Oil prices slip after hitting record above $135

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Oil prices slip after hitting record above $135 Thursday, May 22, 2008
CNN Money -- NEW YORK (CNNMoney.com) -- Crude oil prices slipped a bit Thursday after posting another record high earlier in the morning. By mid-morning Thursday, crude was trading down $1.45 $131.72 on the New York Mercantile Exchange. Oil came down a bit after Brazil's state-run oil company said it struck more oil near a huge offshore field, according to the Associated Press. Earlier in the day, oil prices hit a record $135.09 a barrel, a day after soaring above $130 for the first time.
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JT Moderator	Message Posted: 5/22/2008 10:47:28 AM	Ignore JT Report Abuse
	Thursday, May 22, 2008 CNN Money -- NEW YORK (CNNMoney.com) -- Crude oil prices slipped a bit Thursday after posting another record high earlier in the morning. By mid-morning Thursday, crude was trading down $1.45 $131.72 on the New York Mercantile Exchange. Oil came down a bit after Brazil's state-run oil company said it struck more oil near a huge offshore field, according to the Associated Press. Earlier in the day, oil prices hit a record $135.09 a barrel, a day after soaring above $130 for the first time. Visit CNN Money for full article

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POLELANE Champion Author Ohio Posts:1,531 Points:155,100 Joined:Mar 2008	Message Posted: 5/26/2008 12:09:32 PM	Ignore POLELANE Report Abuse
	barrels will be measured in gallons; not Euros.
zonernovi All-Star Author Michigan Posts:945 Points:185,730 Joined:May 2005	Message Posted: 5/26/2008 9:16:20 AM	Ignore zonernovi Report Abuse
	hardly
Gee_NY Sophomore Author Texas Posts:126 Points:194,715 Joined:Dec 2007	Message Posted: 5/26/2008 3:41:30 AM	Ignore Gee_NY Report Abuse
	Crude oil prices slip, but, prices at the pump didn't! [Edited by: Gee_NY at 5/26/2008 3:42:06 AM EST]
sluggopyle Champion Author North Carolina Posts:5,808 Points:575,725 Joined:Dec 2005	Message Posted: 5/24/2008 3:25:44 AM	Ignore sluggopyle Report Abuse
	Very well said, ptcgt12!
magnumCA All-Star Author Los Angeles Posts:884 Points:185,250 Joined:Jan 2008	Message Posted: 5/23/2008 4:53:12 PM	Ignore magnumCA Report Abuse
	slip sliding away
ptcgt12 Rookie Author Jackson Posts:53 Points:13,405 Joined:May 2008	Message Posted: 5/23/2008 3:59:00 PM	Ignore ptcgt12 Report Abuse
	I disagree with the entire "supply and demand" argument. Though supply and demand does play a part in the rise of oil, investor speculation and a weakening dollar make the situation much worse. Since the US Dollar is falling and the US economy is weak, investors are ditching the US investments and pursuing investments in commodities such as oil, which are traded on the more valuable and stable Euro. There is plenty of supply for the demand. However, when news of a refinery shutdown or attack in oil-laden Nigeria reaches investors, they panic and drive the price of oil through the roof. If only these investors would pour their money into US based investments instead of going elsewhere to make their money, we would be able to more easily pull out of this recession and aid the rising energy problem.
kanmandoo All-Star Author Detroit Posts:896 Points:830,125 Joined:Jun 2005	Message Posted: 5/23/2008 2:18:34 PM	Ignore kanmandoo Report Abuse
	that's $5.00 in one day!!!!!!!!!!!!!!!
ramshot412 Champion Author Riverside Posts:11,273 Points:1,128,750 Joined:Apr 2004	Message Posted: 5/23/2008 11:30:40 AM	Ignore ramshot412 Report Abuse
	"(not until we 12-step our way through our oil addiction and stop using oil to transport ourselves)" You got it, w4kh.
frede2 Champion Author Texas Posts:3,208 Points:712,885 Joined:May 2005	Message Posted: 5/23/2008 10:49:01 AM	Ignore frede2 Report Abuse
	supply and demand, my hind leg.....they have the supply and demand we pay their extortion!
