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Author	Topic: Oil falls as 'cliff' negotiations drag on	Post a Reply Back to Topics

Nitewolf Champion Author Anchorage Posts:16,808 Points:2,132,370 Joined:Jun 2004	Message Posted: Dec 4, 2012 7:02:21 PM Ignore Nitewolf Report Abuse By PABLO GORONDI — The Associated Press NEW YORK — Worries over the looming "fiscal cliff" and the health of the U.S. economy are driving oil prices lower Tuesday. U.S. lawmakers have less than a month to reach a compromise to avoid a series of sharp tax increases and spending cuts that take effect in January. Proposals from the White House and Republicans in Congress have so far not brought a deal closer. And on Monday, there were signs that the lack of a deal may be affecting the economy. U.S. manufacturing shrank in November to its weakest level since July 2009, the Institute of Supply Management said, brought on by the impact of Superstorm Sandy and uncertainty about taxes and government spending cuts. In Tuesday afternoon trading, benchmark crude was down 53 cents to $88.56 Visit Anchorage Daily News for full article

Nitewolf

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Message Posted: Dec 4, 2012 7:02:21 PM

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By PABLO GORONDI — The Associated Press

NEW YORK — Worries over the looming "fiscal cliff" and the health of the U.S. economy are driving oil prices lower Tuesday.

U.S. lawmakers have less than a month to reach a compromise to avoid a series of sharp tax increases and spending cuts that take effect in January. Proposals from the White House and Republicans in Congress have so far not brought a deal closer.

And on Monday, there were signs that the lack of a deal may be affecting the economy. U.S. manufacturing shrank in November to its weakest level since July 2009, the Institute of Supply Management said, brought on by the impact of Superstorm Sandy and uncertainty about taxes and government spending cuts.

In Tuesday afternoon trading, benchmark crude was down 53 cents to $88.56
Visit Anchorage Daily News for full article

