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Oil falls on economic worries

The Sentinel -- Oil prices fell below $86 a barrel Thursday as investors focused on global economic issues, including the so-called "fiscal cliff" in the U.S. Benchmark U.S. crude dropped by 87 cents to finish at $85.45 per barrel in New York. Brent crude, used to price many kinds of international oil, fell 47 cents to end at $108.01 per barrel on the ICE Futures exchange in London. Expiring tax cuts and broad spending cuts will take effect in January unless the White House and Congress make a deal. Economists worry that that would have a serious impact on the economy. Slower economic growth means less demand for fuels such as gasoline, heating oil and natural gas.

On Thursday the U.S. Energy Information Administration said crude oil supplies grew by 1.1 million barrels last week to 375.9


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Submitted Nov 17, 2012 By: aservant
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jrs4125
Champion Author Indiana

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Message Posted: Nov 19, 2012 7:45:16 AM

Low crude prices alrighty then. Too bad its not reflected at the pump.
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52MPG
Champion Author Dayton

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Message Posted: Nov 19, 2012 2:48:41 AM

BO will do what he said "fundamentally change the US." That is what is bad for the economy.
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millerin
Champion Author Orlando

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Message Posted: Nov 19, 2012 12:57:12 AM

hmm...
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drpepperTX
Champion Author Texas

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Message Posted: Nov 18, 2012 12:36:23 PM

GASOLINE RBOB FUT (USD/GAL.) 271.01 +1.39
(0.51%) 11/16
WTI CRUDE FUTURE (USD/BBL.) 86.92 +1.05
(1.22%) 11/16

BRENT CRUDE FUTR (USD/BBL.) 108.95 +0.94
(0.87%) 11/16
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WalRus49
Champion Author Boston

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Message Posted: Nov 18, 2012 9:45:40 AM

Bunk!
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jrs4125
Champion Author Indiana

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Message Posted: Nov 18, 2012 3:46:23 AM

Its too bad that pump prices don't fall when crude prices do.
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kgbellman
Champion Author Ann Arbor

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Message Posted: Nov 18, 2012 2:04:19 AM

Keep it falling
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Discovery02
Champion Author Colorado Springs

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Message Posted: Nov 18, 2012 12:24:46 AM

Good...let's keep those speculators worried.
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EMoe57
Champion Author Jacksonville

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Message Posted: Nov 17, 2012 11:58:16 PM

good
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robb88
Veteran Author Atlanta

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Message Posted: Nov 17, 2012 11:27:16 PM

well, i guess that could be the one good thing that could come out of going over the 'fiscal cliff'. We would have really low gas prices again! for about a day..
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jackterrier
Rookie Author Washington

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Message Posted: Nov 17, 2012 11:26:17 PM

Does that mean local stations will start passing some of the savings to the consumer or their profits will just skyrocket? They dont seem to realize prices are actually dropping outside of this area.
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nightworker998
Champion Author Maryland

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Message Posted: Nov 17, 2012 11:24:20 PM

I love reporters who overstate the obvious
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GDAE
Champion Author Wichita

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Message Posted: Nov 17, 2012 11:15:35 PM

Hope it keeps on falling.
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texasvet
Champion Author Texas

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Message Posted: Nov 17, 2012 11:15:10 PM

Don't expect the price of gas to drop much at the pump. Ethanol is expensive to produce.
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rd2000
Champion Author Florida

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Message Posted: Nov 17, 2012 11:13:16 PM

Lets hope gas fall too, just as fast
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yeehaw1073
Champion Author Indiana

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Message Posted: Nov 17, 2012 11:12:01 PM

and yet, somehow, I'm sure gas prices will continue to go up...
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fightbigoil71
Champion Author Milwaukee

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Message Posted: Nov 17, 2012 11:11:54 PM

let me know when the price really falls - like $20 or more per barrel
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SandeeC
Champion Author Ontario

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Message Posted: Nov 17, 2012 11:10:29 PM

Yeah, AKmailman, so who's pocketing the difference????????
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Dsin44
Champion Author Abbotsford

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Message Posted: Nov 17, 2012 11:10:16 PM

gas prices do not reflect the price of crude,, why?
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Soglaos
Champion Author Virginia Beach

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Message Posted: Nov 17, 2012 11:09:17 PM

hmmm thats not right. According to Obama when the economy is doing bad oil should cost less. Sure don't see it
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Mustache_33
All-Star Author Toronto

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Message Posted: Nov 17, 2012 11:08:23 PM

Is Greenspan still alive ...!!??? Gosh ... he's already gazillion years old. Wonder if his brain is still updating properly ... hmm
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minnesotagirl
Champion Author Milwaukee

