GasBuddy News Article

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Oil falls below $66 after bleak U.S. jobs data

reuters -- LONDON (Reuters) - Oil dropped a dollar to below $66 a barrel on Friday after unemployment data hardened views economic weakness would sap energy demand and that last month's rally was overdone.

In the latest sign the economy of the world's top consumer was still struggling, data on Thursday showed U.S. employers cut 467,000 jobs in June and the jobless rate rose to a 26-year high. Euro zone unemployment climbed to a 10-year high.

"All the data was bad yesterday," said Rob Montefusco, a trader at Sucden Financial. "Technically, it looks pretty weak at the moment."

U.S. crude fell by $1.22 to $65.51 a barrel by 1:18 p.m. EDT, extending the previous session's nearly 4 percent drop. London Brent crude fell $1.35 to $65.30.

Friday's trading volumes were thin as NYMEX floor trading was clos

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Submitted Jul 04, 2009 By: liltruckman

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stangs Veteran Author Washington Posts:253 Points:257,580 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:51:58 AM Ignore stangs Report Abuse good to see it drop. the price of gas has stareted to drop here down to $3,01 a gal
bumpygas Champion Author Nebraska Posts:2,164 Points:678,815 Joined:Oct 2007	Message Posted: Jul 4, 2009 7:49:07 AM Ignore bumpygas Report Abuse The price at the pump hasen't dropped a penny here.
TECH500 Champion Author Alberta Posts:2,789 Points:562,740 Joined:Apr 2008	Message Posted: Jul 4, 2009 7:46:12 AM Ignore TECH500 Report Abuse Yes, but I bet they will be back up there before the month ends.
Tundralimited2009 All-Star Author Dallas Posts:798 Points:232,955 Joined:Feb 2009	Message Posted: Jul 4, 2009 7:45:40 AM Ignore Tundralimited2009 Report Abuse Less money less gas sells
Lovelee Champion Author Detroit Posts:12,379 Points:804,725 Joined:Mar 2007	Message Posted: Jul 4, 2009 7:40:55 AM Ignore Lovelee Report Abuse Did someone loose all their retirement investment?
jony Champion Author Florida Posts:1,648 Points:565,050 Joined:May 2006	Message Posted: Jul 4, 2009 7:40:38 AM Ignore jony Report Abuse How could you be soooo right "Jarol"?
curlypooh Champion Author New Jersey Posts:3,069 Points:747,615 Joined:Apr 2007	Message Posted: Jul 4, 2009 7:39:27 AM Ignore curlypooh Report Abuse Hope all you 'long' players got burned. I love to see the profits go up in smoke.
Jarol Champion Author Iowa Posts:1,831 Points:328,360 Joined:Nov 2007	Message Posted: Jul 4, 2009 7:39:04 AM Ignore Jarol Report Abuse We currently have the worst national leaders since Jimmy Carter... and they may surpass him soon.
OleMiss79 Champion Author Fort Worth Posts:4,024 Points:461,930 Joined:May 2008	Message Posted: Jul 4, 2009 7:39:01 AM Ignore OleMiss79 Report Abuse prices are falling steadily here in Fort Worth. Down to under $2.30 a gallon at a few places and $2.30 - $2.35 at many.
Jarol Champion Author Iowa Posts:1,831 Points:328,360 Joined:Nov 2007	Message Posted: Jul 4, 2009 7:37:42 AM Ignore Jarol Report Abuse Our glorious leaders have not solved the economic picture but at least we will be able to afford gasoline.
Gas Slave Champion Author Lansing Posts:1,920 Points:503,200 Joined:Jul 2004	Message Posted: Jul 4, 2009 7:35:50 AM Ignore Gas Slave Report Abuse They're trying to squeeze the last dime out of us.
fordfan1 Champion Author Indiana Posts:2,734 Points:628,055 Joined:Jul 2007	Message Posted: Jul 4, 2009 7:35:19 AM Ignore fordfan1 Report Abuse I guess the Obama plan to save America is not working after all.
madison8359 All-Star Author Cleveland Posts:902 Points:343,110 Joined:Apr 2008	Message Posted: Jul 4, 2009 7:31:36 AM Ignore madison8359 Report Abuse So why are fuel prices at retail going up?
Gonner4332 Rookie Author Minnesota Posts:42 Points:205,315 Joined:Jan 2006	Message Posted: Jul 4, 2009 7:28:37 AM Ignore Gonner4332 Report Abuse Maybe the speculators took a day off.
rgjoslin Champion Author Colorado Springs Posts:2,038 Points:374,655 Joined:Sep 2008	Message Posted: Jul 4, 2009 7:22:21 AM Ignore rgjoslin Report Abuse No evidence that the price at the pump is falling.
