Oil retreats from all-time high

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Tuesday, December 02, 2008 9:44:13 PM

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GasBuddy News Article

Oil retreats from all-time high Saturday, July 05, 2008
CNN Money -- NE YORK (AP) -- Oil prices fell more than $1 a barrel Friday from record levels set a day earlier on hopes that tensions surrounding Iran's nuclear program could ease and cut the chances of American or Israeli military action against OPEC's second-largest oil producer. Iran on Friday gave an undisclosed response to an international offer of economic and other incentives if it suspends a central part of its nuclear program. Iran's ambassador to Belgium presented the response to European Union foreign policy chief Javier Solana in Brussels, Iranian state TV reported.
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	Saturday, July 05, 2008 CNN Money -- NE YORK (AP) -- Oil prices fell more than $1 a barrel Friday from record levels set a day earlier on hopes that tensions surrounding Iran's nuclear program could ease and cut the chances of American or Israeli military action against OPEC's second-largest oil producer. Iran on Friday gave an undisclosed response to an international offer of economic and other incentives if it suspends a central part of its nuclear program. Iran's ambassador to Belgium presented the response to European Union foreign policy chief Javier Solana in Brussels, Iranian state TV reported. Visit CNN Money for full article

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corgone Sophomore Author Florida Posts:159 Points:21,865 Joined:Jun 2008	Message Posted: 7/7/2008 1:39:56 PM	Ignore corgone Report Abuse
	Isn't it kind of funny how Iran made an UNDISCLOSED response. Makes you wonder just what kind of response it was. Why is the UN still being nice/nice with them about their nuclear activity anyway? Are they scared? Besides, a one dollar drop is only like not even two percent or something. Let's see some real numbers.=~)
kingdick Champion Author Minnesota Posts:19,549 Points:1,540,770 Joined:Aug 2004	Message Posted: 7/7/2008 8:31:10 AM	Ignore kingdick Report Abuse
	----------------------------------- McCain, gas prices and the Enron loophole A Countdown Special Report on how John McCain’s chief economic advisor and others in his campaign helped create and defend legislation that enabled speculators to run up gas prices. McCain and the Enron loophole -----------------------------------
letmathe Champion Author Chicago Posts:7,030 Points:1,712,205 Joined:May 2001	Message Posted: 7/7/2008 7:43:05 AM	Ignore letmathe Report Abuse
	A drop in half by the end of summer?
ramshot412 Champion Author Riverside Posts:12,036 Points:1,206,605 Joined:Apr 2004	Message Posted: 7/7/2008 7:06:04 AM	Ignore ramshot412 Report Abuse
	See, I predicted a drop and it happened! Down to $70 a barrel by Aug 08!
TankerToadOH Sophomore Author Ohio Posts:101 Points:151,875 Joined:Mar 2008	Message Posted: 7/7/2008 6:53:11 AM	Ignore TankerToadOH Report Abuse
	Tropical storm Bertha has strengthened to become the first hurricane of the Atlantic season. Hold on, it's going to be rough this week.
TankerToadOH Sophomore Author Ohio Posts:101 Points:151,875 Joined:Mar 2008	Message Posted: 7/7/2008 6:53:10 AM	Ignore TankerToadOH Report Abuse
	Tropical storm Bertha has strengthened to become the first hurricane of the Atlantic season. Hold on, it's going to be rough this week.
domer2 All-Star Author Gary Posts:912 Points:387,000 Joined:May 2007	Message Posted: 7/7/2008 6:53:00 AM	Ignore domer2 Report Abuse
	need 25 a barrel
Blackice Champion Author Twin Cities Posts:1,825 Points:501,870 Joined:Oct 2003	Message Posted: 7/7/2008 6:51:07 AM	Ignore Blackice Report Abuse
	gagal31525 if you have a 401k or other retirement plan. Look to see how much oil stocks you own.
