Oil Closes Below $50, Lowest Price Since May 2005

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JT Moderator	Message Posted: 11/21/2008 10:20:08 AM	Ignore JT Report Abuse
	Friday, November 21, 2008 The New York Times -- After rising to dizzying heights this summer, the price of oil is in the middle of a hair-raising drop. Oil prices fell to their lowest level in more than three years, dropping below $50 a barrel on Thursday, after shedding close to $100 since July as an ailing global economy pared consumption. Just as an economic boom had driven up commodity prices for six years, the present slowdown means the world needs less oil, which is depressing prices. Thursday’s drop came as a spate of new indicators showed how badly the economy was faring amid fears about the health of the financial system. The sudden reversal has startled many experts. Oil futures on the New York Mercantile Exchange settled at $49.62 a barrel, down 7 percent, their lowest since May 2005. They have lost more than two-thirds of their value after settling at a peak above $145 a barrel in July. Visit The New York Times for full article

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magnumCA Champion Author Los Angeles Posts:1,589 Points:303,325 Joined:Jan 2008	Message Posted: 12/2/2008 5:54:50 PM	Ignore magnumCA Report Abuse
	NICE
STEVE853 Champion Author Florida Posts:1,451 Points:356,760 Joined:Nov 2007	Message Posted: 12/2/2008 4:42:46 PM	Ignore STEVE853 Report Abuse
	Good.
4eyedstang Sophomore Author Atlanta Posts:181 Points:36,200 Joined:Nov 2008	Message Posted: 12/2/2008 4:21:18 PM	Ignore 4eyedstang Report Abuse
	Brent crude closed below $46/barrel, off $1.99
maindrag All-Star Author Ontario Posts:844 Points:37,665 Joined:Dec 2005	Message Posted: 11/24/2008 1:00:34 PM	Ignore maindrag Report Abuse
	There is no win win in this situation. We, the people, are winning now, but i hope we don't pay for it later. Why shouldn't the prices be fair to us? How does this effect the car business? U would think at the price of gas people would concider buying new cars! not me.
RLH68 Champion Author Orlando Posts:2,245 Points:458,525 Joined:Jun 2007	Message Posted: 11/22/2008 10:21:11 AM	Ignore RLH68 Report Abuse
	Futures investors, TOUGH!!!
brutus Champion Author Alberta Posts:1,994 Points:984,345 Joined:Feb 2003	Message Posted: 11/22/2008 9:57:23 AM	Ignore brutus Report Abuse
	Now get the gas to a realistic price.
Zygnatz Champion Author British Columbia Posts:5,218 Points:1,023,880 Joined:Oct 2005	Message Posted: 11/22/2008 9:56:01 AM	Ignore Zygnatz Report Abuse
	I vividly remember the musings that oil prices would never cross the $50.00 barrier. Don't relax too much. It will again.
Tnerbeel All-Star Author Houston Posts:711 Points:177,710 Joined:Mar 2007	Message Posted: 11/22/2008 9:55:33 AM	Ignore Tnerbeel Report Abuse
	I love the oil prices but don't dare look at my 401K
WVUtailgater All-Star Author Pennsylvania Posts:581 Points:138,875 Joined:Aug 2008	Message Posted: 11/22/2008 9:51:57 AM	Ignore WVUtailgater Report Abuse
	we are on our way to $40
Gassaver30 Sophomore Author Austin Posts:113 Points:23,200 Joined:Aug 2008	Message Posted: 11/22/2008 9:51:17 AM	Ignore Gassaver30 Report Abuse
	Keep it dropping!!!
hank1326 All-Star Author Los Angeles Posts:759 Points:173,255 Joined:Jun 2008	Message Posted: 11/22/2008 9:50:46 AM	Ignore hank1326 Report Abuse
	We must conserve more than ever. Driss less, walk and bike more. Keep our vehicles maintained and tire pressures proper.
Prodaddy Champion Author Houston Posts:1,646 Points:481,645 Joined:May 2007	Message Posted: 11/22/2008 9:49:56 AM	Ignore Prodaddy Report Abuse
	Bingo, I think it might be 40 by Jan. 1
jannicattu All-Star Author Dallas Posts:962 Points:210,030 Joined:Jul 2007	Message Posted: 11/22/2008 9:48:48 AM	Ignore jannicattu Report Abuse
	good
SpyderDee All-Star Author Columbus Posts:637 Points:139,300 Joined:Jun 2007	Message Posted: 11/22/2008 9:48:21 AM	Ignore SpyderDee Report Abuse
	May oil prices continue to drop!
