Crude Oil Prices Fall Below $60 a Barrel

[NVMojo]

SINGAPORE (AP) -

Crude oil futures fell below $60 a barrel Friday, as supply concerns eased on signs of adequate fuel stocks in the United States, the world's largest consumer.

Light, sweet crude for December delivery fell as low as $59.65 a barrel in Asian electronic trading on the New York Mercantile Exchange before recovering to $59.90, down 12 cents. In New York trading Thursday, the contract plunged nearly $2.50 to hit an intraday low of $59.32 before closing at $60.02.

http://www.lasvegassun.com/sunbin/stories/invest-corp/2005/oct/21/102107216.html

[Broken_Hero]

1. Thank god...

Thank god, thank goodness...this high price of gas has squeezed my family, very hard....

[cornermouse]

2. Funny thing that I've noticed.

While the price of unleaded has fallen drastically, the price of diesel is almost a dollar higher per gallon.

I don't expect the price of unleaded to stay low much longer no matter what the price per barrel. The fact is, the oil companies found out they could charge $3 a gallon without serious effect to their bottom line. The consumers and the retailers, WalMart, Sears, etc. are going to take it on the chin. Unless George either narrows the economy measurements to focus almost solely on the oil companies or just starts making up numbers, I just don't see our economy as being anything other than critically ill.

[LostinVA]

4. I've noticed that too, and I have a diesel car. OMG.

[Dr Batsen D Belfry]

3. Gotta drop them gas prices in time

for Christmas shopping season ya know...

DBDB

[Deja Q]

5. I saw unleaded for $2.23 and Deisel for $3.39 - WTF?!

With per-barrel prices dropping, the fact consumer prices are not - well, for deisel but it's obvious unleaded gas isn't going down that much either -t hat gouging is still taking place.

[YapiYapo]

6. It didn't go down that much (59 $ for 49$ in nov04)

A part of the reason why gas and diesel are still expensive in the US is because the importation increased since Katarina.



The other reason is diesel stock continuing to drop.They are working hard to keep the average consumer placated with stable gasoline at the expense of other petroleum products.

http://tonto.eia.doe.gov/dnav/pet/pet_stoc_wstk_a_epd0_sae_mbbl_w.htm
http://tonto.eia.doe.gov/oog/info/twip/twip_distillate.html

Simply put, it's refineries problem.