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Thread: Crude settles down 4.6%, lowest since June 2012

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    Crude settles down 4.6%, lowest since June 2012

    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.....!
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    Re: Crude settles down 4.6%, lowest since June 2012

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

    We should do everything in our power to deny the sandfleas.
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    Re: Crude settles down 4.6%, lowest since June 2012

    I actually paid a little less than $3 per gallon yesterday. Isn't it sad when you think that's a good price?
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    Re: Crude settles down 4.6%, lowest since June 2012

    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

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    Re: Crude settles down 4.6%, lowest since June 2012

    Quote Originally Posted by lizzie View Post
    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*

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    Re: Crude settles down 4.6%, lowest since June 2012

    Quote Originally Posted by Slyfox696 View Post
    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.

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    Re: Crude settles down 4.6%, lowest since June 2012

    Quote Originally Posted by humbolt View Post
    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.

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    Re: Crude settles down 4.6%, lowest since June 2012

    Quote Originally Posted by Slyfox696 View Post
    He really doesn't.
    Then it's completely understandable that you would thank Obama for something he didn't do.

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    Re: Crude settles down 4.6%, lowest since June 2012

    Quote Originally Posted by humbolt View Post
    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.

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    Re: Crude settles down 4.6%, lowest since June 2012

    Quote Originally Posted by Slyfox696 View Post
    And it's not surprising you completely missed the tenor of my post.
    Oh, I didn't miss it. I chose to ignore it - the "tenor", as you say.

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