KimberlyRol Rookie Author Detroit Posts:1 Points:495 Joined:May 2008	Message Posted: 5/23/2008 10:49:00 AM	Ignore KimberlyRol Report Abuse
	It's also the falling dollar that's killing us. Barrels are starting to be measured in Euros because our dollar is so weak.
kmgaslooker Rookie Author Long Island Posts:42 Points:203,290 Joined:Jun 2007	Message Posted: 5/23/2008 10:44:50 AM	Ignore kmgaslooker Report Abuse
	It's supply and demand, not speculation
rustyOR Veteran Author Oregon Posts:484 Points:106,700 Joined:Apr 2008	Message Posted: 5/23/2008 10:42:14 AM	Ignore rustyOR Report Abuse
	The dollar will have to strengthen and the speculation stop before prices will ever drop.
NissanGirl Sophomore Author Oregon Posts:212 Points:117,640 Joined:Jan 2008	Message Posted: 5/23/2008 10:41:53 AM	Ignore NissanGirl Report Abuse
	I wish they would slip a lot more, not just a measly $1.45.
EarlyMoose Champion Author Seattle Posts:1,520 Points:625,790 Joined:Dec 2005	Message Posted: 5/23/2008 10:39:51 AM	Ignore EarlyMoose Report Abuse
	that's great! Oh wait, no it isn't.
ykim001 All-Star Author Miami Posts:840 Points:66,335 Joined:May 2008	Message Posted: 5/23/2008 10:38:21 AM	Ignore ykim001 Report Abuse
	wonderful~!
w4kh Champion Author Riverside Posts:3,305 Points:568,965 Joined:May 2004	Message Posted: 5/23/2008 10:37:54 AM	Ignore w4kh Report Abuse
	The dollar gets weaker, we struggle to avoid change, people still race by me at 75 and 80+ in their SUVs, and jacked up 4x4 crewcab pickups, and they whine about high gas prices... the help they need isn't from lower gas prices - I'd like to see lower prices, but that isn't going to happen anytime soon (not until we 12-step our way through our oil addiction and stop using oil to transport ourselves)
KO292 Champion Author Twin Cities Posts:1,534 Points:482,065 Joined:Apr 2007	Message Posted: 5/23/2008 10:36:16 AM	Ignore KO292 Report Abuse
	wow!!!
Don20 Champion Author Oklahoma City Posts:1,122 Points:932,085 Joined:Mar 2005	Message Posted: 5/23/2008 10:33:51 AM	Ignore Don20 Report Abuse
	Oh Boy, another record.
throttle Champion Author Maryland Posts:4,162 Points:940,225 Joined:Jul 2004	Message Posted: 5/23/2008 10:33:34 AM	Ignore throttle Report Abuse
	Let's not get excited about a daily fluctuation.
krmack Champion Author Illinois Posts:1,065 Points:127,185 Joined:Apr 2008	Message Posted: 5/23/2008 10:32:43 AM	Ignore krmack Report Abuse
	I thought gas prices go down if oil prices go down.
gasman50 All-Star Author Portland Posts:968 Points:740,275 Joined:Nov 2005	Message Posted: 5/23/2008 10:31:47 AM	Ignore gasman50 Report Abuse
	This is really bad
FuelGrinch Sophomore Author Kansas Posts:156 Points:47,500 Joined:Aug 2005	Message Posted: 5/23/2008 10:30:41 AM	Ignore FuelGrinch Report Abuse
	OIL Prices slipped my @$$...
tomok Champion Author Portland Posts:7,970 Points:636,010 Joined:Aug 2006	Message Posted: 5/23/2008 10:29:17 AM	Ignore tomok Report Abuse
	Theree is NO evidence of any 'slipping.' There is price 'gripping' as the prices hold or go up 10 cents a gallon.
funandtrvl Champion Author Illinois Posts:1,027 Points:136,550 Joined:Feb 2008	Message Posted: 5/23/2008 10:29:08 AM	Ignore funandtrvl Report Abuse
	I agree, the pump prices never go down when the oil prices fall, but they sure go up the minute the market closes.
