GasBuddy Blog

GasBuddy News Article

votes

Crude Tumbles to Seven-Month Low

Rig Zone -- Oil futures fell more than 3% to finish at their lowest level in seven months as Spain's intensifying banking crisis prompted fresh worries about the future of the euro zone.

Light, sweet crude for July delivery settled $2.94, or 3.2%, lower at $87.82 a barrel on the New York Mercantile Exchange, the lowest settlement since Oct. 21.

Brent crude on the ICE futures exchange recently fell $3.41, or 3.2%, to $103.27 a barrel, on track for its lowest settle since Oct. 5.

Spain's borrowing costs continued to surge amid concerns the country might not have the financial strength to survive the meltdown in its property market. Other weak euro-zone members, such as Italy, have also seen borrowing costs rise in recent weeks amid fears that Greece or other members might have to leave the euro zo

Read the Full Article

Submitted May 31, 2012 By: mastermariner

Back To News

Category: Daily News Article Discussions > Topics	Add to favorite topics

Author	Topic: Crude Tumbles to Seven-Month Low	Post a Reply Back to Topics

REPLIES (newest first)Ignore Short Messages

First

Next Last

BEGTWO Champion Author Maryland Posts:1,947 Points:725,715 Joined:Sep 2010	Message Posted: May 31, 2012 6:24:46 AM Ignore BEGTWO Report Abuse Keep tumbling!!!!
mastermariner Champion Author Texas Posts:4,249 Points:495,675 Joined:Jun 2011	Message Posted: May 31, 2012 5:14:08 AM Ignore mastermariner Report Abuse Keep it up
heydano67 Champion Author California Posts:1,676 Points:359,485 Joined:Feb 2012	Message Posted: May 31, 2012 3:03:06 AM Ignore heydano67 Report Abuse Keep on falling.
ItsMorph Champion Author Grand Rapids Posts:33,443 Points:3,187,130 Joined:Mar 2004	Message Posted: May 31, 2012 1:55:39 AM Ignore ItsMorph Report Abuse You may blame the Chief. He wants gas prices RAISED, no matter what. He has stated so numerous times. Search it in any online engine you wish. It's true.
eomc17 Champion Author Tucson Posts:1,822 Points:134,145 Joined:Mar 2007	Message Posted: May 31, 2012 12:48:05 AM Ignore eomc17 Report Abuse Over the past four years, the price of a barrel of oil has dropped a whopping 41% but the price of gas a meager 12%. Hey Congress, stop ignoring this gas pricing scam and do something positive for your voters and stop kissing big oil arse for once in four years. We can vote you out of office just as easily as we voted you in.
WE0H Champion Author Twin Cities Posts:1,534 Points:481,060 Joined:Feb 2011	Message Posted: May 31, 2012 12:34:46 AM Ignore WE0H Report Abuse Gas got jacked up 25 cents a gallon in the Twin Cities (MN) yesterday, mean while oil prices dropped like a rock. Sound a little crooked?
Jeff4U Champion Author Atlanta Posts:8,762 Points:1,854,095 Joined:Nov 2004	Message Posted: May 31, 2012 12:34:09 AM Ignore Jeff4U Report Abuse I really wouldn't define a $3 per barrel drop in price as a "tumble". I'd say it' more like a stumble, tic, jerk, blip, hiccup, or bump.
leraar2 Champion Author Massachusetts Posts:3,769 Points:788,655 Joined:Mar 2011	Message Posted: May 31, 2012 12:33:42 AM Ignore leraar2 Report Abuse not low enough by 30%.
TBONE3 Champion Author Pennsylvania Posts:8,756 Points:1,978,600 Joined:Mar 2005	Message Posted: May 31, 2012 12:19:58 AM Ignore TBONE3 Report Abuse Refiners sure hate to drop retail prices and will do all they can to delay reducing the pump price hoping they can keep shafting us until they find a reason to begin the upward move of retail prices once more.
grandamgt1 Champion Author Illinois Posts:2,356 Points:1,242,275 Joined:Apr 2008	Message Posted: May 31, 2012 12:15:34 AM Ignore grandamgt1 Report Abuse Gas will soon follow. Already seeing the start of it here.
hubcapLA Champion Author Louisiana Posts:3,905 Points:940,435 Joined:Apr 2009	Message Posted: May 31, 2012 12:15:00 AM Ignore hubcapLA Report Abuse Oil down, pump prices still too high????????????????
