Oil Drops, Doubts Rescue Will Avoid Recession, Revive Demand

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Thursday, November 20, 2008 10:40:53 PM

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GasBuddy News Article

Oil Drops, Doubts Rescue Will Avoid Recession, Revive Demand Wednesday, October 15, 2008
Bloomberg -- Oct. 15 (Bloomberg) -- Oil fell below $75 a barrel for the first time since September 2007 on speculation an emergency bail-out of the world's banks will not be enough to avoid recession and stem a decline in global fuel demand. Oil, which has followed movements in equity markets this month as the credit crisis deepened, fell as European stocks dropped today. The Organization of Petroleum Exporting Countries slashed its 2009 demand forecast for a second month as the worst financial crisis since the 1930s threatens a global recession. The International Energy Agency and the U.S. Energy Department have also cut their forecasts.
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JT Moderator	Message Posted: 10/15/2008 10:55:51 AM	Ignore JT Report Abuse
	Wednesday, October 15, 2008 Bloomberg -- Oct. 15 (Bloomberg) -- Oil fell below $75 a barrel for the first time since September 2007 on speculation an emergency bail-out of the world's banks will not be enough to avoid recession and stem a decline in global fuel demand. Oil, which has followed movements in equity markets this month as the credit crisis deepened, fell as European stocks dropped today. The Organization of Petroleum Exporting Countries slashed its 2009 demand forecast for a second month as the worst financial crisis since the 1930s threatens a global recession. The International Energy Agency and the U.S. Energy Department have also cut their forecasts. Visit Bloomberg for full article

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91Acclaim Veteran Author Maryland Posts:355 Points:73,885 Joined:Aug 2008	Message Posted: 10/16/2008 1:02:13 PM	Ignore 91Acclaim Report Abuse
	Money and greed.....
C4U All-Star Author Salt Lake City Posts:966 Points:171,455 Joined:May 2008	Message Posted: 10/16/2008 11:13:49 AM	Ignore C4U Report Abuse
	The whirlpool has started and is sucking everything up as it now moves global. Its going to take a lot of the very wealthy to solve this problem. They will need to start spending there wealth instead of hoarding it.
MajorSteve All-Star Author Oklahoma City Posts:500 Points:237,595 Joined:Sep 2006	Message Posted: 10/16/2008 11:12:16 AM	Ignore MajorSteve Report Abuse
	The price of diesel needs to be at the same price as gasoline! We are being gouged!
ramshot412 Champion Author Riverside Posts:11,938 Points:1,195,960 Joined:Apr 2004	Message Posted: 10/16/2008 10:56:25 AM	Ignore ramshot412 Report Abuse
	It mentions crude oil prices related to prices in September 2007. So what's wrong with that?
KrazyDawg Champion Author California Posts:1,802 Points:304,620 Joined:Aug 2007	Message Posted: 10/16/2008 10:50:24 AM	Ignore KrazyDawg Report Abuse
	Is there something wrong with this article? September 2007?
Jacks45 Champion Author Michigan Posts:2,168 Points:437,025 Joined:Jul 2007	Message Posted: 10/16/2008 10:50:05 AM	Ignore Jacks45 Report Abuse
	needs to drop to about 50 a barrel.
MidKyman Rookie Author Lexington Posts:12 Points:1,140 Joined:Sep 2008	Message Posted: 10/16/2008 10:49:48 AM	Ignore MidKyman Report Abuse
	A barrel of gas has dropped half in the last few days. But the gallon of gas has not dropped to what it should be. when gas was $147 a barrel and a gallon was $4 now that its $74 a barrel should it be about $2 a gallon? we are paying $2.80 - $3.19. So who making profits? I think the oil companies have helped us in the mess that we are in. We still need to watch our consumption.
Lizzylou Champion Author Stockton Posts:1,447 Points:883,795 Joined:Oct 2005	Message Posted: 10/16/2008 10:49:14 AM	Ignore Lizzylou Report Abuse
	It was up yesterday in the $80's but back down to today to $75.00.