fairchildd All-Star Author Kansas City Posts:668 Points:286,735 Joined:Aug 2007	Message Posted: 5/23/2008 10:28:47 AM	Ignore fairchildd Report Abuse
	just like at the pump - up 5, down 1
ledoy Champion Author Dayton Posts:4,725 Points:959,650 Joined:Aug 2005	Message Posted: 5/23/2008 10:25:18 AM	Ignore ledoy Report Abuse
	the pump price hasn't slipped still $3.99
Masercal Champion Author Michigan Posts:1,081 Points:259,685 Joined:Oct 2007	Message Posted: 5/23/2008 10:24:07 AM	Ignore Masercal Report Abuse
	Well spoken FedUp25! Our onlychoice is to move away from oil and move to affordable, renewable energy that is produced and distributed domestically. Let the rest of the world drown in their oil greed.
laddyboy62 Champion Author Riverside Posts:1,160 Points:911,235 Joined:Mar 2005	Message Posted: 5/23/2008 10:23:44 AM	Ignore laddyboy62 Report Abuse
	slip you say...lmao...some slip
Mooseman1 Champion Author Manitoba Posts:1,622 Points:231,340 Joined:Jul 2007	Message Posted: 5/23/2008 10:22:20 AM	Ignore Mooseman1 Report Abuse
	Keep slipping!
SueB1863 Sophomore Author Toledo Posts:245 Points:16,745 Joined:Apr 2008	Message Posted: 5/23/2008 10:20:54 AM	Ignore SueB1863 Report Abuse
	Back up to $133.20 at close. So much for the drop! Now it's on to $150 by the end of next week, and $200 by mid-June.
FedUp25 Rookie Author Florida Posts:52 Points:11,365 Joined:May 2008	Message Posted: 5/23/2008 10:20:23 AM	Ignore FedUp25 Report Abuse
	All of it is just political BS because it is an election year. The Democrats will not attempt to do anything about it because they want you to feel that it is the Republicans fault so that it will push the people to vote for the Democrat candidate and the Republicans will refuse to do anything because they want you to feel like it is the Democrats fault so that it will push the people to vote for the Republican candidate. And we are the pawns in this political sandbox powerplay. They (politicians) don't give a damn about us or our families. We, the citizens, are the only ones that can make a difference and make this happen. I lived in the Middle East for 4 years and the Arabs would always laugh and say that they didn't need Bin Laden to destroy America. They would say that they could destroy us without firing a shot by destroying our economy by oil. Every time we put gas in our tank, we put loads of money in the Arabs and terrorists pockets so that they can buy more weapons to use against us or to give them money to come over here and buy up our houses, land, businesses, and other properties. Don't take my word for it. Do your own research and you will see what I mean.
MightyDude Champion Author Minnesota Posts:1,601 Points:950,045 Joined:Mar 2003	Message Posted: 5/23/2008 10:20:14 AM	Ignore MightyDude Report Abuse
	slip?
greywolves All-Star Author Las Vegas Posts:767 Points:853,800 Joined:Dec 2004	Message Posted: 5/23/2008 10:19:36 AM	Ignore greywolves Report Abuse
	we are all suckers for hedge fund speculators cornering the market in oil futures commodities contracts!
blazerbob91 All-Star Author Milwaukee Posts:801 Points:325,980 Joined:Aug 2005	Message Posted: 5/23/2008 10:19:33 AM	Ignore blazerbob91 Report Abuse
	Old news. Its back up today.
_angel35_ Sophomore Author Michigan Posts:194 Points:67,405 Joined:Aug 2005	Message Posted: 5/23/2008 10:19:33 AM	Ignore _angel35_ Report Abuse
	greed is causing this catastrophe nothing else but greed
Blackice Champion Author Twin Cities Posts:1,406 Points:440,200 Joined:Oct 2003	Message Posted: 5/23/2008 10:18:10 AM	Ignore Blackice Report Abuse
	Time for a change...get off oil.
praises7 Champion Author Twin Cities Posts:9,922 Points:1,842,340 Joined:Feb 2003	Message Posted: 5/23/2008 10:14:19 AM	Ignore praises7 Report Abuse
	$80 would be a slip and is the news I'm looking for.
