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Author Topic: Oil falls as 'cliff' negotiations drag on Back to Topics
Nitewolf

Champion Author
Anchorage

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

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
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REPLIES (newest first) Post a Reply
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virostek
Veteran Author Virginia

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Message Posted: Dec 6, 2012 6:58:45 AM

Agreed.
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virostek
Veteran Author Virginia

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Message Posted: Dec 6, 2012 6:58:27 AM

Agreed.
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DrCashFlow
Champion Author Massachusetts

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Message Posted: Dec 6, 2012 1:49:13 AM

trade you a recession for $40 oil and 30% lower housing prices. might make u.s. cost competitive on the world stage again.
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jrs4125
Champion Author Indiana

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Message Posted: Dec 6, 2012 12:11:46 AM

Price up at the pumps .30 in the last 24 hours.
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fora_7
Champion Author Montreal

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Message Posted: Dec 5, 2012 9:30:40 AM

It's not like sex. What goes down will eventually come back up!!!!
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investmentdr
Champion Author Cleveland

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Message Posted: Dec 5, 2012 9:04:39 AM

keep on keeping on
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Straitliner
Champion Author Illinois

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Message Posted: Dec 5, 2012 6:01:09 AM

Just relax they'll get it ironed out.
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SBlouch
Champion Author San Antonio

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Message Posted: Dec 5, 2012 3:40:24 AM

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.
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alterman156
Champion Author New York

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Message Posted: Dec 5, 2012 1:53:10 AM

Oil prices should fall off a cliff.
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iFueler
Champion Author Durham

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Message Posted: Dec 5, 2012 1:22:53 AM

markets will react however this turns out, and probably with multiple swings before yearend...
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leeac
Champion Author Ohio

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Message Posted: Dec 5, 2012 1:10:56 AM

Supply and demand plus inflation. Prices moving up.
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PDQBlues
Champion Author San Diego

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Message Posted: Dec 5, 2012 12:37:09 AM


Oil prices will have time to fall, especially after the start of the new year and nothing has been done.

Much ado about nothing...
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endymion
Champion Author New York

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Message Posted: Dec 4, 2012 11:35:32 PM

Another poker game in Washington where the taxpayers will lose.
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Tekkersmom57
Champion Author Syracuse

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Message Posted: Dec 4, 2012 11:23:03 PM

I don't have a good feeling about what is going to be done about this fiscal cliff! I hope I am proven wrong.
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roadrunnin
Champion Author Richmond

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Message Posted: Dec 4, 2012 11:22:46 PM

and as we get closer surely the prices will rise - any excuse will do.
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davenles
Champion Author Texas

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Message Posted: Dec 4, 2012 11:22:32 PM

But our gas prices have not followed.
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amerk73
Champion Author Dallas

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Message Posted: Dec 4, 2012 10:54:50 PM

WTI Crude Oil now at
$88.50
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doghaulr
Rookie Author Denver

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Message Posted: Dec 4, 2012 10:09:20 PM

And prices go UP at the pump....go figure, but what do you expect in 'obamaland'
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esq262
Champion Author Asheville

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Message Posted: Dec 4, 2012 10:00:02 PM

Let's see it at he pump.
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Lugi1967
Champion Author Ohio

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Message Posted: Dec 4, 2012 9:15:49 PM

It should fall everyday this month then
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MidNJ
Champion Author New Jersey

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Message Posted: Dec 4, 2012 9:12:09 PM

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.
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agrico
Champion Author New Orleans

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Message Posted: Dec 4, 2012 9:05:08 PM

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
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dh0770
Champion Author Colorado

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Message Posted: Dec 4, 2012 8:51:18 PM

Ohhh, pinch me!
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eomc17
Champion Author Tucson

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Message Posted: Dec 4, 2012 8:29:41 PM

53 cents is not much of a fall. Oil and gas are still WAY OVERPRICED!!!
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benjy
Champion Author Chicago

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Message Posted: Dec 4, 2012 7:59:05 PM

too many doomsday stories.. it's Political Death for the Republicans if they don't agree with this one.
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uglytom
Champion Author Florida

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Message Posted: Dec 4, 2012 7:45:14 PM

Increase rates across the board and eliminate deductions for interest,taxes,depreciation!
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Jeff4U
Champion Author Atlanta

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Message Posted: Dec 4, 2012 7:44:58 PM

At the current $88.57, I don't consider a 56¢ drop in price much of a "fall".
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skinsfan125
Champion Author Virginia

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Message Posted: Dec 4, 2012 7:36:02 PM

the sky is falling, the sky is falling.
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csblesson
Champion Author Texas

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Message Posted: Dec 4, 2012 7:23:57 PM

They will find amy reason to increase the price
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APlus
Champion Author San Antonio

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Message Posted: Dec 4, 2012 7:19:18 PM

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!!!!!!
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molebaby96
Champion Author Tallahassee

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Message Posted: Dec 4, 2012 7:16:30 PM

LOWER GAS AT THE PUMP WILL HELP
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humblepie
Champion Author Toledo

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Message Posted: Dec 4, 2012 7:12:15 PM

more like a minor stumble off a speed bump
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