The_WaTchR Champion Author Georgia Posts:1,060 Points:449,950 Joined:Jul 2005	Message Posted: 10/16/2008 10:49:02 AM	Ignore The_WaTchR Report Abuse
	Now, who would have imagined that?
fairchildd All-Star Author Kansas City Posts:862 Points:362,990 Joined:Aug 2007	Message Posted: 10/16/2008 10:46:24 AM	Ignore fairchildd Report Abuse
	keep it dropping - hopefully we'll keep using our efficient fuel vehicles
laddyboy62 Champion Author Riverside Posts:1,581 Points:994,335 Joined:Mar 2005	Message Posted: 10/16/2008 10:44:43 AM	Ignore laddyboy62 Report Abuse
	are we are doomed to repeat our bad ways..
w4kh Champion Author Riverside Posts:3,660 Points:640,945 Joined:May 2004	Message Posted: 10/16/2008 10:40:35 AM	Ignore w4kh Report Abuse
	We remain addicted to oil... the signs are everywhere - people who howled and squawked about high gasoline prices are back driving fast, racing away from stops (usually in a 4x4 crew cab pickup or an 4x4 SUV neither of which ever has, nor ever will see dirt or mud) and wasting enough gas on my commuting route to keep me going for a week! We can point fingers at OPEC and the Middle East, but WE are the ones ADDICTED TO OIL who let it happen!
pbot Rookie Author Cleveland Posts:38 Points:7,495 Joined:May 2008	Message Posted: 10/16/2008 10:39:23 AM	Ignore pbot Report Abuse
	demand is falling
NavyEOD Champion Author Los Angeles Posts:1,961 Points:431,390 Joined:Jul 2007	Message Posted: 10/16/2008 10:38:52 AM	Ignore NavyEOD Report Abuse
	Let it keep dropping.
ElCap Veteran Author El Paso Posts:368 Points:316,645 Joined:Jan 2007	Message Posted: 10/16/2008 10:32:34 AM	Ignore ElCap Report Abuse
	Its too late and the arabs pushed the world economy over the edge with their greed!
GaryG7 Champion Author New Jersey Posts:5,533 Points:1,089,825 Joined:Aug 2005	Message Posted: 10/16/2008 10:28:43 AM	Ignore GaryG7 Report Abuse
	Almost sounds like a recession would be a good thing.
ss70 Champion Author Detroit Posts:3,036 Points:730,510 Joined:Sep 2005	Message Posted: 10/16/2008 10:23:07 AM	Ignore ss70 Report Abuse
	NO DEMAND AT ALL
RBimpreza All-Star Author San Diego Posts:763 Points:177,280 Joined:Mar 2008	Message Posted: 10/16/2008 10:22:45 AM	Ignore RBimpreza Report Abuse
	hope it stays down
drillbabydrill2008 Rookie Author Orlando Posts:2 Points:415 Joined:Oct 2008	Message Posted: 10/16/2008 10:21:08 AM	Ignore drillbabydrill2008 Report Abuse
	how about a bicycle? it is gas free...
SeerLV All-Star Author Las Vegas Posts:537 Points:132,015 Joined:Jun 2008	Message Posted: 10/16/2008 10:20:21 AM	Ignore SeerLV Report Abuse
	Oil needs to drop more.
Egaser Veteran Author Atlanta Posts:409 Points:162,765 Joined:Apr 2006	Message Posted: 10/16/2008 10:20:20 AM	Ignore Egaser Report Abuse
	OPEC is not stupid,but they are going to make as much as they can.When all the countries start using alternative fuels they will lose a lot of cash flow.