REPLIES (newest first)Ignore Short Messages

virostek Veteran Author Virginia Posts:423 Points:90,285 Joined:Oct 2012	Message Posted: Dec 6, 2012 6:58:45 AM Ignore virostek Report Abuse Agreed.
virostek Veteran Author Virginia Posts:423 Points:90,285 Joined:Oct 2012	Message Posted: Dec 6, 2012 6:58:27 AM Ignore virostek Report Abuse Agreed.
DrCashFlow Champion Author Massachusetts Posts:7,196 Points:1,653,625 Joined:Jun 2008	Message Posted: Dec 6, 2012 1:49:13 AM Ignore DrCashFlow Report Abuse trade you a recession for $40 oil and 30% lower housing prices. might make u.s. cost competitive on the world stage again.
jrs4125 Champion Author Indiana Posts:2,893 Points:618,470 Joined:Sep 2011	Message Posted: Dec 6, 2012 12:11:46 AM Ignore jrs4125 Report Abuse Price up at the pumps .30 in the last 24 hours.
fora_7 All-Star Author Montreal Posts:990 Points:232,850 Joined:Sep 2012	Message Posted: Dec 5, 2012 9:30:40 AM Ignore fora_7 Report Abuse It's not like sex. What goes down will eventually come back up!!!!
investmentdr Champion Author Cleveland Posts:4,122 Points:1,479,935 Joined:Sep 2008	Message Posted: Dec 5, 2012 9:04:39 AM Ignore investmentdr Report Abuse keep on keeping on
Straitliner Champion Author Illinois Posts:1,640 Points:265,000 Joined:Sep 2012	Message Posted: Dec 5, 2012 6:01:09 AM Ignore Straitliner Report Abuse Just relax they'll get it ironed out.
SBlouch Champion Author San Antonio Posts:8,832 Points:1,884,330 Joined:Apr 2007	Message Posted: Dec 5, 2012 3:40:24 AM Ignore SBlouch Report Abuse Well, if Congress doesn't fix the spending cuts, tax situation, and deficit, the fiscal cliff will occur. Our economy will be hurt in the USA as well as foreign countries. Will the prices at the pump go lower, but in the long run will we be able to afford it because of tax increases and cutting of vital programs such as social security, medicade, medicare, etc.
alterman156 Champion Author New York Posts:7,620 Points:1,584,025 Joined:Dec 2008	Message Posted: Dec 5, 2012 1:53:10 AM Ignore alterman156 Report Abuse Oil prices should fall off a cliff.
iFueler Champion Author Durham Posts:64,983 Points:204,800 Joined:Nov 2012	Message Posted: Dec 5, 2012 1:22:53 AM Ignore iFueler Report Abuse markets will react however this turns out, and probably with multiple swings before yearend...
leeac Champion Author Ohio Posts:1,731 Points:460,630 Joined:Jan 2012	Message Posted: Dec 5, 2012 1:10:56 AM Ignore leeac Report Abuse Supply and demand plus inflation. Prices moving up.
PDQBlues Champion Author San Diego Posts:7,209 Points:1,475,050 Joined:Jan 2009	Message Posted: Dec 5, 2012 12:37:09 AM Ignore PDQBlues Report Abuse Oil prices will have time to fall, especially after the start of the new year and nothing has been done. Much ado about nothing...
endymion All-Star Author New York Posts:964 Points:197,560 Joined:Nov 2012	Message Posted: Dec 4, 2012 11:35:32 PM Ignore endymion Report Abuse Another poker game in Washington where the taxpayers will lose.
Tekkersmom57 Champion Author Syracuse Posts:2,014 Points:727,915 Joined:May 2010	Message Posted: Dec 4, 2012 11:23:03 PM Ignore Tekkersmom57 Report Abuse I don't have a good feeling about what is going to be done about this fiscal cliff! I hope I am proven wrong.
roadrunnin Champion Author Richmond Posts:1,801 Points:580,980 Joined:May 2008	Message Posted: Dec 4, 2012 11:22:46 PM Ignore roadrunnin Report Abuse and as we get closer surely the prices will rise - any excuse will do.
davenles Champion Author Texas Posts:3,331 Points:745,385 Joined:May 2011	Message Posted: Dec 4, 2012 11:22:32 PM Ignore davenles Report Abuse But our gas prices have not followed.
amerk73 Champion Author Dallas Posts:7,183 Points:1,647,765 Joined:Oct 2008	Message Posted: Dec 4, 2012 10:54:50 PM Ignore amerk73 Report Abuse WTI Crude Oil now at $88.50
doghaulr Rookie Author Denver Posts:62 Points:17,605 Joined:Aug 2005	Message Posted: Dec 4, 2012 10:09:20 PM Ignore doghaulr Report Abuse And prices go UP at the pump....go figure, but what do you expect in 'obamaland'
esq262 Champion Author Asheville Posts:2,998 Points:673,665 Joined:Jul 2011	Message Posted: Dec 4, 2012 10:00:02 PM Ignore esq262 Report Abuse Let's see it at he pump.
Lugi1967 Champion Author Ohio Posts:4,915 Points:1,028,685 Joined:Jun 2010	Message Posted: Dec 4, 2012 9:15:49 PM Ignore Lugi1967 Report Abuse It should fall everyday this month then
MidNJ Champion Author New Jersey Posts:7,681 Points:1,196,340 Joined:Sep 2009	Message Posted: Dec 4, 2012 9:12:09 PM Ignore MidNJ Report Abuse It's all a matter of prospective. One person's idea of a cliff is another's belief that it is only a small step.
agrico Veteran Author New Orleans Posts:473 Points:523,145 Joined:Dec 2008	Message Posted: Dec 4, 2012 9:05:08 PM Ignore agrico Report Abuse wonder who tells this reporter why prices go up or down - if accurate should be a day trader - would make a lot more money than writing
dh0770 Champion Author Colorado Posts:6,987 Points:672,460 Joined:Jun 2011	Message Posted: Dec 4, 2012 8:51:18 PM Ignore dh0770 Report Abuse Ohhh, pinch me!
eomc17 Champion Author Tucson Posts:1,840 Points:135,330 Joined:Mar 2007	Message Posted: Dec 4, 2012 8:29:41 PM Ignore eomc17 Report Abuse 53 cents is not much of a fall. Oil and gas are still WAY OVERPRICED!!!
benjy Champion Author Chicago Posts:8,703 Points:1,814,135 Joined:Nov 2003	Message Posted: Dec 4, 2012 7:59:05 PM Ignore benjy Report Abuse too many doomsday stories.. it's Political Death for the Republicans if they don't agree with this one.
uglytom Champion Author Florida Posts:7,464 Points:1,542,015 Joined:Jul 2007	Message Posted: Dec 4, 2012 7:45:14 PM Ignore uglytom Report Abuse Increase rates across the board and eliminate deductions for interest,taxes,depreciation!
Jeff4U Champion Author Atlanta Posts:8,890 Points:1,878,955 Joined:Nov 2004	Message Posted: Dec 4, 2012 7:44:58 PM Ignore Jeff4U Report Abuse At the current $88.57, I don't consider a 56¢ drop in price much of a "fall".
skinsfan125 Champion Author Virginia Posts:1,604 Points:304,050 Joined:Jul 2010	Message Posted: Dec 4, 2012 7:36:02 PM Ignore skinsfan125 Report Abuse the sky is falling, the sky is falling.
csblesson Champion Author Texas Posts:1,926 Points:378,725 Joined:May 2012	Message Posted: Dec 4, 2012 7:23:57 PM Ignore csblesson Report Abuse They will find amy reason to increase the price
APlus Champion Author San Antonio Posts:4,013 Points:1,011,020 Joined:Apr 2007	Message Posted: Dec 4, 2012 7:19:18 PM Ignore APlus Report Abuse We in the USA need gas and oil prices to fall below $2 a gallon at the pumps USA nationwide and stay there for over 6 months for me to think any gas & oil prices are dropping!!!!!!
molebaby96 Champion Author Tallahassee Posts:2,173 Points:528,255 Joined:Nov 2011	Message Posted: Dec 4, 2012 7:16:30 PM Ignore molebaby96 Report Abuse LOWER GAS AT THE PUMP WILL HELP
humblepie Champion Author Toledo Posts:35,293 Points:2,398,095 Joined:Mar 2006	Message Posted: Dec 4, 2012 7:12:15 PM Ignore humblepie Report Abuse more like a minor stumble off a speed bump