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Author Topic: Oil falls below $105 a barrel, has 1st weekly decline since mid-June; pump price at $3.65 Back to Topics
xgojim
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Michigan

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Message Posted: Jul 27, 2013 12:10:22 PM

NEW YORK — The oil market cooled off this week following some lofty gains. Oil fell 79 cents to close at $104.70 Friday in New York. For the week, the price of oil fell $3.35, or 3.1 percent, the first weekly decline since mid-June. Drivers saw a bit of relief. The average price of gasoline fell 2 cents over the past week to $3.65 a gallon. That’s still 11 cents higher than a month ago. China, a major energy consumer, played a big role in this week’s decline in the price of oil. Traders were concerned over the country’s decision to press ahead with painful economic restructuring and forgo another round of stimulus even though growth has slowed. Oil is still up $11, or 12 percent, since June 21, when it fell to $93.69. It broke above $100 on July 3 for the first time since May 2012 and pe
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REPLIES (newest first) Post a Reply
lesndave
Champion Author Texas

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Message Posted: Jul 28, 2013 11:10:05 PM

Overpriced
bston
Champion Author Oklahoma City

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Message Posted: Jul 28, 2013 5:48:31 PM

Oil is definitely overpriced.
WalkingWV
Champion Author West Virginia

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Message Posted: Jul 28, 2013 1:03:12 PM

$3.49 at a few stations, still $3.65 at most.
streetdesign
Champion Author Illinois

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Message Posted: Jul 28, 2013 12:05:14 PM

Still not coming down fast enough. The greedy speculators are the problem not supply and demand. If they used what they learned in economics 101 then pricing would be more accurate. Looks like they forgot what they learned if anything.
dandvicb
Champion Author Bridgeport

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Message Posted: Jul 28, 2013 10:49:17 AM

Just more Market Manipulation & GREED!!
scu227
Champion Author New Haven

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Message Posted: Jul 28, 2013 9:26:04 AM

Speculators use hype to push prices up, manipulation of inventory levels to create a false impression of shortages and increased demand.

Oil companies just go along for the ride passing on future price increases immediately and trickling down the future price deceases after they actually happen. This creates windfall profit for the Oil industry at our expense.
VMIJim
Champion Author Alabama

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Message Posted: Jul 28, 2013 8:28:38 AM

And the roller coaster ride of gas prices continues! The bottom line is that Obama has done nothing to control oil speculation or prices, reduce our dependence on foreign oil, or improve our economy. His sole agenda is to cater to his tree hugging, stimulus sucking, union dominated, ultra liberal major contributors. As a result, we continue to be screwed at the pump, with our utilities, & with our taxes. Nothing will change as long as Obama is in office & controls the Senate. 2014 Elections are coming - stop this madness!!
hokieburgh
Champion Author Virginia

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Message Posted: Jul 28, 2013 6:52:24 AM

slight downward trend RE pump prices locally (SW VA.) ...seeing $3.29 as of yesterday. Hopefully barrel prices continue to fall!
djgunrunner
Champion Author Salt Lake City

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Message Posted: Jul 28, 2013 5:28:31 AM

It still has to come down at least $35.00 to begin to get reasonable.
heydano67
Champion Author California

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Message Posted: Jul 28, 2013 2:02:10 AM

still $55 too high
goldrose1
Champion Author Cleveland

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Message Posted: Jul 28, 2013 1:38:51 AM

ok...
Wanda127
Champion Author Florida

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Message Posted: Jul 28, 2013 1:12:23 AM

It needs fall to under $80 to get the prices back to a little over $2 gal. again.
TripleHs
Champion Author Austin

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Message Posted: Jul 28, 2013 12:43:57 AM

prices way too high
el_fr
Champion Author Massachusetts

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Message Posted: Jul 28, 2013 12:30:30 AM

Big deal......
el_fr
Champion Author Massachusetts

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Message Posted: Jul 28, 2013 12:30:24 AM

