Oil falls below $70 on US recession fears

[robcon]

Source: AP

Oil prices fell below $70 a barrel Wednesday as investors shrugged off a looming OPEC production cut after company forecasts suggested the U.S. may be headed for a severe economic slowdown that would crimp demand for crude...

...Crude investors have followed equity markets this week, looking for signs on how the U.S. economy will weather the current global financial turmoil. On Tuesday, DuPont, Sun Microsystems and Texas Instruments reported disappointing earnings and bleak forecasts, sending the Dow Jones industrials average down 2.5 percent.

...A stronger dollar this week has also pushed oil prices lower. Investors often buy commodities like crude oil as an inflation hedge when the dollar weakens and sell those investments when the dollar rises."

Read more: http://apnews.myway.com/article/20081022/D93VG5T00.html

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I think the biggest impact on the dollar-denominated oil price is the belief that the dollar will remain stronger than it was in the summer. Dollar strong=oil price low.

[mopinko]

1. oil prices drop as mcsame campaign sinks more like it.

gas prices are dropping, also. i paid $2.89 friday, and the same station had it for $2.73 on saturday. i think they are trying to back off so that people will think things are not so bad.

[AlbertCat]

8. GOP losses = lower gas prices

Take it to the streets!

[mopinko]

15. i wouldn't bet on that.

high oil prices is how they destroyed jimmy carter's presidency. they can and probably will do it again to barack. and with the chaotic economic situation (absolutely synthetic, imho) they will get away with it.

[Mudoria]

2. Excellent news... cheaper gas for consumers

and it cuts the hearts out of the petrodollar countries. Two birds with one stone as it were...

[shadowknows69]

3. We just got down to 2.98 a gallon today

Can you say gouging boys and girls?

[Kelvin Mace]

4. $2.85 in my neck of the woods

High Point, NC

[PJPhreak]

5. Wichita Ks Gas Price....

I paid $2.27 yesterday

[shanti]

9. wow!

that's lower than i've seen it in awhile! it's still 3.21 here in cali.

[NM Independent]

6. The why the F#$@ am i still paying over $3.20 a gallon?

Last time oil was at $70 I was paying less than $2.50 easy, even less if I remember right.

[AlbertCat]

7. $4.00 to $2.27

Just what is gas WORTH? Just slap any ol' price on it you want, guys. The word monopoly comes to mind... and gouge.

[WriteDown]

10. If its a monopoly....

then by who? Its over 3.50 in California and 2.27 in Kansas. Its about 2.50 here in Dallas. Regional differences seem pretty wide.

[cobalt1999]

14. OPEC is a monopoloy

Don't like the price; cut production. There is no competition between oil producers to sell the cheapest oil.

[Ishoutandscream2]

11. I saw on Gas Buddy that it was 2.02 in Harlingen, Texas

Unreal.

[LanternWaste]

12. One afternoon I spent a week in Harlingen...

One afternoon I spent a week in Harlingen... :evilgrin:

[goforit]

13. I think it is intended to hurt Russia/Venezuela.

[ohio2007]

16. as the third world economies breath a collective sigh of relief

[ohio2007]

17. Venezuelan crude oil sinks $61 bbl !!

GAs should fall below $2/gal if OPEC fails to hold the promise of production cuts.


Venezuelan crude oil sinks by USD 6.91 to USD 61.09

http://english.eluniversal.com/2008/10/24/en_eco_esp_venezuelan-crude-oil_24A2089451.shtml