GasBuddy News Article

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Oil drops below $100 first time since February

Anchorage Daily News online -- CHRIS KAHN
The Associated Press

Published: May 4th, 2012 07:35 AM
Last Modified: May 4th, 2012 07:45 AM

NEW YORK (AP) - The price of oil dropped below $100 per barrel for the first time since February following a disappointing U.S. jobs report and some signs of a slowing world economy.

Benchmark West Texas Intermediate crude fell as low as $97.83 Friday before edging back to $98.21 per barrel in New York. Crude prices are down 4.2 percent for the day.

The drop is part of a sustained decline in oil futures that should push U.S. retail gasoline prices lower ahead of the summer driving season.

Oil prices have been falling since Wednesday as analysts and traders increasingly focus on the economy. The Labor Department said Friday that the economy added just 115,000 jobs in April - far

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Submitted May 06, 2012 By: Nitewolf

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DerHahn Champion Author Illinois Posts:13,710 Points:2,114,135 Joined:May 2004	Message Posted: May 7, 2012 11:08:30 PM Ignore DerHahn Report Abuse good to see, but how long will it last.
Jeff4U Champion Author Atlanta Posts:8,761 Points:1,853,345 Joined:Nov 2004	Message Posted: May 7, 2012 1:02:54 PM Ignore Jeff4U Report Abuse Currently at $97.15 per barrel. Wholesale gasoline is now at $2.96 per gallon. (add 50¢ to approximate a projected average pump price)
bigmoo63 Champion Author Kalamazoo Posts:1,275 Points:83,105 Joined:Nov 2009	Message Posted: May 7, 2012 8:32:28 AM Ignore bigmoo63 Report Abuse The prices at the pump will not fall. Why? Because Barry and Chu want these prices at European levels. More green agenda shoved up our behinds. Like an earlier post said, two faced. Thats exactly what he is. He's not what or who he wants you to think he is.
eomc17 Champion Author Tucson Posts:1,822 Points:134,145 Joined:Mar 2007	Message Posted: May 7, 2012 2:01:37 AM Ignore eomc17 Report Abuse Oil and gas are still way overpriced. Hey Obama, stop ignoring this or dumping this on Congress. YOU need to take action with this. If you cared about this half as much as you cared about your highly controversial Obamacare, our gas and oil prices would already be lower than the currently very high market prices. Show your voters that you are NOT two-faced. Right now, it really looks that way, Mr. President.
KAR120CSII Champion Author Oregon Posts:3,182 Points:621,695 Joined:Apr 2010	Message Posted: May 7, 2012 1:18:15 AM Ignore KAR120CSII Report Abuse Old news, but good news.
kitty1750 Champion Author Kitchener-Waterloo Posts:2,199 Points:470,675 Joined:Jun 2011	Message Posted: May 7, 2012 1:08:06 AM Ignore kitty1750 Report Abuse For how long?
Nicoalbum Champion Author Ottawa Posts:6,021 Points:1,189,025 Joined:Jan 2010	Message Posted: May 7, 2012 12:28:56 AM Ignore Nicoalbum Report Abuse It is not oil we should watch after. Watch Brent.
JamesCalvin Champion Author Lancaster Posts:3,186 Points:519,555 Joined:Nov 2011	Message Posted: May 7, 2012 12:11:43 AM Ignore JamesCalvin Report Abuse Don't Blink! Or you'll miss it!
amerk73 Champion Author Dallas Posts:7,050 Points:1,621,080 Joined:Oct 2008	Message Posted: May 6, 2012 11:34:00 PM Ignore amerk73 Report Abuse Brent Crude Oil $113.43
amerk73 Champion Author Dallas Posts:7,050 Points:1,621,080 Joined:Oct 2008	Message Posted: May 6, 2012 11:33:33 PM Ignore amerk73 Report Abuse WTI Crude Oil now at $98.59
amerk73 Champion Author Dallas Posts:7,050 Points:1,621,080 Joined:Oct 2008	Message Posted: May 6, 2012 11:32:43 PM Ignore amerk73 Report Abuse old news
ExplorerWA Champion Author Washington Posts:4,083 Points:797,250 Joined:Feb 2011	Message Posted: May 6, 2012 9:05:57 PM Ignore ExplorerWA Report Abuse Good, hopefully this will be a trend.
