Oil tumbles below $69 per barrel; supplies jump

[steven johnson]

Source: Associated Press

Crude and gasoline prices fell sharply Wednesday on more evidence of a huge glut in supply, with the economy still damaged by the worst recession since the 1930s.
Natural gas, which is seeing the same buildup in supply because of anemic industrial production, continued to spike, however. Prices jumped nearly 7 percent Wednesday.
The difference between crude and natural gas, as far as markets are concerned, is that crude prices have climbed for months while natural gas hit seven-year lows this month. That has attracted a lot of bargain hunters and lifted natural gas prices off of those lows, but it's still comparatively cheap.
Benchmark crude for November delivery tumbled nearly 4 percent, or $2.79, to settle at $68.97 a barrel on the New York Mercantile Exchange.
A falloff in energy prices accelerated in midmorning when the government reported that supplies of crude, gasoline and distillate fuel used for diesel and heating oil surged well above expectations.


Read more: http://www.google.com/hostednews/ap/article/ALeqM5i4_q7DtiEHvUTVNlJoaJ9ufkd1kgD9AT75L80

[stuball111]

1. Still no drop at the pumps....

should be around $1.50/gallon according to that.

[abelenkpe2]

2. 3.40 in LA

what's up?

[stuball111]

3. Sunshine tax?

The price of paradise.... or gouging the populace...:shrug:

[excess_3]

4. special gas --> special price .n/t

[LaPera]

5. And gas is still $3.46 per gallon here in Humboldt County, CA - Talk about gouging the consumers

for horrific profits, with little, if any regulations, just like the health insurance corporations...Corporations are disgraceful, always cutting corners, & charging excessively because there's no competition, only collusion....

And the republicans do everything they can to fuck over the consumers and the workers and the tax payers in order to give subsidies (corporate welfare our tax dollars) to these greedy corporations.

[WriteDown]

6. Gas is 2.27 in Dallas right now...

but its dropping daily. I am waiting to see the bottom.

[excess_3]

10. California has more regulations on gas, than other

California has more regulations on gas, than other
parts of the country.

[Torn_Scorned_Ignored]

7. I thought this Market Manipulation

was going to be investigated?

[Mari333]

8. bout time to have my winter fuel tank filled

good timing.

[BumRushDaShow]

9. There has always been a glut

Tankers and tankers are docked full of crude. The speculators were caught and are heading over to other commodities like gold. Still waiting for that price drop in my area.