NeilPage Champion Author Baltimore Posts:1,417 Points:356,845 Joined:Nov 2005	Message Posted: 7/7/2008 6:50:21 AM	Ignore NeilPage Report Abuse
	uh-oh
unsoundmind Champion Author Salt Lake City Posts:4,431 Points:894,480 Joined:Apr 2006	Message Posted: 7/7/2008 6:43:46 AM	Ignore unsoundmind Report Abuse
	When it drops by 25% then we can think it's a good thing. Small retreats like this one have been followed by big increases.
Whepster All-Star Author Michigan Posts:792 Points:122,385 Joined:May 2008	Message Posted: 7/7/2008 6:43:39 AM	Ignore Whepster Report Abuse
	I hear what you are saying rbdesigns. Let the price of oil drop, and you can expect the price of gas to drop in about 2 weeks. But, Let the price go up, and you will see the increase in gas prices about 2 Hours later.
TwoEyes Champion Author New Haven Posts:1,554 Points:1,169,180 Joined:May 2005	Message Posted: 7/7/2008 6:42:00 AM	Ignore TwoEyes Report Abuse
	Oil down over $4.00/barrel Monday morning....let's hope this continues.
gagal31525 Rookie Author Georgia Posts:31 Points:136,845 Joined:Feb 2008	Message Posted: 7/7/2008 6:40:04 AM	Ignore gagal31525 Report Abuse
	Does President Bush own oil stock? The price of gas is hurting low and middle income families.
CruisinLinda Champion Author Tallahassee Posts:4,238 Points:863,385 Joined:Sep 2005	Message Posted: 7/7/2008 6:39:17 AM	Ignore CruisinLinda Report Abuse
	A dollar change in a 42-gallon barrel translates to about 2.5 cents in the gallon-price of gasoline. The evidence shows that speculators in unregulated commodities-futures exchanges have been responsible for most of the $70-plus per barrel rise since last year.
EarlyMoose Champion Author Seattle Posts:1,874 Points:700,830 Joined:Dec 2005	Message Posted: 7/7/2008 6:38:29 AM	Ignore EarlyMoose Report Abuse
	I just don't even feel the pain anymore. I'm numb.
good2goVA Sophomore Author Virginia Posts:105 Points:54,465 Joined:Jun 2008	Message Posted: 7/7/2008 6:37:47 AM	Ignore good2goVA Report Abuse
	need to fall further.
dreamweaver7050 All-Star Author Louisiana Posts:730 Points:490,315 Joined:Sep 2006	Message Posted: 7/7/2008 6:29:38 AM	Ignore dreamweaver7050 Report Abuse
	Whoooopie! i can put a extra fume in my truck
HockeyLady Champion Author New Jersey Posts:1,335 Points:941,490 Joined:Jun 2005	Message Posted: 7/7/2008 6:29:30 AM	Ignore HockeyLady Report Abuse
	Not much of a retreat
Blackice Champion Author Twin Cities Posts:1,825 Points:501,870 Joined:Oct 2003	Message Posted: 7/7/2008 6:29:27 AM	Ignore Blackice Report Abuse
	Oil prices fell more than a $1 a barrel on Friday and today crude oil is DOWN over $4. :)
PokerAce Champion Author Louisiana Posts:1,524 Points:308,055 Joined:Jan 2008	Message Posted: 7/7/2008 6:27:50 AM	Ignore PokerAce Report Abuse
	Run away, run away.....
MG_Sputnik All-Star Author Philadelphia Posts:668 Points:452,140 Joined:Apr 2006	Message Posted: 7/7/2008 6:27:28 AM	Ignore MG_Sputnik Report Abuse
	It should drop prices about 1/2 cent per gallon. Whoooopie!
