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GasBuddy News Article

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Oil prices tumble as Europe and the U.S. shed jobs

Tulsa World -- NEW YORK — Oil prices tumbled to their lowest level in a month Thursday following the release of woeful job numbers in Europe and the U.S.
Benchmark crude for August delivery fell $2.58, nearly 4 percent, to settle at $66.73 a barrel on the New York Mercantile Exchange.

Crude hit an eight-month high in midday trading Tuesday, but prices have fallen at the close for five straight days now.

Nymex is closed Friday for the July Fourth holiday.

On Thursday, a Labor Department report showed the economy lost a larger-than-expected 467,000 jobs in June. The unemployment rate climbed to 9.5 percent from 9.4 percent in May, underscoring concerns about the pace of economic recovery.

Since the recession began in December 2007, the economy has lost a net total of 6.5 million jobs.


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Submitted Jul 02, 2009 By: Zderf
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Oil prices tumble as Europe and the U.S. shed jobs Topic is locked Back to Topics
REPLIES (newest first)
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jmuse
Champion Author Long Island

Posts:2,219
Points:445,370
Joined:May 2008
Message Posted: Jul 2, 2009 11:19:36 PM

Some people can't afford gas at any price.
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alterman156
Champion Author New York

Posts:5,085
Points:1,090,000
Joined:Dec 2008
Message Posted: Jul 2, 2009 10:11:38 PM

Will the price of gasoline fall with the price of oil?
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jakTDI
Champion Author Dallas

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Points:362,055
Joined:Aug 2008
Message Posted: Jul 2, 2009 6:10:46 PM

there is officially no love any more.

don't they get it: if oil/ gas were decreased for the holiday, we would use MORE of it and not feel so bad...which means we would buy more things along the way.
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esquared
Champion Author Oklahoma City

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Message Posted: Jul 2, 2009 6:06:17 PM

Conserve, baby, conserve!
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pulpwood
Champion Author Mississippi

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Message Posted: Jul 2, 2009 6:03:56 PM

They just can not wait to sock it to us again!
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jakTDI
Champion Author Dallas

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Points:362,055
Joined:Aug 2008
Message Posted: Jul 2, 2009 6:02:11 PM

recession since 07?

well, then its almost over, right?
they will tell a couple of years after its over just to be sure.

I blame canada.
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Hugo40
Champion Author Kentucky

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Message Posted: Jul 2, 2009 5:59:45 PM

With the job market in the tank like it is, there's no wonder that oil prices are sinking like a rock and I hope it goes on down.
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willsaveNY
Champion Author Albany

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Message Posted: Jul 2, 2009 5:56:01 PM

Remember the saying about gas prices. Up like a rocket and down like a feather. Weez seeing it now.
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Muke
Champion Author Virginia Beach

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Message Posted: Jul 2, 2009 5:48:06 PM

Eventually consumer demand is resulting in the price.
No matter how much OPEC and Oil company do the consumer demand always win.
Look at Detroit they did not listen to consumers and now they are in bankruptsy.
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souther_pride
Sophomore Author Arkansas

Posts:114
Points:425,455
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Message Posted: Jul 2, 2009 5:47:36 PM

gas prices have not went dowm at all here in about 3 weeks and that was only about 6 cents
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BWD
Champion Author Charleston

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Message Posted: Jul 2, 2009 5:45:17 PM

About time, but gas prices will probably still go up this weekend.
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PKVol
Champion Author Nashville

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Message Posted: Jul 2, 2009 5:43:55 PM

As one who is included in the unemployment rate, I appreciate the lower oil prices, but wish gas prices would fall as quick as they rise when oil prices go up. Hard to believe that nearly one out of 10 people in the US who wish to be employed aren't.
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korklenut
All-Star Author Tacoma

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Message Posted: Jul 2, 2009 5:41:14 PM

If theres no jobs then less gas sold.
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GGAlbo
Champion Author Detroit

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Joined:Sep 2006
Message Posted: Jul 2, 2009 5:36:18 PM

Here in Rochester Hills MI the price is the same as three weeks ago at $2.69.
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bad_sailor
Champion Author London

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Message Posted: Jul 2, 2009 5:36:06 PM

Why aren't the oil company execs held accountable for unnecessarily keeping pump prices higher than the market.
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flyfast
Champion Author Kansas City

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Message Posted: Jul 2, 2009 5:33:23 PM

time for gas
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OleMiss79
Champion Author Fort Worth

