The B.S. Thread
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Sorry Wespin
...but I am enjoying this cheap Gas..
Crude oil prices for December delivery fell by $3.08 to close at $59.33 a barrel on Tuesday as stocks declined in Europe and Asia and U.S. indexes plummeted. This is the lowest price on light, sweet crude since March of 2007, and marks a further decrease in prices from the $64-a-barrel point reached on Monday.
Earlier in the day, futures reached $58.32, the lowest price since March of 2007. Prices have fallen a total of 60% since crude oil’s July high of around $147.
Fears of a global recession and a poor profit outlook depleted European support for China’s $586 billion economic stimulus plan, causing stocks to slide. China’s stimulus plan was designed to increase the demand for commodities, especially oil, but will likely take months to implement.
Speculation that the International Energy Agency will slash its oil demand forecast for 2009 also caused gasoline prices to fall.
At the pump, prices continued to decline and are now down for the 55th consecutive day. The AAA Fuel Gauge Report shows per-gallon prices for unleaded gasoline at $2.22. Some states have reported gas prices under $2 a gallon.
Gas for December delivery dropped to $1.2766, the lowest it’s been since 2005. The national average of fuel prices is down to $1.89 per gallon, a 46% drop from its record high of $4.11.
Gold for December delivery fell 2%, or $12.60, to reach $733.90 per ounce on Globex. Also, silver and copper for December both fell by 4% to reach $9.80 per ounce and $1.69 a pound, respectively
...but I am enjoying this cheap Gas..
Crude oil prices for December delivery fell by $3.08 to close at $59.33 a barrel on Tuesday as stocks declined in Europe and Asia and U.S. indexes plummeted. This is the lowest price on light, sweet crude since March of 2007, and marks a further decrease in prices from the $64-a-barrel point reached on Monday.
Earlier in the day, futures reached $58.32, the lowest price since March of 2007. Prices have fallen a total of 60% since crude oil’s July high of around $147.
Fears of a global recession and a poor profit outlook depleted European support for China’s $586 billion economic stimulus plan, causing stocks to slide. China’s stimulus plan was designed to increase the demand for commodities, especially oil, but will likely take months to implement.
Speculation that the International Energy Agency will slash its oil demand forecast for 2009 also caused gasoline prices to fall.
At the pump, prices continued to decline and are now down for the 55th consecutive day. The AAA Fuel Gauge Report shows per-gallon prices for unleaded gasoline at $2.22. Some states have reported gas prices under $2 a gallon.
Gas for December delivery dropped to $1.2766, the lowest it’s been since 2005. The national average of fuel prices is down to $1.89 per gallon, a 46% drop from its record high of $4.11.
Gold for December delivery fell 2%, or $12.60, to reach $733.90 per ounce on Globex. Also, silver and copper for December both fell by 4% to reach $9.80 per ounce and $1.69 a pound, respectively
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