Oil prices slide as dollar strengthens

[jpak]

Source: Google News/ AFP

LONDON — Oil prices slumped on Monday, with New York crude striking five-month lows, as the dollar strengthened against the euro on mounting worries over Europe's debt crisis, traders said.

New York's main contract West Texas Intermediate crude for delivery in June was down $1.99 at $94.14 a barrel. Earlier Monday it hit $93.65 an ounce -- the lowest point since mid-December.

Brent North Sea crude for June was down $1.87 at $110.39 a barrel in London midday deals having reached a near four-month low of $110.04 earlier on Monday.

A stronger US currency makes dollar-denominated oil more expensive for buyers using the euro, denting demand for crude.

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Read more: http://www.google.com/hostednews/afp/article/ALeqM5gZuBNy3qALl9IUxWHvvEy0y8f7WQ?docId=CNG.2a7ff276e49e049c80597e2482e79ff5.5a1

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Wholesale gasoline dropped 4 cents this AM to $2.95 a gallon

I blame Obama for this catastrophe.

and Oh Yeah - the Paulite Cultists owe us an explanation concerning this strong dollar stuff - looks like they were wrong as usual.

Idiots

yup

[jdlh8894]

1. Earlier Monday it hit $93.65 an ounce

We are COMPLETELY SCREWED!!!!

[longship]

4. And gold is trading at $2,000 a barrel

[azurnoir]

2. yep let's all'blame' Obama for this n/t

[DCKit]

3. Time to shut down a few more refineries.

If Exxon/Mobil doesn't declare another record quarter, every quarter, what will people think?

[dixiegrrrrl]

6. See this: refinery shuts down, gas at 5.00 and Chevron announces profit.

1.Chevron Corp's 245,271 barrel per day (bpd) San Francisco Bay-area refinery in Richmond, California,
performed the planned shutdown of a unit on Saturday, according to notices the refinery filled that day with federal and California pollution regulators.
Refineries most often carry out planned shutdowns of refinery units to perform seasonal maintenance ahead of the summer driving season.
The Richmond refinery is fourth San Francisco-area refinery currently performing a planned overhaul.
http://www.reuters.com/article/2012/04/27/us-chevron-idUSBRE83Q0MD20120427

same link shows gas at 5.00 at a Chevron station in La.

Chevron profit rises 4 percent despite output decline.
Chevron Corp delivered a 4 percent rise in first-quarter profit on Friday,

helped by an asset sale and increases in both oil prices and refining margins that made up for a decline in oil and gas production.

http://www.reuters.com/article/2012/04/27/us-chevron-idUSBRE83Q0MD20120427

translation: they are getting LESS oil, but charging more to refine it =higher prices.
And, just to make oil/gas more scarce, shutting down refineries.
( This happens every spring in Ca. if my memory serves)

[CountAllVotes]

5. Gasoline was up to $4.59 yesterday

Last edited Mon May 14, 2012, 11:57 AM - Edit history (1)

I wonder why?

These crooks never have enough do they?

[AndyTiedye]

7. More Profit, and they Get to Hurt Obama's Re-Election Prospects Too

Win-Win for Big Oil.

[notadmblnd]

8. totally confusing

because around here gas jumped 30 cents a gallon yesterday. On sunday evening I paid 3.55 and Monday afternoon it was back up to 3.89.