Oil price over $147 for the first time-now above $80

[cycloneye]

NEW YORK (CNNMoney.com) -- Oil prices fell steeply on Thursday, extending a decline to a three-day record $15.89 a barrel, as natural gas prices tumbled and investors anticipated declining demand.

Light, sweet crude for August delivery fell $5.31 to settle at $129.29 a barrel on the New York Mercantile Exchange. The last time oil settled below $130 was June 5, when it settled at $127.79

Oil has dropped $16 in 3 days

Lets see if the bubble continues.The question is,when the gas in the pump will go down after this tumble?

[gtalum]

Mexico, the world's 5th largest producer, is signing delivery contracts for 5 to 8 years out at today's price. This means they think the price has peaked.

The bubble is about an inch from a spectacular implosion.

[Cryomaniac]

The bubble is about an inch from a spectacular implosion.

Unless 94L becomes a Hurricane and ends up in the GOM.

[gtalum]

Unless 94L becomes a Hurricane and ends up in the GOM.

Even if an event does temporarily pump the price back up, I think the bubble is close to popping. Even Iranian missile tests and threats of closing the strait of Hormuz only kept the price up for a few days.

[JonathanBelles]

I saw the first 3.8# in a while yesterday and saw a few today. Lowest I have seen was 3.88 today.

[senorpepr]

Our prices have finally came back down to $3.95. (Woohoo--by conserving, I've still have yet to pay >$4 gas!)

[Jinkers]

when oil prices drop, they're sure not in a hurry to lower prices, but when they go up, they sure rise gas prices fast..grrr

[gtalum]

That's not really true. Prices have already begun to drop at the pump. You'll see some decent price reductions this week if the oil price stays down.

[HURAKAN]

Here the cheapest is $4.09 w/o ethanol and $4.05 with ethanol.

[Ed Mahmoud]

OK, it is my boss that is doing well, but I got a very nice bonus last month, but I wouldn't have my feelings hurt by $90 or $100 oil. My company would still make money, we'd be sending less money to people that don't like us in Iran, Saudi Arabia and Venezuela, and the middle class would stop taking a painful one in the shorts.

[GeneratorPower]

Our largest supplier is, guess what, Canada. #3 is Mexico. These two countries like us quite a bit.

Crude Oil Imports (Top 15 Countries)
(Thousand Barrels per Day)
Country May-08 Apr-08 YTD 2008 May-07 YTD 2007

--------------------------------------------------------------------------------

CANADA 1,840 1,952 1,889 1,821 1,841
SAUDI ARABIA 1,579 1,453 1,531 1,574 1,402
MEXICO 1,116 1,259 1,207 1,461 1,469
VENEZUELA 1,030 1,019 998 1,232 1,103
NIGERIA 851 1,115 1,053 882 1,047
IRAQ 583 679 670 341 458
ANGOLA 464 579 468 680 581
ALGERIA 440 393 329 496 495
BRAZIL 318 201 209 152 170
KUWAIT 263 176 227 162 182
COLOMBIA 245 149 184 104 101
ECUADOR 162 160 194 201 200
RUSSIA 119 106 86 232 156
LIBYA 96 85 73 33 51
EQUATORIAL GUINEA 93 40 58 0 52



http://www.eia.doe.gov/pub/oil_gas/petr ... mport.html

[Cryomaniac]

Doesn't look like the decline is continuing today:

http://www.kitco.com/market/

Crude oil 131.61 +2.73

[gtalum]

Down another $5 today so far despite Iran's saber-rattling over the weekend and Dolly forcing evacuation of the western Gulf rigs. There is no propping this price up any more.

I wonder where the next bubble will pop up? I'm thinking agricultural commodities are most likely, but there may also be a bubble in financial stocks which are at fire-sale prices right now.

[Cyclenall]

Who would have thought that with a strengthening hurricane in the Gulf, oil prices would go down? (even if the rigs aren't affected) This is pretty good.

[lurkey]

Who would have thought that with a strengthening hurricane in the Gulf, oil prices would go down? (even if the rigs aren't affected) This is pretty good.

I think I read somewhere that price start going down when they realized that Dolly would miss the refineries. .. . Here's the story

[Stephanie]

Regular is down 6 cents from last week to $3.81.

[gtalum]

In another sign that the bubble is indeed popping, an oil trading firm has declared bankruptcy on trading losses of $3.2 Billion dollars.

[george_r_1961]

I am not yet convinced the bubble has popped. May be more selling and profit taking than anything else.

[Stephanie]

In another sign that the bubble is indeed popping, an oil trading firm has declared bankruptcy on trading losses of $3.2 Billion dollars.

BOO HOOOOO!!!!!

Regular gasoline $3.79.

[gtalum]

I am not yet convinced the bubble has popped. May be more selling and profit taking than anything else.

I dunno, the signs are all there. This has been exactly like the tech bubble and the real estate bubble, just in fast-forward motion.