Oil falls below $95 after US jobs report

[DonViejo]

Source: AP @ Salon

The price of oil fell back below $95 Friday after the U.S. government reported that May was another month of steady, but not spectacular hiring.

In morning trading in New York, benchmark oil for July delivery was down 30 cents to $94.46 a barrel. Oil rose as high as $95.34 a barrel earlier.

U.S. employers added 175,000 jobs in May, below the more robust pace that took place during the fall and winter.

The Labor Department says the unemployment rate rose to 7.6 percent from 7.5 percent in April. But the increase occurred because more people began looking for work, a good sign.

-snip-

Read more: http://www.salon.com/2013/06/07/oil_falls_below_95_after_us_jobs_report_2/

[Mr. David]

1. It still doesn't translate to lower gas price.

Speculation needs to be addressed and an wide open investigation on oil/gas practices and their "maintenance" bullshit.

[WovenGems]

2. Indeed

Around here the pump price was rising as the barrel price fell. The excuse was refinery repairs. Maybe Chavez had the right idea when he nationalized the oil industry. We can't get a true answer right now so something does need to change.

[naaman fletcher]

7. Chavez didn't nationalize the oil industry

Carlos Perez nationalized it in 1976

[LittleGirl]

9. No kidding

I've been saying that for years. My Mother who lives in Northern Indiana near Chicago said that gas there is 4.25 a gallon. I see a full dollar cheaper here in southern AZ. $3.25 here so there is something going on.

[Sunlei]

3. now we Americans need a National gasoline company, run by Americans with a Gov paid

new refinery. Lower priced gasoline, with all the additives to make it as clean as possible. Let the Gov subsidies only benefit USA citizen owned (ALL the citizens own) production.

To give price competition for once to all the other Corps who profited for decades and do price setting.

Or give a direct dividend oil company check to every American citizen, the same as Alaska citizens get a yearly check (as large as 1600.00) to every man,woman and child.

[leftyohiolib]

4. meanwhile gas climbs to 4 dollars a gallon

[ChairmanAgnostic]

5. last week it was $4.05 in Chicago's suburbs. Today? $4.50

[onehandle]

6. People pay for oil? I've been getting it free since the day we attacked Iraq.

Rumsfeld swings by once a week to fill my tank.

[elleng]

8. And the Dow is up 152 points, or 1%, at 2:00 p.m.