pastorpaulcg Champion Author Virginia Posts:3,615 Points:775,785 Joined:Dec 2010	Message Posted: May 31, 2012 12:13:15 AM Ignore pastorpaulcg Report Abuse Funny how oil keeps descending but gas doesn't
prkuehn Champion Author Arkansas Posts:2,961 Points:617,850 Joined:Aug 2011	Message Posted: May 31, 2012 12:10:45 AM Ignore prkuehn Report Abuse But gas is not
bigdog467 All-Star Author Texas Posts:713 Points:195,040 Joined:Dec 2010	Message Posted: May 31, 2012 12:10:44 AM Ignore bigdog467 Report Abuse ...
defiancegasman Champion Author Ohio Posts:7,080 Points:1,323,260 Joined:May 2006	Message Posted: May 31, 2012 12:10:09 AM Ignore defiancegasman Report Abuse AND so WHY isn't GAS down at $2.75 a gallon!!???!!
no8c Champion Author Ohio Posts:2,809 Points:706,575 Joined:Jul 2008	Message Posted: May 31, 2012 12:09:13 AM Ignore no8c Report Abuse Thanks for posting this article!
gasmack Champion Author Ventura Posts:1,717 Points:669,415 Joined:Feb 2011	Message Posted: May 31, 2012 12:06:51 AM Ignore gasmack Report Abuse Let's have more of whatever it takes to bring gas prices down.
10k Champion Author North Carolina Posts:21,267 Points:2,255,970 Joined:May 2006	Message Posted: May 31, 2012 12:06:42 AM Ignore 10k Report Abuse wake me when it's 99¢ at the pump..non-ethanol of course.. never gonna happen though, cause big oil has the masses conditioned for $3/gallon.. [Edited by: 10k at 5/31/2012 1:08:30 AM EST]
miiike572 All-Star Author Phoenix Posts:798 Points:526,665 Joined:Apr 2009	Message Posted: May 31, 2012 12:06:21 AM Ignore miiike572 Report Abuse Yet the price is still to high.
TheHermit Champion Author Maine Posts:3,404 Points:127,780 Joined:May 2012	Message Posted: May 31, 2012 12:02:40 AM Ignore TheHermit Report Abuse Keep tumbling oil
MDTDriver Champion Author California Posts:9,734 Points:2,156,595 Joined:Jul 2006	Message Posted: May 31, 2012 12:01:57 AM Ignore MDTDriver Report Abuse No help till it hits the pump price.
granitestater Champion Author New Hampshire Posts:8,836 Points:1,432,700 Joined:Oct 2008	Message Posted: May 31, 2012 12:01:29 AM Ignore granitestater Report Abuse The piper comes home to roost...
Vitobug Champion Author El Paso Posts:1,955 Points:641,435 Joined:May 2011	Message Posted: May 30, 2012 11:57:01 PM Ignore Vitobug Report Abuse ok
kitty1750 Champion Author Kitchener-Waterloo Posts:2,199 Points:470,675 Joined:Jun 2011	Message Posted: May 30, 2012 11:56:53 PM Ignore kitty1750 Report Abuse Gas went up here.
jkpsr Champion Author New Jersey Posts:4,089 Points:1,103,855 Joined:Jun 2005	Message Posted: May 30, 2012 11:56:06 PM Ignore jkpsr Report Abuse Now let's see how long it will take gas prices to fall.
cmsense Champion Author Columbus Posts:1,358 Points:165,345 Joined:Jan 2012	Message Posted: May 30, 2012 11:56:03 PM Ignore cmsense Report Abuse Here I was counting on $2/gal gas after Noot became president.
Virgin55 Veteran Author Ocala Posts:313 Points:888,340 Joined:May 2010	Message Posted: May 30, 2012 11:55:58 PM Ignore Virgin55 Report Abuse ok
ScottTee Champion Author Detroit Posts:4,396 Points:1,064,570 Joined:Mar 2010	Message Posted: May 30, 2012 11:54:15 PM Ignore ScottTee Report Abuse Can't say I'm unhappy
DandyDapple All-Star Author North Dakota Posts:715 Points:311,570 Joined:Sep 2008	Message Posted: May 30, 2012 11:53:38 PM Ignore DandyDapple Report Abuse keep dropping!
goalie1950 Champion Author Phoenix Posts:6,420 Points:1,298,370 Joined:Oct 2009	Message Posted: May 30, 2012 11:52:45 PM Ignore goalie1950 Report Abuse Speculators have artificially kept oil prices inflated. Get them out of the equation and watch oil seek its own pricing level.
DerHahn Champion Author Illinois Posts:13,727 Points:2,116,085 Joined:May 2004	Message Posted: May 30, 2012 11:50:21 PM Ignore DerHahn Report Abuse get the speculators out of the market and watch it tumble more. hope it keeps dropping.