turbosaab Champion Author Cleveland Posts:6,733 Points:1,148,790 Joined:Sep 2006	Message Posted: Jul 4, 2009 7:21:23 AM Ignore turbosaab Report Abuse Do we want full employment or low gas prices? We can't have both.
LanguageMan1 Champion Author Tampa Posts:4,354 Points:471,325 Joined:Apr 2008	Message Posted: Jul 4, 2009 7:21:17 AM Ignore LanguageMan1 Report Abuse Everything is news driven today it seem. Whatever. I hope it goes down below $60 where it should be for now before heading up past $75 and $80 where they'll get it again.
MightyDude Champion Author Minnesota Posts:3,869 Points:1,387,170 Joined:Mar 2003	Message Posted: Jul 4, 2009 7:21:16 AM Ignore MightyDude Report Abuse right direction
fltdoc Champion Author Oklahoma Posts:2,121 Points:348,440 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:21:09 AM Ignore fltdoc Report Abuse It's too bad that we have to have bad economic news to get a break in oil.
nb52 Champion Author Grand Rapids Posts:1,467 Points:301,960 Joined:Nov 2008	Message Posted: Jul 4, 2009 7:20:58 AM Ignore nb52 Report Abuse This is not good for people with 401K money in oil futures.
Jeepp Champion Author Boston Posts:1,121 Points:332,960 Joined:Nov 2008	Message Posted: Jul 4, 2009 7:19:49 AM Ignore Jeepp Report Abuse Let's hope the price continues to go down.
Badmoon Champion Author Massachusetts Posts:1,894 Points:389,090 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:19:15 AM Ignore Badmoon Report Abuse $40.00 here we come.
Skipper52 Champion Author Massachusetts Posts:1,189 Points:359,280 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:18:25 AM Ignore Skipper52 Report Abuse We can have a impact. The oil countries are losing money and they will drop the price if we keep conserving.
granma3xnow Champion Author Indiana Posts:1,422 Points:297,600 Joined:Dec 2008	Message Posted: Jul 4, 2009 7:17:48 AM Ignore granma3xnow Report Abuse So this is more drivel from the speculators, that we know we cannot trust.
ttwiw All-Star Author Austin Posts:833 Points:657,020 Joined:Sep 2005	Message Posted: Jul 4, 2009 7:17:39 AM Ignore ttwiw Report Abuse Oil future traders wrong? OMG
clermont40miles Champion Author Cincinnati Posts:3,027 Points:530,495 Joined:Apr 2008	Message Posted: Jul 4, 2009 7:16:26 AM Ignore clermont40miles Report Abuse Gas needs to drop about 80cts/gal. Oil needs to get back to 35 to 40. The speculator scum bubble has popped. Many were scorched. Let's hope they stay away. Good news of the bad economic news -- oil prices are dropping. Last few dollars left in consumer's pocket have been vacuumed out. Now they go away.
SE3.5 Champion Author Indianapolis Posts:9,770 Points:1,900,250 Joined:May 2004	Message Posted: Jul 4, 2009 7:16:23 AM Ignore SE3.5 Report Abuse So gas will be cheap, but nobody can afford to buy it at any price.
BartBuzz Champion Author Atlanta Posts:2,400 Points:523,060 Joined:Aug 2006	Message Posted: Jul 4, 2009 7:16:06 AM Ignore BartBuzz Report Abuse The price needs to keep dropping if we want lower gas prices. Keep conserving.
brutus Champion Author Alberta Posts:3,529 Points:1,289,840 Joined:Feb 2003	Message Posted: Jul 4, 2009 7:15:36 AM Ignore brutus Report Abuse No jobs, no gas.
Joeski1 Champion Author New Jersey Posts:2,252 Points:476,590 Joined:Dec 2004	Message Posted: Jul 4, 2009 7:14:25 AM Ignore Joeski1 Report Abuse 90.5% OF AMERICANS THAT WANT TO WORK HAVE JOBS.... they may not get paid enough wages, have no benefits or vacation time... in fact... they may not even get health insurance.. or even be able to live off their paycheck.... but they can still breath.... we need to look into taxing breathing!!
hoof11 All-Star Author Pennsylvania Posts:530 Points:28,490 Joined:May 2009	Message Posted: Jul 4, 2009 7:14:16 AM Ignore hoof11 Report Abuse No Stimulus Will Work When 99 Percent Of Our Goods Are Made In China .So Fill'er Up With Opec Oil And Shop China And Whats Let Obama Will Tax Along With Your State And Schools