RF4CPhantom Champion Author Oklahoma City Posts:1,264 Points:167,015 Joined:Feb 2008	Message Posted: 7/7/2008 6:26:29 AM	Ignore RF4CPhantom Report Abuse
	Very interesting~!
sjl08203 Champion Author New Jersey Posts:1,610 Points:483,590 Joined:Aug 2005	Message Posted: 7/7/2008 6:26:15 AM	Ignore sjl08203 Report Abuse
	We'll never benefit.
fastfreddy38 All-Star Author Ontario Posts:898 Points:921,295 Joined:Aug 2005	Message Posted: 7/7/2008 6:24:23 AM	Ignore fastfreddy38 Report Abuse
	Same old story!
LuvEd08 Veteran Author Georgia Posts:313 Points:97,235 Joined:Apr 2008	Message Posted: 7/7/2008 6:20:28 AM	Ignore LuvEd08 Report Abuse
	gas prices are creeping up again
The_WB Champion Author Detroit Posts:4,659 Points:490,875 Joined:Apr 2007	Message Posted: 7/7/2008 6:20:16 AM	Ignore The_WB Report Abuse
	Half and I will celebrate.
rjb21760 Champion Author Chicago Posts:1,018 Points:451,190 Joined:Oct 2006	Message Posted: 7/7/2008 6:19:50 AM	Ignore rjb21760 Report Abuse
	Big deal, not even 1%
TwoWheelRider Sophomore Author Montgomery Posts:120 Points:35,660 Joined:Jun 2008	Message Posted: 7/7/2008 6:19:47 AM	Ignore TwoWheelRider Report Abuse
	We can only hope the price will continue to fall.
acknot All-Star Author Seattle Posts:931 Points:654,455 Joined:Sep 2003	Message Posted: 7/7/2008 6:17:03 AM	Ignore acknot Report Abuse
	Good news has been hard to come by lately.
Lonewolftx Champion Author Houston Posts:5,778 Points:1,136,910 Joined:Sep 2005	Message Posted: 7/7/2008 6:16:02 AM	Ignore Lonewolftx Report Abuse
	A new trend . . .
rbdesigns All-Star Author Modesto Posts:500 Points:180,285 Joined:May 2008	Message Posted: 7/7/2008 6:15:12 AM	Ignore rbdesigns Report Abuse
	they won't, by the time the prices hit the pump they will have gone up again so they will forget about the down turn adn go right to the increase.
kypeanuts Veteran Author Louisville Posts:342 Points:74,160 Joined:May 2008	Message Posted: 7/7/2008 6:10:11 AM	Ignore kypeanuts Report Abuse
	still waiting for prices at the pump to drop a little
tbybee Veteran Author Omaha Posts:327 Points:114,650 Joined:Apr 2008	Message Posted: 7/7/2008 6:08:47 AM	Ignore tbybee Report Abuse
	Woo Hoo $1 a barrel!
tomok Champion Author Portland Posts:9,890 Points:731,010 Joined:Aug 2006	Message Posted: 7/7/2008 6:06:48 AM	Ignore tomok Report Abuse
	Oil may retreat from all-time high but it will be back up there. Just give it some time....
cresovia Veteran Author Tallahassee Posts:318 Points:156,040 Joined:Apr 2008	Message Posted: 7/7/2008 6:06:20 AM	Ignore cresovia Report Abuse
	Oil retreats and gas prices shoot up at gas stations over the weekend!!!!
Brn2bEvl All-Star Author New York Posts:897 Points:194,275 Joined:Apr 2008	Message Posted: 7/7/2008 6:04:36 AM	Ignore Brn2bEvl Report Abuse
	It's still too much!!!!
RochBear Champion Author Minnesota Posts:1,775 Points:509,620 Joined:May 2006	Message Posted: 7/7/2008 5:58:42 AM	Ignore RochBear Report Abuse
	You can't put much emphasis on Fri, since most American traders were off that day. National holiday here. Today is a "Normal" trading day. Now today oil is down nearly $4 to 141.