AvantiMick Champion Author Indiana Posts:5,171 Points:1,028,710 Joined:Dec 2005	Message Posted: 11/22/2008 9:48:15 AM	Ignore AvantiMick Report Abuse
	Don't think $40 is out of the question.
rylank Sophomore Author Mississippi Posts:203 Points:45,165 Joined:Oct 2008	Message Posted: 11/22/2008 9:46:35 AM	Ignore rylank Report Abuse
	keep them dropping
arvo87 All-Star Author New Mexico Posts:756 Points:156,800 Joined:Jul 2008	Message Posted: 11/22/2008 9:45:19 AM	Ignore arvo87 Report Abuse
	need new news
Biogen Veteran Author Ventura Posts:454 Points:108,480 Joined:Jul 2008	Message Posted: 11/22/2008 9:44:42 AM	Ignore Biogen Report Abuse
	NICE...
DrakIII Sophomore Author San Diego Posts:108 Points:142,225 Joined:Sep 2005	Message Posted: 11/22/2008 9:42:54 AM	Ignore DrakIII Report Abuse
	Let's get it down to mid 80's prices $15/barrel.
Gassie1 Champion Author Akron Posts:4,647 Points:611,365 Joined:Apr 2007	Message Posted: 11/22/2008 9:41:18 AM	Ignore Gassie1 Report Abuse
	Yes!
cheapertvs Champion Author Richmond Posts:2,079 Points:1,167,920 Joined:Jan 2004	Message Posted: 11/22/2008 9:41:02 AM	Ignore cheapertvs Report Abuse
	Please keep those oil, diesel and gasoline prices dropping!!!
MajorSteve All-Star Author Oklahoma City Posts:727 Points:283,140 Joined:Sep 2006	Message Posted: 11/22/2008 9:36:12 AM	Ignore MajorSteve Report Abuse
	gas down below $1.50 here!
MotoMan351 Rookie Author Twin Cities Posts:29 Points:57,005 Joined:Feb 2004	Message Posted: 11/22/2008 9:32:43 AM	Ignore MotoMan351 Report Abuse
	good they deserve it for screwing us. this is reasonable
21597 All-Star Author Colorado Posts:909 Points:255,040 Joined:Sep 2005	Message Posted: 11/22/2008 9:32:08 AM	Ignore 21597 Report Abuse
	To celebrate I will cut a trip out.
Gellin Champion Author Michigan Posts:1,722 Points:1,169,665 Joined:Apr 2005	Message Posted: 11/22/2008 9:32:01 AM	Ignore Gellin Report Abuse
	Big Oil isn't laughing all the way to the bank any more.
amerk73 Veteran Author Dallas Posts:400 Points:90,405 Joined:Oct 2008	Message Posted: 11/22/2008 9:32:00 AM	Ignore amerk73 Report Abuse
	old news
RdHogg Champion Author Houston Posts:11,408 Points:1,403,510 Joined:Jun 2004	Message Posted: 11/22/2008 9:31:26 AM	Ignore RdHogg Report Abuse
	good
ArboretumCop Champion Author Richmond Posts:1,515 Points:1,059,585 Joined:Sep 2005	Message Posted: 11/22/2008 9:30:49 AM	Ignore ArboretumCop Report Abuse
	Wonderful!! I hope they lose their robes!!!
Matts_Pap Champion Author Pennsylvania Posts:1,523 Points:236,015 Joined:Feb 2008	Message Posted: 11/22/2008 9:30:35 AM	Ignore Matts_Pap Report Abuse
	My 401k is the lowest snce 2003.
pokerz Sophomore Author Twin Cities Posts:124 Points:39,975 Joined:Aug 2005	Message Posted: 11/22/2008 9:29:11 AM	Ignore pokerz Report Abuse
	it's all a conspiracy...keep driving less and use alterative methods of transportation and slam those money grubbin oil tycoons
kyrunner All-Star Author Lexington Posts:564 Points:129,380 Joined:Aug 2008	Message Posted: 11/22/2008 9:28:25 AM	Ignore kyrunner Report Abuse
	I would not be surprised to see oil at $45.00 by Christmas. GREAT!
