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Crude settles down 4.6%, lowest since June 2012

j-mac

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Brent crude for November slid earlier and lurched lower toward the end of the day, dropping by more than $4 a barrel to dip below $85 a barrel for the first time since 2010. It was the biggest one-day drop in prices since 2011. The benchmark settled at $85.04, $3.85 lower on the day.Oil dived more than $4 a barrel on Tuesday, its biggest drop in more than two years as mounting evidence of slackening demand and unrelenting U.S. shale output left traders struggling to peg a floor for crude's four-month rout.
The abrupt acceleration of an over 26 percent slide in prices since June was triggered by three news items that epitomized the market's turn: a downgrade in global oil consumption forecasts; projections for another big boost in shale oil; and reluctance by OPEC members to cut output.

http://www.cnbc.com/id/102084062

More evidence that drilling our own oil, and exploiting as we should all avenues of petro development would not only lower prices for consumers but strangles OPEC's hold on the world...

Drill baby Drill.....!
 
Price of gas here in CT dropped to around $3.30, loving it.

We should do everything in our power to deny the sandfleas.
 
I actually paid a little less than $3 per gallon yesterday. Isn't it sad when you think that's a good price?
 
For those tracking the decline in the price of crude oil, below are some benchmarks for the lowest closing spot prices (WTI Cushing, OK) in recent years:

$84.50, November 7, 2012
$83.92, July 10, 2012
$83.72, July 2, 2012
$77.72, June 28, 2012
$75.40, October 4, 2011
$74.63, September 24, 2010
$73.40, September 23, 2010
$72.98, September 22, 2010
$72.96, September 21, 2010
$71.93, August 31, 2010
$71.24, August 24, 2010
$64.78, May 25, 2010
$63.42, July 29, 2009
$62.07, July 16, 2009
$61.49, July 15, 2009
$59.62, July 14, 2009
 
I actually paid a little less than $3 per gallon yesterday. Isn't it sad when you think that's a good price?
I remember when the average price of gas was over $4 a gallon back in 2008. Now I'm paying less than $3.

Thank you, President Obama.

*giggles like a school girl and runs off, knowing what he just did*
 
I remember when the average price of gas was over $4 a gallon back in 2008. Now I'm paying less than $3.

Thank you, President Obama.

*giggles like a school girl and runs off, knowing what he just did*

I remember when liberals (some posing as "moderates") here were declaring that the president has nothing to do with gasoline prices.
 
I remember when liberals (some posing as "moderates") here were declaring that the president has nothing to do with gasoline prices.
He really doesn't.
 
Then it's completely understandable that you would thank Obama for something he didn't do.
And it's not surprising you completely missed the tenor of my post.
 
What's ironic about this is that it's left the sweet spot that actually allowed for an explosion of economic activity because so many more oil sources became economically viable when oil was at the higher prices.
 
What's ironic about this is that it's left the sweet spot that actually allowed for an explosion of economic activity because so many more oil sources became economically viable when oil was at the higher prices.

There's an element of truth in that. However, as Brent prices approach $80/bbl, we should see production slowing then. I doubt that's going to happen. OPEC has not slowed production, and plans to continue at current levels for the immediate future. They're interested in maintaining market share, and I doubt US producer will shrink from that challenge. We can go a lot longer at that level than most of them can. And then there's Russia...
 
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