Matts_Pap Champion Author Pennsylvania Posts:1,337 Points:207,390 Joined:Feb 2008	Message Posted: 7/7/2008 5:57:26 AM	Ignore Matts_Pap Report Abuse
	$1 is to retreat as drop is to bucket!
vj24 Champion Author Michigan Posts:7,431 Points:1,364,990 Joined:May 2004	Message Posted: 7/7/2008 5:56:55 AM	Ignore vj24 Report Abuse
	Just wait for the first Gulf hurricane or more Iran unrest.
leolisa Champion Author New York Posts:3,925 Points:715,180 Joined:Sep 2005	Message Posted: 7/7/2008 5:55:32 AM	Ignore leolisa Report Abuse
	it needs to retreat back to $50 a barrel
krucker All-Star Author Austin Posts:606 Points:430,005 Joined:Aug 2004	Message Posted: 7/7/2008 5:51:38 AM	Ignore krucker Report Abuse
	Oh Good!!!............Gasoline prices should drop this week.........Right?
FFootdoc12 Veteran Author Illinois Posts:255 Points:41,230 Joined:Apr 2008	Message Posted: 7/7/2008 5:47:02 AM	Ignore FFootdoc12 Report Abuse
	supply and demand....oh yeah, and politics
madyank Rookie Author Baltimore Posts:92 Points:8,315 Joined:Mar 2008	Message Posted: 7/7/2008 5:45:16 AM	Ignore madyank Report Abuse
	Houston and Dallas are onto a good thing; with OPEC and the Atlanta speculators taking the blame for the OUTRAGEOUS price gouging, the MegaCorp Oil barons can draw HUGE profits for their stockholders and get away with it. This will allow them to stockpile dollars for those times when exploration and drilling gets approved, but incomes are down because they actually have to go get the oil out of the ground - and that's HARD WORK, expensive work. Price DROP!?!? HA! Forget it; not as long as we're still BURNING petroleum distillates! Start running your car on compressed hydrogen, or coal gas, or an ethanol fuel that doesn't cost more in other fuels than the ethanol costs in corn or other agricultural products, and THEN you'll see Oil drop the price of a gallon of gas! FAST!
AlaRedNeck Champion Author Kansas Posts:1,233 Points:221,800 Joined:Apr 2008	Message Posted: 7/7/2008 5:45:05 AM	Ignore AlaRedNeck Report Abuse
	you said it all mrkel
sailormon All-Star Author Michigan Posts:674 Points:211,155 Joined:Jul 2007	Message Posted: 7/7/2008 5:44:50 AM	Ignore sailormon Report Abuse
	Another all time high? Yea, SSDD!
mrkel Champion Author Cincinnati Posts:1,716 Points:821,530 Joined:Apr 2006	Message Posted: 7/7/2008 5:40:26 AM	Ignore mrkel Report Abuse
	SSDD! It only goes down a few cents then goes up a dime.
mcevoy22 Sophomore Author Utah Posts:242 Points:65,800 Joined:Jun 2008	Message Posted: 7/7/2008 5:40:24 AM	Ignore mcevoy22 Report Abuse
	It amuses me that droping $1 per barrel makes the news, but an increase of $10 doesn't even seem to phase the news. I guess those increases are simply old news.
SpruceGuse2 Champion Author Michigan Posts:1,778 Points:874,105 Joined:Mar 2006	Message Posted: 7/7/2008 5:38:46 AM	Ignore SpruceGuse2 Report Abuse
	A penny here and a penny there, and then it goes up 20 cents.
starjacko Rookie Author Oregon Posts:66 Points:68,895 Joined:Apr 2008	Message Posted: 7/7/2008 5:37:29 AM	Ignore starjacko Report Abuse
	S.O.S.
spunky4443 Champion Author Washington Posts:1,217 Points:468,755 Joined:May 2005	Message Posted: 7/7/2008 5:36:46 AM	Ignore spunky4443 Report Abuse
	Gotta drop more than that, to make any difference.