Big deal......
Tekkersmom57
Champion Author Syracuse

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Message Posted: Jul 27, 2013 10:53:12 PM

I haven't seen any dropping of prices so far!
esq262
Champion Author Asheville

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Message Posted: Jul 27, 2013 10:09:01 PM

Come on down.
andy1024
Champion Author Allentown

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Message Posted: Jul 27, 2013 9:58:55 PM

Keep falling.
Jeff4U
Champion Author Atlanta

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Message Posted: Jul 27, 2013 9:42:54 PM

So when did they say $50 oil was coming?
Fleabite44
Champion Author Maryland

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Message Posted: Jul 27, 2013 7:15:05 PM

It still does not translate to cheap gas for us. Big deal!
USMCturtlehead
Champion Author Lexington

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Message Posted: Jul 27, 2013 5:40:19 PM

Still waiting for $50 a barrel.
tucson18
Rookie Author Tucson

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Message Posted: Jul 27, 2013 4:52:42 PM

Hope we can catch a break before the end of summer vacations.
ObieDog
Champion Author Maryland

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Message Posted: Jul 27, 2013 4:51:07 PM

It's a start.
velichita
Champion Author New Jersey

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Message Posted: Jul 27, 2013 4:12:13 PM

Little relief?
kag2010
Champion Author Winnipeg

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Message Posted: Jul 27, 2013 3:38:26 PM

Keep the rally going.
Hemond
Champion Author Providence

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Message Posted: Jul 27, 2013 3:01:37 PM

That was fast, gas at the self serve up the street dropped 9 cents overnight.
streetdesign
Champion Author Illinois

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Message Posted: Jul 27, 2013 2:58:30 PM

May the decline continue. Keep the rally going.
BUSMAN1105
Champion Author Atlanta

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Message Posted: Jul 27, 2013 2:58:09 PM

IT NEEDS TO DROP MORE SO GASOLINE PRICES CAN KEEP DROPPING!!!!!!!!!!!!!!!!!!!!!
bwatchingu
Champion Author Arkansas

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Message Posted: Jul 27, 2013 2:51:31 PM

not that exciting.too high
nybearhunter
Champion Author New York

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Message Posted: Jul 27, 2013 2:26:45 PM

station here just jumped 9 cents, guess they didn't get the news huh.
whitebear1883
Champion Author Oakland

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Message Posted: Jul 27, 2013 2:10:16 PM

Been dropping slightly at the pump here, too.
Flashcube
All-Star Author Nashville

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Message Posted: Jul 27, 2013 2:05:15 PM

Let's hope it drops at least to 100.00 a barrel or lower... FINGERS CROSSED.
humblepie
Champion Author Toledo

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Message Posted: Jul 27, 2013 1:43:15 PM

still $60 a barrel overpriced
amerk73
Champion Author Dallas

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Message Posted: Jul 27, 2013 1:14:50 PM

here $3.47
Yooperheart
Champion Author Michigan

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Message Posted: Jul 27, 2013 12:52:46 PM

Bring it on down to $70.00 per Barrel
mastermariner
Champion Author Texas

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Message Posted: Jul 27, 2013 12:35:07 PM

For how long?
335d1
Champion Author Virginia

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Message Posted: Jul 27, 2013 12:29:48 PM

But gas prices won't react in the same way. Oil price is just one factor in gas prices.

[Edited by: 335d1 at 7/27/2013 12:31:16 PM EST]
Rappcommuter
All-Star Author Virginia

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Message Posted: Jul 27, 2013 12:24:42 PM

Wow, I remember when they talked about how OPEC wanted to keep the price at around $95. I don't think this is great news, but hopefully a trend that will continue.
Night Owl
Champion Author Toronto

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Message Posted: Jul 27, 2013 12:18:33 PM

Keep falling. Oil is still priced double what it should be.
xgojim
Champion Author Michigan

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Message Posted: Jul 27, 2013 12:15:05 PM

Good trend but it has a long way to go.
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