CyanSquirrel All-Star Author Virginia Posts:538 Points:117,830 Joined:Jun 2004	Message Posted: 5/23/2008 10:13:36 AM	Ignore CyanSquirrel Report Abuse
	Why don't we just say they're at $135 and be done with it? They'll be higher tomorrow. The slipping of prices is fleeting.
SpruceGuse2 Champion Author Michigan Posts:1,296 Points:779,025 Joined:Mar 2006	Message Posted: 5/23/2008 10:12:43 AM	Ignore SpruceGuse2 Report Abuse
	They are accomplishing what they want............FEAR!
gatj1025 Rookie Author Georgia Posts:92 Points:25,840 Joined:May 2008	Message Posted: 5/23/2008 9:57:26 AM	Ignore gatj1025 Report Abuse
	Great. Now we'll have Brazil dribbling oil to us at a high price too. There is plenty of oil, just greedy SOB's running the companies keeping the supply low to raise demand - and prices.
MG_Sputnik Veteran Author Philadelphia Posts:452 Points:381,145 Joined:Apr 2006	Message Posted: 5/23/2008 9:54:38 AM	Ignore MG_Sputnik Report Abuse
	Slip this! Big deal. It'll go right back up today.
NavyEOD Champion Author Los Angeles Posts:1,541 Points:348,330 Joined:Jul 2007	Message Posted: 5/23/2008 9:53:28 AM	Ignore NavyEOD Report Abuse
	A slip is not good enough.
RandyK9 Champion Author London Posts:3,084 Points:619,245 Joined:Jul 2006	Message Posted: 5/23/2008 9:52:23 AM	Ignore RandyK9 Report Abuse
	Keep it slipping back to 85.00
sluggopyle Champion Author North Carolina Posts:5,808 Points:575,725 Joined:Dec 2005	Message Posted: 5/23/2008 9:51:30 AM	Ignore sluggopyle Report Abuse
	->If it (ANWR) had been done in the 1990s, we'd have the increased supply now to hold down prices.<- -well, no. First, this price spike is driven by artificial price levels based on speculation -the supply is there, the demand is down. And second, the total expected output from ANWR would be expected to lower the global barrel price by no more than fifty cents. Net result: zero price difference, scarred landscape and one more prolong-the-problem fix from the oil derrick junkie needle.
mmene Sophomore Author Houston Posts:129 Points:50,630 Joined:May 2008	Message Posted: 5/23/2008 9:50:51 AM	Ignore mmene Report Abuse
	docwilly: when Nancy Pelosi runs for president of Saudi Arabia and plans to cut oil prices I may pay attention. The rest is just political BS that people are stupid enough to pay attention to. As long as we depend on OPEC oil the only thing we can do is to cut demand (which no one wants) or drill for more - which the democrats don't want.
HelpSC Rookie Author South Carolina Posts:2 Points:1,570 Joined:May 2008	Message Posted: 5/23/2008 9:49:51 AM	Ignore HelpSC Report Abuse
	This sucks big time!
POLELANE Champion Author Ohio Posts:1,531 Points:155,100 Joined:Mar 2008	Message Posted: 5/23/2008 9:49:14 AM	Ignore POLELANE Report Abuse
	how does it go up after the market is closed?
Rageagainsttm Champion Author Tampa Posts:1,484 Points:347,315 Joined:Jul 2007	Message Posted: 5/23/2008 9:48:09 AM	Ignore Rageagainsttm Report Abuse
	it slips an inch then goes up a foot a day for a week or 2
tobasco Champion Author Los Angeles Posts:2,763 Points:764,340 Joined:Mar 2004	Message Posted: 5/23/2008 9:46:25 AM	Ignore tobasco Report Abuse
	Looks like it will not have a problem getting up.
POLELANE Champion Author Ohio Posts:1,531 Points:155,100 Joined:Mar 2008	Message Posted: 5/23/2008 9:44:30 AM	Ignore POLELANE Report Abuse
	I too, slipped a bit; but jumped back up.