Hmmm...Oil is down to $70.10 bbl. Interesting.

[napi21]

Gold DEC-2008 791.00 -48.00 -5.72%
Silver DEC-2008 9.72 -0.46 -4.52%
Light Sweet Crude Oil DEC-2008 70.10 -4.78 -6.38%

http://moneycentral.msn.com/investor/market/home.aspx

[radfringe]

1. still around $3/gal for gas in Wilkes-Barre PA area n/t

[Democrats_win]

4. About $3 in Denver. Last year at this time: $2.77 (National average)

http://tonto.eia.doe.gov/dnav/pet/hist/mg_rt_usw.htm

It should be about $1.29 considering the fact wages haven't gone up.

[DireStrike]

2. I'd love to claim it's being manipulated

But the looming fears of a recession are a good reason for this to happen.

THEY, of course, might be engineered fears as well.

[defendandprotect]

3. ...and ExxonMobil was still selling a gallon at $3.25 the other day!!!

Lowest I've seen here in NJ is $2.95, I think --

[Stuart G]

5. More than 50 % drop from high,...gas should be about $2.00..perhaps it will

get to that in a month or so...but who will be able to afford it even at two dollars?

[Tuesday Afternoon]

6. why is the rise in cost so quickly reflected in the market but, not

the other way around? oh yeah...trickle down x(

[Stuart G]

8. I have seen this over and over...Tuesday Afternoon has a great question...nt

[Greyhound]

7. Yet somehow gas is still the price it was when oil was $100. n/t

[SmokingJacket]

9. Weird, this was predicted MONTHS ago.

I don't remember who predicted it, but I read it on DU. They said: watch gas go below $3 just in time for the election.

Gas here is down to $3.30 and seems to do down a couple cents every time I look.

[JDPriestly]

12. Many of us predicted that the price of oil would go down before

the election. Republicans control the price of oil. McCain is desperate and so are his friends. That is why the price is going down so far.

It will go back up again. Don't worry. The rich take care of themselves.

[notadmblnd]

10. last time oil was that price, gas was at least 50 cents cheaper a gallon than it is now.

[WhollyHeretic]

13. This summer a barrel of oil was twice the price it is today

Gas is not near half as cheap.

[hunter]

11. And the economy is burning around us.

People don't buy oil when the ain't got no money.

[Jim__]

14. Limbaugh claims it's down "over 100%".

And liberals are stupid. :rofl:

[gopbuster]

15. From yesterday------------------>

Energy Stocks Track Recession Fears, Crude Prices

CRUDE FALLS TO HALF THE JULY HIGH
It’s probably safe to say that Exxon Mobil (XOM) isn’t going to match the nearly $12 billion profit it recorded for the second quarter when it releases its third-quarter results in two weeks. Crude prices dropped below $75 a barrel Wednesday, extending what has been a 13-month low for the energy commodities, and not far from half the $147 a barrel crude commanded at the records reached in July. The speed and scope of the decline in crude prices has been fairly remarkable, reflecting the demand destruction that has taken place in the global economy, as well as the rest of the deterioration in fundamentals. Of course, it’s eminently possible that the crude market has reflected the adjustment of some of the speculative excesses that got baked into commodities trading during the first half of the year, and could begin to show the effects of over-sold conditions. But from a fundamental perspective, energy consumption has genuinely declined. The government reported last week that gasoline demand fell 5% over the last four weeks. Gasoline prices at the pump sank 10% versus a weeek ago, and have dropped 25% from the July highs. OPEC joined the chorus of forecasts of lower demand with its latest oil-growth outlook.

By comparison, stocks haven’t fully reflected the dropoff in fundamentals, hinting that the group may not yet have found a bottom, although a straight line can’t necessarily be drawn from crude prices in the commodities market to equity valuations for oil producers and refiners. Exxon, for example, has lost 32% from its highs for the year, including Wednesday’s 8% drop. Chevron (CVX) has fallen 6%, and has lost 41% versus its highs reached in May. ConocoPhillips (COP) has given up 47% from its highs, including Wednesday’s 8% loss. Exploration and production companies have fallen even more sharply, with Devon Energy (DVN) down 10%, Marathon Oil (MRO) off 13%, and Hess (HES) slumping 15%. Even the refiners, who presuably would benefit from a reduction in input costs, but are hurt by the decline in overall business, as Sunoco (SUN) surrendered 7%.


http://blogs.barrons.com/stockstowatchtoday/2008/10/15/energy-stocks-track-recession-fears-crude-prices/?mod=wsjcrmain

[Godhumor]

16. Glad to see western NY lagging behind others--we're still paying 3.50+ by my home.

Whee.