REVLAW Champion Author San Antonio Posts:2,104 Points:396,010 Joined:Jul 2007	Message Posted: 10/16/2008 10:20:18 AM	Ignore REVLAW Report Abuse
	"forecast" = best guess. No one really knows, do they.
tigeriz Veteran Author Maine Posts:302 Points:73,145 Joined:Aug 2008	Message Posted: 10/16/2008 10:19:48 AM	Ignore tigeriz Report Abuse
	Keep on droppin!!!!!
bruinsfanON Veteran Author London Posts:366 Points:27,195 Joined:Aug 2008	Message Posted: 10/16/2008 10:18:46 AM	Ignore bruinsfanON Report Abuse
	wow
bicycler Champion Author Ontario Posts:6,202 Points:1,117,120 Joined:May 2005	Message Posted: 10/16/2008 10:18:37 AM	Ignore bicycler Report Abuse
	I get the feeling that there is more panic in the financial at the price of oil is going down than when it was going down. The "pundits" may lose more money that way, not worrying about the consumer.
TheBarefootClub Rookie Author New York Posts:36 Points:21,520 Joined:Nov 2006	Message Posted: 10/16/2008 10:18:33 AM	Ignore TheBarefootClub Report Abuse
	They dont hate us, they just love our $$$$
mrgots2000 Veteran Author New York Posts:428 Points:46,845 Joined:May 2007	Message Posted: 10/16/2008 10:18:32 AM	Ignore mrgots2000 Report Abuse
	These bastards are killing me... "An Iraqi official says Iraq believes that the $100 a barrel is a "fair and acceptable" oil price for both producers and consumers." don't they realize we are suffering a global financial crisis, even the chinese are trying to do their part to help. "fair and acceptable" to consumers, according to consumer demand, it says otherwise.
DVDKING Rookie Author Charlotte Posts:44 Points:17,910 Joined:Aug 2008	Message Posted: 10/16/2008 10:18:18 AM	Ignore DVDKING Report Abuse
	dont worry if you miss $147 dollar barrels youll get them again soon enough like next summer
gasguy555 All-Star Author Gary Posts:569 Points:108,120 Joined:Jul 2008	Message Posted: 10/16/2008 10:14:54 AM	Ignore gasguy555 Report Abuse
	OPEC hates us! Its simple. Time to start mass producing electric and natural gas vehicles.
hank1326 All-Star Author Los Angeles Posts:505 Points:126,730 Joined:Jun 2008	Message Posted: 10/16/2008 10:14:09 AM	Ignore hank1326 Report Abuse
	Ditto to hblee. OPEC will do anything for boost their profit and hurt our economy.
cmukid87 Sophomore Author Michigan Posts:147 Points:46,615 Joined:Aug 2008	Message Posted: 10/16/2008 10:13:45 AM	Ignore cmukid87 Report Abuse
	It seems like so much longer than just over a year for oil to be higher than $75. It seems like gas prices have been high for a couple years
frede2 Champion Author Texas Posts:3,515 Points:766,385 Joined:May 2005	Message Posted: 10/16/2008 10:13:16 AM	Ignore frede2 Report Abuse
	Yeah, sure, I'm from FEMA and I'm here to help ya.......
mattf373 All-Star Author Atlanta Posts:561 Points:106,745 Joined:Mar 2003	Message Posted: 10/16/2008 10:12:33 AM	Ignore mattf373 Report Abuse
	crazy
hblee Veteran Author Ontario Posts:370 Points:246,140 Joined:May 2004	Message Posted: 10/16/2008 10:11:32 AM	Ignore hblee Report Abuse
	Just waiting for OPEC to lower production to boost the price of oil.
china211 Veteran Author Long Island Posts:497 Points:84,400 Joined:May 2008	Message Posted: 10/16/2008 10:11:31 AM	Ignore china211 Report Abuse
	SAY NO TO SUV'S!!! SAY YES TO OFFSHORE DRILLING AND FINDING BETTER THINGS TO RUN OUR CARS ON!!!!!!
