to drop.

[The Backlash Cometh]

14. Yay! Obama is fixing the economy!

Hey, we might as well play it up.

[seabeyond]

17. damn... he is on a roll. lol. nt

[seabeyond]

15. i have 35 friggin miles to go before out. lol. my car tells me how many miles. not gonna happen,

BUT thanks for the heads up, i wont fill it up, just enough to get around.

[seabeyond]

16. after reading other peoples posts... or not. nt

[spanone]

21. went up another dime here in tennessee today

[SoCalDem]

22. a hint of "trouble" & gas immediately skyrockets, BUT

on the "market", it can drop like a stone & it takes MONTHS to drop at the pump, and then it goes down a penny here, a penny there