tatker Champion Author Asheville Posts:1,966 Points:559,830 Joined:Dec 2010	Message Posted: May 6, 2012 8:52:27 PM Ignore tatker Report Abuse 2nd term
toadNY Champion Author Albany Posts:7,047 Points:1,514,125 Joined:Apr 2008	Message Posted: May 6, 2012 8:00:57 PM Ignore toadNY Report Abuse Thank you obama, we know you did it! No wait the president has No control of oil an gas prices unless your name is Bush!
Night Owl Champion Author Toronto Posts:7,555 Points:1,787,575 Joined:Jul 2004	Message Posted: May 6, 2012 6:39:26 PM Ignore Night Owl Report Abuse Some good news. But as this story reports, oil prices are dictated by oil traders and have nothing to do with the laws of supply and demand.
dgerst Champion Author South Carolina Posts:2,708 Points:556,025 Joined:Aug 2008	Message Posted: May 6, 2012 6:32:46 PM Ignore dgerst Report Abuse It will only last till after the US election in November.
davidel57 Champion Author Houston Posts:5,120 Points:1,188,235 Joined:Apr 2008	Message Posted: May 6, 2012 6:16:54 PM Ignore davidel57 Report Abuse probably won't last
leraar2 Champion Author Massachusetts Posts:3,764 Points:787,680 Joined:Mar 2011	Message Posted: May 6, 2012 5:44:23 PM Ignore leraar2 Report Abuse BAN THE SPECULATORS
nfldude Champion Author San Diego Posts:3,871 Points:446,555 Joined:Dec 2011	Message Posted: May 6, 2012 5:34:13 PM Ignore nfldude Report Abuse ...while pump prices start to climb in San Diego. Several stations that fell below $4 for 87 octane are back over $4.
lonewolf_947 Champion Author New Hampshire Posts:1,285 Points:576,820 Joined:Mar 2011	Message Posted: May 6, 2012 5:27:55 PM Ignore lonewolf_947 Report Abuse Won't last long........ prices going up again...... Memorial Day is coming.....
lou30 Sophomore Author Miami Posts:187 Points:322,065 Joined:Mar 2011	Message Posted: May 6, 2012 5:17:11 PM Ignore lou30 Report Abuse This is from two days ago. Still good news.
uglytom Champion Author Florida Posts:7,464 Points:1,542,015 Joined:Jul 2007	Message Posted: May 6, 2012 5:05:36 PM Ignore uglytom Report Abuse Old news!
72_Monte Champion Author Twin Cities Posts:7,770 Points:1,996,460 Joined:Aug 2005	Message Posted: May 6, 2012 4:46:55 PM Ignore 72_Monte Report Abuse And for how long?
tnfran Champion Author Arizona Posts:4,383 Points:843,165 Joined:Dec 2010	Message Posted: May 6, 2012 4:40:19 PM Ignore tnfran Report Abuse Too slowly but at least it is dropping.
race2IT Champion Author Fort Worth Posts:1,773 Points:725,185 Joined:Oct 2008	Message Posted: May 6, 2012 4:32:09 PM Ignore race2IT Report Abuse By Monday morning, it’ll be over $100. The gas pumps haven’t reacted to the low price of oil, yet. When, I love to know?
dh0770 Champion Author Colorado Posts:6,987 Points:672,460 Joined:Jun 2011	Message Posted: May 6, 2012 3:53:28 PM Ignore dh0770 Report Abuse But it edged back....Monday the speculators will have another excuse they've made up over the weekend to justify the theft in their minds!
f150scxlt Rookie Author Maryland Posts:5 Points:156,055 Joined:Aug 2011	Message Posted: May 6, 2012 3:53:04 PM Ignore f150scxlt Report Abuse It's about Time.
MetroSexual Champion Author New Hampshire Posts:3,004 Points:316,380 Joined:Aug 2005	Message Posted: May 6, 2012 3:40:14 PM Ignore MetroSexual Report Abuse Yet gasoline prices here are remaining high.
cheap59 Champion Author Michigan Posts:4,240 Points:962,270 Joined:May 2010	Message Posted: May 6, 2012 3:20:04 PM Ignore cheap59 Report Abuse While oil drops, so did gas in SE Michigan. $3.70 at our local Kroger.
knutzAL Champion Author Alabama Posts:2,248 Points:372,680 Joined:Feb 2012	Message Posted: May 6, 2012 3:09:30 PM Ignore knutzAL Report Abuse ok
