Crude Oil drops to $82 a barrel - good news for consumers

[jpak]

http://www.reuters.com/article/2011/08/05/markets-energy-nymex-idUSN1E77409120110805

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Earlier on Friday, U.S. crude prices fell to their 2011 low of $82.87, after erasing the year's gains on Thursday.

On the New York Mercantile Exchange, September crude CLU1 fell 47 cents, or 0.5 percent, to $82.87 a barrel by 8:16 a.m. EDT (1216 GMT), trading from $82.87 to $87.09.

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[FreakinDJ]

1. Is that speculating Americans won't have money to spend

[phantom power]

3. yes

[TheCowsCameHome]

2. Prices at the pump will roll back

about half a cent a gallon - eventually.

[Pab Sungenis]

4. The same day as the next jump in the price of crude

which will lead to a 20 cent a gallon increase the following day. Of course.

[Dawgs]

5. I guess oil companies got enough billions in profit for this year. n/t

[phantom power]

6. do you ever wonder when it was that $80/barrel started to look "good"?

I swear, it wasn't so very long ago that oil went for $20/barrel.

[jpak]

8. When speculators took it to $142 - and tipped the country into recession in 2008

they suck

:hi:

[ProfessorGAC]

13. And We Have A Winner

The negative impact of that unfettered and unmonitored non-value added layer of profit taking was barely ever mentioned.

Instead the Econ 101ers just said "Supply and Demand".
GAC

[notadmblnd]

7. Funny that, the price at the pumps went up yesterday.

:shrug:

[jpak]

10. Wholesale gas for Sept. 2011 is $2.75 a gallon - down nearly 20 cents from Monday

But -as we all know the price declines have to "work their way through the supply chain" and that "takes a while".

Whereas price increases are immediate...

[dmallind]

11. Not really true

Gas prices fluctuate less than oil, but both up and down movements respond about the same.

http://gasbuddy.com/Crude_Chart.aspx

[AngryAmish]

9. I think this is the best thing for the economy

High gas price spikes correllate very well with recessions in recent years.

But, correllation is not causation...

[krispos42]

12. "Crude drops to $-7.48 a barrel, gasoline falls below $3 a gallon"

Oil companies seem to have a "shipping and processing charge" of about $3 a gallon now. Just like that neat-o gadget on TV that only costs $9.99.... with the extra $15 shipping and handling charge.

[Shagbark Hickory]

14. Don't worry investors, it's already back up to $88. nm