miser709 Champion Author Grand Rapids Posts:1,268 Points:1,071,675 Joined:Mar 2004	Message Posted: May 30, 2012 11:48:03 PM Ignore miser709 Report Abuse Tumble away!
danol43 Champion Author Modesto Posts:1,705 Points:590,190 Joined:May 2011	Message Posted: May 30, 2012 11:44:29 PM Ignore danol43 Report Abuse Diesel is dropping but gas stays high. Crazy but I'll take it. The Dodge diesel just keeps humming along.
bvrbill Champion Author Eugene Posts:3,229 Points:519,825 Joined:Jul 2011	Message Posted: May 30, 2012 11:42:49 PM Ignore bvrbill Report Abuse Not seeing lower fuel prices, here.
unclemattie Veteran Author Atlanta Posts:289 Points:460,505 Joined:Oct 2011	Message Posted: May 30, 2012 11:42:22 PM Ignore unclemattie Report Abuse Yeah, why are gas prices still so HIGH???
Sody33 Champion Author Las Vegas Posts:15,946 Points:1,870,860 Joined:Oct 2005	Message Posted: May 30, 2012 11:42:14 PM Ignore Sody33 Report Abuse Stomp, stomp, stomp keep going down.
jetskijerry Champion Author North Carolina Posts:3,906 Points:774,220 Joined:Mar 2011	Message Posted: May 30, 2012 11:41:37 PM Ignore jetskijerry Report Abuse computers keep the price artificially high
jetskijerry Champion Author North Carolina Posts:3,906 Points:774,220 Joined:Mar 2011	Message Posted: May 30, 2012 11:41:05 PM Ignore jetskijerry Report Abuse crooks
jetskijerry Champion Author North Carolina Posts:3,906 Points:774,220 Joined:Mar 2011	Message Posted: May 30, 2012 11:40:45 PM Ignore jetskijerry Report Abuse Still artificially high
NotmeuQc Champion Author Montreal Posts:5,651 Points:1,134,800 Joined:Apr 2009	Message Posted: May 30, 2012 11:40:35 PM Ignore NotmeuQc Report Abuse Our gas prices do not seem to be following the lower oil prices.
herbiepopnecker Champion Author British Columbia Posts:13,611 Points:2,508,280 Joined:Sep 2005	Message Posted: May 30, 2012 11:39:43 PM Ignore herbiepopnecker Report Abuse And gas remains at its highest in years.....
joel27nc Champion Author Raleigh Posts:10,547 Points:1,860,320 Joined:Mar 2008	Message Posted: May 30, 2012 11:37:28 PM Ignore joel27nc Report Abuse Still needs to drop $2/gallon!
59glide All-Star Author New Haven Posts:858 Points:1,050,650 Joined:Apr 2006	Message Posted: May 30, 2012 11:36:34 PM Ignore 59glide Report Abuse Keep going down. [Edited by: 59glide at 5/31/2012 12:36:55 AM EST]
otherdave Champion Author Indiana Posts:3,403 Points:1,270,360 Joined:Oct 2008	Message Posted: May 30, 2012 11:35:45 PM Ignore otherdave Report Abuse And gas prices will continue to fall slowly in a veiled attempt to re-elect Obozo. Just as I predicted.
regout Champion Author Quebec Posts:2,960 Points:833,680 Joined:May 2010	Message Posted: May 30, 2012 11:34:15 PM Ignore regout Report Abuse But the price at the pump do show those decreases of the barrel.
jorja13 Champion Author British Columbia Posts:1,095 Points:250,775 Joined:Aug 2008	Message Posted: May 30, 2012 11:32:50 PM Ignore jorja13 Report Abuse All the stations in town tried to push gas up today 3 - 6 cents per litre....some came back down a couple hours later. Most stations are 125.9 ($4.60 US).....way too high for the price of oil.
forteras Veteran Author Kentucky Posts:347 Points:1,914,240 Joined:Sep 2006	Message Posted: May 30, 2012 11:31:08 PM Ignore forteras Report Abuse The last time oil/bbl. was this low, gas was about $2.75?/gal. So what is different now?
jtfftj Champion Author New Hampshire Posts:2,181 Points:1,250,030 Joined:Sep 2005	Message Posted: May 30, 2012 11:29:52 PM Ignore jtfftj Report Abuse More crocodile tears
gd83goldwinger Champion Author South Bend Posts:1,428 Points:504,980 Joined:May 2011	Message Posted: May 30, 2012 11:27:34 PM Ignore gd83goldwinger Report Abuse Big deal.
Rageagainsttm Champion Author Tampa Posts:8,313 Points:1,904,930 Joined:Jul 2007	Message Posted: May 30, 2012 11:27:23 PM Ignore Rageagainsttm Report Abuse good