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Message Posted: Nov 17, 2012 11:08:08 PM

a 47 cent dip hardly qualifies as a fall.
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AKmailman
Champion Author Alaska

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Message Posted: Nov 17, 2012 11:06:39 PM

If oil is at $86 a barrel, then gas should be below $2 a gallon
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camaro_man
Champion Author Kitchener-Waterloo

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Message Posted: Nov 17, 2012 11:03:30 PM

wow,,,so does that mean lower prices in the next year?????
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Marson
Champion Author Scranton

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Message Posted: Nov 17, 2012 11:01:59 PM

We need to eliminate the specupators.
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OGW
Champion Author London

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Message Posted: Nov 17, 2012 10:58:30 PM

Greenspan said if he was still in his former position, he would let the US go over the "fiscal cliff".
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jcurley
Champion Author California

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Message Posted: Nov 17, 2012 10:58:22 PM

Oil is falling based upon global demand - and the conservative austerity ideology in Europe is bringing them down.
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toadNY
Champion Author Albany

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Message Posted: Nov 17, 2012 10:57:09 PM

If oil falls that mean's the economy is going down Not Up like obama said!
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Taurus1
Champion Author Ohio

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Message Posted: Nov 17, 2012 10:54:55 PM

Not to worry, it'll go up again..
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Blue48
Champion Author Illinois

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Message Posted: Nov 17, 2012 10:52:45 PM

UP..DOWN..UP..DOWN!
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drz614
Champion Author Harrisburg

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Message Posted: Nov 17, 2012 10:52:39 PM

it's not the price or availability of crude thats the problem
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jetlagAK
Champion Author Anchorage

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Message Posted: Nov 17, 2012 10:47:52 PM

Enjoy your Hype & Chains, suckers!
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9C1
Champion Author Chicago

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Message Posted: Nov 17, 2012 10:47:31 PM

It is all Obama's fault.
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Fitwit
Champion Author Stockton

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Message Posted: Nov 17, 2012 10:46:04 PM

Boring Barrels.
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bojiway1
Champion Author Minnesota

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Message Posted: Nov 17, 2012 10:43:59 PM

less power being in Manufactoring plants?
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car253
Champion Author Ohio

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Message Posted: Nov 17, 2012 10:42:43 PM

The economic worries will get a lot worse with Obama in charge.
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REKEY
Champion Author South Carolina

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Message Posted: Nov 17, 2012 10:42:04 PM

I hate that!
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TFowler513
Champion Author Memphis

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Message Posted: Nov 17, 2012 10:41:54 PM

It's all propaganda with hidden agendas!!!
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kiss4afrog
All-Star Author Twin Cities

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Message Posted: Nov 17, 2012 10:40:54 PM

Just want to see the price at the pump go down and the Senate and Congress agree on something that's good for most of us.
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Group23
Champion Author Greensboro

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Message Posted: Nov 17, 2012 10:38:57 PM

Back up this weekend. Apparently the worries were baseless.
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bikerWI
Champion Author Milwaukee

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Message Posted: Nov 17, 2012 10:35:50 PM

good news.
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RedRam2005
Champion Author San Antonio

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Message Posted: Nov 17, 2012 10:32:39 PM

It is amazing that economic worries were hidden until after the election...anything to keep the messiah in power.
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VanIsleRover
Champion Author British Columbia

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Message Posted: Nov 17, 2012 10:32:02 PM

Somebody is making money..
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drewsworld
Sophomore Author Los Angeles

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Message Posted: Nov 17, 2012 10:30:39 PM

ok
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ghmortensen
Champion Author Minnesota

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Message Posted: Nov 17, 2012 10:29:55 PM

I thought President Obama was elected because he turned the economy around from what President Bush left behind. What are they talking about? What economic worries?
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flyfast
Champion Author Kansas City

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Message Posted: Nov 17, 2012 10:22:51 PM

obumer more of the same
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jb107
Champion Author New Jersey

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Message Posted: Nov 17, 2012 10:22:20 PM

Oil is falling when is gas at the pump going to follow?
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jackster111
Champion Author North Carolina

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Message Posted: Nov 17, 2012 10:19:58 PM

okay will this be the result of prices at the pump or negative?
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PoohMcGoo
Champion Author Alabama

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Message Posted: Nov 17, 2012 10:17:24 PM

Gonna be a lot of economic worries the next 4 years.
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PathTrack
Champion Author Twin Cities

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Message Posted: Nov 17, 2012 10:16:19 PM

87 cents? Friday negated that loss.
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