courier400 Champion Author Kansas Posts:8,529 Points:1,927,880 Joined:Mar 2004	Message Posted: Jul 4, 2009 7:11:16 AM Ignore courier400 Report Abuse crooks and greed!
rrspguy Veteran Author Ontario Posts:264 Points:346,240 Joined:May 2008	Message Posted: Jul 4, 2009 7:10:18 AM Ignore rrspguy Report Abuse If the consumption numbers are right, OIL shouldn't be priced over $50 currently. Greed, greed and more GREED! And globally the consumer pays for that with employers cutting more jobs as they all try to survive the recession. What an unbelievable world we've created!
texasparkranger Champion Author Texas Posts:2,187 Points:249,115 Joined:Nov 2008	Message Posted: Jul 4, 2009 7:09:31 AM Ignore texasparkranger Report Abuse They will even give out misleading information to get the price up.
Matts_Pap Champion Author Pennsylvania Posts:3,136 Points:546,815 Joined:Feb 2008	Message Posted: Jul 4, 2009 7:09:00 AM Ignore Matts_Pap Report Abuse Groundhog Day.
no1doc Champion Author Milwaukee Posts:3,756 Points:526,650 Joined:Oct 2007	Message Posted: Jul 4, 2009 7:08:17 AM Ignore no1doc Report Abuse What is the "stimulus" accomplishing? Come on $2 gas.
danny999 Champion Author Florida Posts:2,218 Points:391,255 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:05:07 AM Ignore danny999 Report Abuse BUY ON RUMOR DUM,DUM,AND SELL ON FACTS.
Rick01 Champion Author Utah Posts:2,559 Points:1,132,335 Joined:Sep 2005	Message Posted: Jul 4, 2009 7:01:14 AM Ignore Rick01 Report Abuse Still way to high to help get the economy moving again.
Wizrd03 Champion Author Illinois Posts:1,790 Points:378,515 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:00:25 AM Ignore Wizrd03 Report Abuse Good
sing_1 Champion Author Florida Posts:1,027 Points:259,460 Joined:Sep 2007	Message Posted: Jul 4, 2009 6:59:07 AM Ignore sing_1 Report Abuse Continue to encourage research into alternative fuels.
unsoundmind Champion Author Salt Lake City Posts:6,201 Points:1,237,365 Joined:Apr 2006	Message Posted: Jul 4, 2009 6:58:31 AM Ignore unsoundmind Report Abuse Hum, something isn't working with this stimulus thing. The job losses keep mounting.
swartzrora Champion Author South Carolina Posts:3,152 Points:363,825 Joined:Jul 2008	Message Posted: Jul 4, 2009 6:58:02 AM Ignore swartzrora Report Abuse just a cycle
rtw777 Champion Author Florida Posts:2,937 Points:577,250 Joined:Jan 2008	Message Posted: Jul 4, 2009 6:56:37 AM Ignore rtw777 Report Abuse Oil should be much lower than $65.
Dancin Champion Author Toronto Posts:3,279 Points:1,540,840 Joined:Mar 2004	Message Posted: Jul 4, 2009 6:54:56 AM Ignore Dancin Report Abuse It sure as hell is bleak. And oil at this price helps sustain economic doldrums.
rtw777 Champion Author Florida Posts:2,937 Points:577,250 Joined:Jan 2008	Message Posted: Jul 4, 2009 6:52:30 AM Ignore rtw777 Report Abuse Good and bad news.
rippinusoff Champion Author Lexington Posts:1,032 Points:228,490 Joined:May 2007	Message Posted: Jul 4, 2009 6:51:00 AM Ignore rippinusoff Report Abuse what happened to $75- $80 a barrel panic?
trikemike Veteran Author Rochester Posts:320 Points:52,320 Joined:Sep 2008	Message Posted: Jul 4, 2009 6:49:06 AM Ignore trikemike Report Abuse up, down, up down, get used to it
fire@53 Champion Author Philadelphia Posts:5,675 Points:1,553,595 Joined:May 2003	Message Posted: Jul 4, 2009 6:49:01 AM Ignore fire@53 Report Abuse The speculators keep trying for $100 or more oil.
jpd683 Sophomore Author Scranton Posts:183 Points:648,235 Joined:Jul 2005	Message Posted: Jul 4, 2009 6:48:49 AM Ignore jpd683 Report Abuse Some areas of Northeast Pennsylvania are dropping prices. Lowest in the Scranton area is Sams Club for members only 2.54 Other range from 2.61 to 2.95 at a Citgo Station on Moosic St. in Scranton. I also beleive that the holiday weekend is keeping prices up.
mpskek Champion Author Madison Posts:6,225 Points:1,068,435 Joined:Aug 2006	Message Posted: Jul 4, 2009 6:47:58 AM Ignore mpskek Report Abuse every cloud has a silver lining
Jizme Champion Author Lincoln Posts:3,476 Points:1,646,265 Joined:Oct 2004	Message Posted: Jul 4, 2009 6:44:40 AM Ignore Jizme Report Abuse I want to see the price of oil drop to $50 per barrel.