Jizme Champion Author Lincoln Posts:1,885 Points:1,334,190 Joined:Oct 2004	Message Posted: 11/22/2008 9:28:15 AM	Ignore Jizme Report Abuse
	I hope that it continues to drop.
ladyjj Champion Author Tennessee Posts:1,928 Points:206,110 Joined:Apr 2008	Message Posted: 11/22/2008 9:27:15 AM	Ignore ladyjj Report Abuse
	What goes up will go down just after it brakes everyone one first!
mrpc90 Champion Author Illinois Posts:1,447 Points:415,700 Joined:Dec 2004	Message Posted: 11/22/2008 9:24:42 AM	Ignore mrpc90 Report Abuse
	"a hair-raising drop"? I think we're all enjoying it. Leave it to the New York Slimes to get it wrong... again.
BartBuzz Veteran Author Atlanta Posts:421 Points:213,160 Joined:Aug 2006	Message Posted: 11/22/2008 9:24:07 AM	Ignore BartBuzz Report Abuse
	Good news for the weekend.
21597 All-Star Author Colorado Posts:909 Points:255,040 Joined:Sep 2005	Message Posted: 11/22/2008 9:24:06 AM	Ignore 21597 Report Abuse
	I've got this eery feeling this is gonna come back and bite us in the rear. I would like some stability in the market, but then I'd like to be taller and richer..........
71chevelle454 Sophomore Author Ontario Posts:239 Points:65,035 Joined:Oct 2008	Message Posted: 11/22/2008 9:23:47 AM	Ignore 71chevelle454 Report Abuse
	GAS IS NOT GOING DOWN AS FAST AS OIL !!!!
tags610 Champion Author Lincoln Posts:2,614 Points:565,875 Joined:Nov 2005	Message Posted: 11/22/2008 9:23:33 AM	Ignore tags610 Report Abuse
	Amazing.
AlaRedNeck Champion Author Kansas Posts:1,403 Points:254,475 Joined:Apr 2008	Message Posted: 11/22/2008 9:17:22 AM	Ignore AlaRedNeck Report Abuse
	$1.59 around here..
tomok Champion Author Portland Posts:10,745 Points:764,885 Joined:Aug 2006	Message Posted: 11/22/2008 9:15:15 AM	Ignore tomok Report Abuse
	Lowest Price Since May 2005... Just how low will oil go? Lowest $1.71 regular at an independent.
Sharon69 Rookie Author Mississippi Posts:53 Points:32,980 Joined:Oct 2008	Message Posted: 11/22/2008 9:14:22 AM	Ignore Sharon69 Report Abuse
	the lower the better
smiling53 Sophomore Author North Dakota Posts:110 Points:42,425 Joined:Nov 2008	Message Posted: 11/22/2008 9:13:43 AM	Ignore smiling53 Report Abuse
	about time
mahenv7 Champion Author Toronto Posts:1,439 Points:289,665 Joined:Oct 2004	Message Posted: 11/22/2008 9:13:22 AM	Ignore mahenv7 Report Abuse
	Prices at the pumps are still high
meomyowow Rookie Author Columbus Posts:62 Points:3,810 Joined:Oct 2008	Message Posted: 11/22/2008 9:10:20 AM	Ignore meomyowow Report Abuse
	wow
Lonewolftx Champion Author Houston Posts:5,961 Points:1,171,535 Joined:Sep 2005	Message Posted: 11/22/2008 9:09:34 AM	Ignore Lonewolftx Report Abuse
	Well profits used to be made and targeted at $50 a barrel.
Nogeekme Champion Author Baltimore Posts:1,289 Points:397,390 Joined:Oct 2005	Message Posted: 11/22/2008 9:07:21 AM	Ignore Nogeekme Report Abuse
	same old same old, The New York Times is crying for the speculators that drove the price to begin with
Overfill Veteran Author Albuquerque Posts:388 Points:76,530 Joined:Oct 2008	Message Posted: 11/22/2008 9:05:32 AM	Ignore Overfill Report Abuse
	GH-day again
ziyulu Veteran Author Oklahoma City Posts:250 Points:63,820 Joined:Aug 2007	Message Posted: 11/22/2008 9:04:30 AM	Ignore ziyulu Report Abuse
	Bush's approval rating is the lowest, right?
GMC4X4GA Veteran Author Georgia Posts:386 Points:94,005 Joined:Sep 2008	Message Posted: 11/22/2008 9:03:32 AM	Ignore GMC4X4GA Report Abuse
	I like it.
Hangnail309 Veteran Author Manitoba Posts:305 Points:244,520 Joined:Aug 2006	Message Posted: 11/22/2008 9:02:51 AM	Ignore Hangnail309 Report Abuse
	Been a long time to get back here!

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