GooseMI Champion Author Grand Rapids Posts:1,708 Points:381,590 Joined:Sep 2007	Message Posted: 10/16/2008 10:10:44 AM	Ignore GooseMI Report Abuse
	Price will rise when demand has returned.
spheremaker1 Veteran Author Arizona Posts:348 Points:354,295 Joined:May 2006	Message Posted: 10/16/2008 10:10:33 AM	Ignore spheremaker1 Report Abuse
	we had a saying when I had to work... reaction, overreaction.. so I will guess that crude will actually drop more than justified..then recover. and, yep, the execs are WAY overpaid...that started with the sport 'STARS'
Kthyme Champion Author Fort Worth Posts:2,671 Points:876,390 Joined:Apr 2006	Message Posted: 10/16/2008 10:10:26 AM	Ignore Kthyme Report Abuse
	Oil hasn't dropped enough...
Lukus Veteran Author Halifax Posts:291 Points:74,710 Joined:Nov 2007	Message Posted: 10/16/2008 10:10:05 AM	Ignore Lukus Report Abuse
	Cry oil companies, Cry.
wizzard3040 Veteran Author St. Louis Posts:390 Points:168,625 Joined:May 2008	Message Posted: 10/16/2008 10:06:06 AM	Ignore wizzard3040 Report Abuse
	Just LOOK @ ANY CORP. EXEC...excessive pay and perks!
amacquarrie Veteran Author Nevada Posts:333 Points:77,235 Joined:Jun 2008	Message Posted: 10/16/2008 10:05:15 AM	Ignore amacquarrie Report Abuse
	time will tell
CoronaKid Champion Author Riverside Posts:6,526 Points:1,121,475 Joined:Mar 2005	Message Posted: 10/16/2008 10:03:03 AM	Ignore CoronaKid Report Abuse
	If you have a job, gas is too expensive. If you don't have a job, gas is cheap. Does anyone see something wrong with this picture?
Don20 Champion Author Oklahoma City Posts:1,525 Points:1,013,770 Joined:Mar 2005	Message Posted: 10/16/2008 10:02:23 AM	Ignore Don20 Report Abuse
	My guess is that time will tell us what the future brings.. May not be good but we have to live with it, on account of some else bad management. (and make million). They should turn in all the big fat bonus to help pay the bill.
techque All-Star Author St. Louis Posts:666 Points:953,775 Joined:Apr 2005	Message Posted: 10/16/2008 9:59:51 AM	Ignore techque Report Abuse
	the petroterrorists have killed our economy. now they're whining about what's gone around coming around.
AnObserver Champion Author New Jersey Posts:1,609 Points:859,315 Joined:Sep 2005	Message Posted: 10/16/2008 9:57:08 AM	Ignore AnObserver Report Abuse
	A sinking economy suppresses demand
ar_kayaker Sophomore Author Arkansas Posts:117 Points:27,515 Joined:Oct 2008	Message Posted: 10/16/2008 9:54:42 AM	Ignore ar_kayaker Report Abuse
	I wonder if they bother to factor in that the decline in demand might, just maybe, have something to do with people wanting to become independant of Big Oil and the little O-Peckers rather than just an economic issue.
docwilly All-Star Author Scranton Posts:520 Points:101,230 Joined:Feb 2008	Message Posted: 10/16/2008 9:53:34 AM	Ignore docwilly Report Abuse
	probably bottom out at 2.50 gal.
wizzard1222 Veteran Author St. Louis Posts:392 Points:704,750 Joined:Mar 2006	Message Posted: 10/16/2008 9:53:06 AM	Ignore wizzard1222 Report Abuse
	Oil prices fell to a 14-month low Thursday
Sealer Champion Author Charleston Posts:2,689 Points:300,105 Joined:Jan 2008	Message Posted: 10/16/2008 9:48:34 AM	Ignore Sealer Report Abuse
	I suspect oil prices are near the bottom.
Somis1 Champion Author Ventura Posts:4,897 Points:1,062,225 Joined:Jul 2005	Message Posted: 10/16/2008 9:48:08 AM	Ignore Somis1 Report Abuse
	We may well see it below $50 in the not-too-distant future.