spotterjoe Rookie Author Nevada Posts:83 Points:17,720 Joined:Apr 2012	Message Posted: May 6, 2012 2:47:41 PM Ignore spotterjoe Report Abuse 'bout time...make the spectulators put up more cash!!! It would go even lower.
gizbo123 Champion Author Los Angeles Posts:1,514 Points:1,751,985 Joined:Dec 2005	Message Posted: May 6, 2012 2:18:00 PM Ignore gizbo123 Report Abuse And our emperor will claim credit for lower prices as he shuts our production down.
Jeff4U Champion Author Atlanta Posts:8,761 Points:1,853,345 Joined:Nov 2004	Message Posted: May 6, 2012 1:49:01 PM Ignore Jeff4U Report Abuse It's a start but we need this bubble to burst, like it did by December 2008.
humblepie Champion Author Toledo Posts:34,231 Points:2,372,120 Joined:Mar 2006	Message Posted: May 6, 2012 1:46:40 PM Ignore humblepie Report Abuse with the economy in the crapper its common sense
cdrrod Champion Author Wisconsin Posts:4,154 Points:783,775 Joined:Feb 2006	Message Posted: May 6, 2012 1:45:40 PM Ignore cdrrod Report Abuse Interesting comment on the price increases since the nineties. Our pump prices just fell 20¢ yesterday. But they do indeed need to go a lot lower!
OHMS Champion Author Orange County Posts:13,722 Points:1,692,855 Joined:May 2005	Message Posted: May 6, 2012 1:45:13 PM Ignore OHMS Report Abuse "The jobs report was the coup de grace," said Judith Dwarkin, chief energy economist at ITG Investment Research. "But it's hard to see how prices could have stayed on the boil given ample supplies and continued economic uncertainty."
AskMeLater Champion Author Amarillo Posts:1,993 Points:579,000 Joined:Jul 2005	Message Posted: May 6, 2012 1:36:11 PM Ignore AskMeLater Report Abuse Who remembers the time around the first Gulf War (1990-ish)? That was a long time ago, but iirc crude was trading at about $18/bbl, and gas prices spiked because of fears that crude might hit $30/bbl. Oh, how times have changed!
TripleHs Champion Author Austin Posts:3,355 Points:917,340 Joined:Oct 2009	Message Posted: May 6, 2012 1:26:26 PM Ignore TripleHs Report Abuse that is not enough at all
blupupher Champion Author Houston Posts:3,550 Points:748,045 Joined:Feb 2011	Message Posted: May 6, 2012 1:24:49 PM Ignore blupupher Report Abuse now if fuel prices will follow.
BUSMAN1105 Champion Author Atlanta Posts:2,160 Points:1,170,980 Joined:Aug 2008	Message Posted: May 6, 2012 1:21:01 PM Ignore BUSMAN1105 Report Abuse GOOD, DROP BABY DROP SO GASOLINE PRICES MAY BE LOWERED TO AT LEAST $2.00 A GALLON MARK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
dong1971 All-Star Author Vancouver Posts:660 Points:218,640 Joined:May 2012	Message Posted: May 6, 2012 1:08:27 PM Ignore dong1971 Report Abuse doesn't matter to Canada's gas retailers. always up and up.
vrossi46 Champion Author San Jose Posts:2,677 Points:805,895 Joined:Oct 2008	Message Posted: May 6, 2012 1:05:27 PM Ignore vrossi46 Report Abuse then why are gas prices going up?
MustangRacing Champion Author Virginia Posts:1,843 Points:649,460 Joined:May 2011	Message Posted: May 6, 2012 1:03:05 PM Ignore MustangRacing Report Abuse round and round she goes...
ManOfLeisureII Champion Author Philadelphia Posts:1,879 Points:455,125 Joined:Jan 2012	Message Posted: May 6, 2012 1:01:56 PM Ignore ManOfLeisureII Report Abuse What goes up, must come down.
BBopp Champion Author Dayton Posts:6,839 Points:1,938,455 Joined:Dec 2006	Message Posted: May 6, 2012 12:56:14 PM Ignore BBopp Report Abuse It's too bad we have to lose jobs to have the price per barrel fall.
herndonks Champion Author Baltimore Posts:1,116 Points:211,685 Joined:Dec 2011	Message Posted: May 6, 2012 12:54:19 PM Ignore herndonks Report Abuse Good
djwhit Champion Author Ohio Posts:3,012 Points:1,208,455 Joined:Jul 2009	Message Posted: May 6, 2012 12:50:13 PM Ignore djwhit Report Abuse BUT WE WILL NOT SEE IT......BECAUSE OF THE OIL CO'S...........