OIL FALLS TOWARD $95 ON US, EUROPE GROWTH FEARS

[littlemissmartypants]

Source: AP

By PAMELA SAMPSON
— Feb. 18 4:29 AM EST

BANGKOK (AP) — The price of oil fell to near $95 a barrel Monday after U.S. industrial production weakened and Europe remained mired in recession.

Benchmark crude for March delivery was down 28 cents to $95.58 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.45 to finish at $95.86 a barrel on the Nymex on Friday.

Brent crude, used to price many varieties of foreign oil, rose 9 cents to $117.75 per barrel in London.

Read more: http://bigstory.ap.org/article/oil-falls-toward-95-us-europe-growth-fears

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In other energy futures trading on the Nymex:

— Heating oil fell 0.7 cent to $3.204 a gallon.

— Wholesale gasoline rose 0.3 cent to $3.319 a gallon.

— Natural gas rose 0.4 cent to $3.159 per 1,000 cubic feet.

And in most places air is still free.

Love, Peace and Shelter. lmsp

[Sherman A1]

1. and the price at the pump

was up 25 cents on Saturday morning as I drove past.

Oh, well.........

[leftyohiolib]

2. yep up to nearly 4 a gallon -

[Hulk]

3. Some one explain to me, again, why the gas prices are higher now?

This makes no fookin' sense! Crude oil goes down...price at the pump goes up. I don't get it. Can we maybe just keep what we refine HERE in the USA? This is absurd!

[bemildred]

4. That's called "marketing".

The idea is to keep you confused so you stop trying to make sense and make stupid purchases out of frustration.

[HereSince1628]

6. I think of it as part of the 'rolling mark-ups'. Each region gets its turn at this

as the gasoline industry goes about the business of testing consumers for greater capacity to pay.

[awoke_in_2003]

11. Law of diminishing returns...

they keep jacking up the price until purchases drop to a point where the higher prices are not bringing more profit. Then they back the price down a little so sales pick back up. They never quite get us to the breaking point, because then Americans might get sensible and seriously look at alternative energies.

[Amonester]

12. The oil vultures 'anticipate' a drying 'loopholes & subsidies' well...

they'll get them back at the pump, not in their bloated (personal) earnings.

[RedCloud]

14. Koch bros need more dough.

[doc03]

5. I read that gas prices were likely to drop the first part of the year several weeks ago, the very

next day I read one of the refineries was shut down and gas has been going up ever since. I paid $3.89 in Florida yesterday.

[groundloop]

8. Refinery shut down for "maintenance" (the maintenance of artificially high gas prices)

I hadn't heard that a refinery was shut down, I was at a loss for an explanation to the rising gas prices. Now I know.

[Arctic Dave]

7. You got to love the way the industry has trained the public

into thinking oil has "dropped" to 95bbl.

It should read, Oil still trading at historic highs, likely to go even higher.

[Javaman]

10. My first thought as well...

Occasionally I'll post an update with past threads regarding what is an acceptable price by the saudi's and it's an amusing depiction of goal-post moving. 40-50 bucks is okay for them, then it slowly moves up to 80-90 bucks is okay, etc. And this is over a very short period of time.

we are never told the truth, we are told what they feel they can get away with in soaking the American gullible public.

now we are at the "acceptable" level of 95 bucks and people think and believe this is now low.

In a couple of years oil priced over 100 bucks will be thought as normal and acceptable. No one appears to look in the rear view mirror anymore. It's as if the American public are like hungry dogs who have no memory of their last meal and are completely satisfied with what is in front of them.

One day soon, the average price per gallon nationally will be, instead of "3.19&quot which I think is a total crock), will be 4.19.

the most interesting part about this whole testing of the publics will regarding how much we will put up with the cost of gas is; rather than organizing and demanding accountability, we roll with it, adjust our budgets up, cut back on things and grumble at the pump.

[mountain grammy]

9. Oh, it's just all Obama's fault. Will be hearing that soon enough.

Makes it easy for teabaggers to understand.

[lib2DaBone]

13. In Florida.. Gas up 32 days in a row....

Getting very close to or at $4 a gallon. Who else can we blame? Obama is in charge... no?

The big oil Companies know that Ben Bernake is printing money.. and has no other options. The Petrrol Dollars become worth less and less.. so they raise the price to make up the difference.

Meanwhile.. China is building High Tech Nuclear and coast to coast high speed rail.

You will remember.. Koch Bros Soldier pRick Scott gave away Florida's high speed rail money.. the oil companies decided the high speed rail would not be profitable.