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Message Posted: Jul 2, 2009 5:30:33 PM

Lets hope
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DerHahn
Champion Author Illinois

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Message Posted: Jul 2, 2009 5:30:27 PM

make the speculators take delivery on the oil and then see how low prices go when they start dumping all the contracts.
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TheSnowstorm
Champion Author Montreal

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Message Posted: Jul 2, 2009 5:29:54 PM

OPEC might want a certain price per barrel, and they will try to manipulate everything possible to attain that price; but in the end the overall market (all factors) will determine what will happen.
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4warned
Champion Author Michigan

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Message Posted: Jul 2, 2009 5:29:15 PM

WE WILL SEE.
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peggymonster
Veteran Author Lancaster

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Message Posted: Jul 2, 2009 5:28:31 PM

speculators - GO LOW!
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FredericoAZ
All-Star Author Phoenix

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Message Posted: Jul 2, 2009 5:25:05 PM

Permanent pump decreases would be different.
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billy44bo
Champion Author Mobile

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Joined:Feb 2008
Message Posted: Jul 2, 2009 5:22:04 PM

can not be happy with that many people out of a job. but hope the ones that help the price of oil go up 60% this year lose there butts in the oil market this time around
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la90042
Champion Author Los Angeles

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Message Posted: Jul 2, 2009 5:15:15 PM

let us see some decreases at the pump now!
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tampatim
Veteran Author Albuquerque

Posts:294
Points:574,630
Joined:Aug 2005
Message Posted: Jul 2, 2009 5:15:04 PM

No Jobs = No Money = No Gas!!!
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PDQBlues
Champion Author San Diego

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Points:980,350
Joined:Jan 2009
Message Posted: Jul 2, 2009 5:13:07 PM

Keep those prices falling, baby!!!
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MUSTANGSRUS
Champion Author Ontario

Posts:7,373
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Message Posted: Jul 2, 2009 5:12:33 PM

Cool. Keep going down. There is no more space to store excess oil.
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Rageagainsttm
Champion Author Tampa

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Points:1,447,095
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Message Posted: Jul 2, 2009 5:10:09 PM

They still have not tumbled enough.
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DeHavilland
Champion Author Toronto

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Message Posted: Jul 2, 2009 5:05:39 PM

Big price to pay: Lose your job to lower the oil price!
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jomon
Rookie Author Columbus

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Joined:Oct 2005
Message Posted: Jul 2, 2009 5:02:08 PM

I think they call it "Trickle Down."
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PFCASTA
All-Star Author Worcester

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Message Posted: Jul 2, 2009 4:59:18 PM

No drop in gas prices here
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LLIH225
Rookie Author Savannah

Posts:87
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Joined:Aug 2008
Message Posted: Jul 2, 2009 4:58:37 PM

Not as many people on the roads
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Mooseman1
Champion Author Manitoba

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Joined:Jul 2007
Message Posted: Jul 2, 2009 4:52:19 PM

Good maybe now the gas prices should come down!
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jjw0608
Champion Author Milwaukee

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Message Posted: Jul 2, 2009 4:50:32 PM

Oil came down,unemployment is the highest in 26years and the stock market fell today!
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Kato51
Champion Author Atlanta

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Message Posted: Jul 2, 2009 4:48:08 PM

What does the unemployment figures have to do with the drop of oil prices? As fas as the oil price dropping, that is great but why aren't the gas prices following suit?
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RovingOkie67
Champion Author Arizona

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Message Posted: Jul 2, 2009 4:46:24 PM

Greed, speculation and too many hands in the piggy bank is robbing us blind.
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akeatts
Champion Author Tennessee

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Message Posted: Jul 2, 2009 4:45:40 PM

Are we EVER going to reach the bottom?
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JPGKC
Champion Author Tampa

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Message Posted: Jul 2, 2009 4:41:32 PM

New term huh, shed jobs...
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djgunrunner
Champion Author Salt Lake City

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Message Posted: Jul 2, 2009 4:41:03 PM

This probably happened because the speculators made a killing earlier this week and thought they would take a week off before blowing the lid off the prices again.
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DellMan
Champion Author Omaha

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Message Posted: Jul 2, 2009 4:38:33 PM

Prices need to keep falling. Gas prices have dropped almost 25 cents in the last two week. A couple of stations actually lowered their prices a bit today. I am shocked they aren't jacking up the prices for the holiday weekend.
Looks like they finally figured out people were buying less and less causing their profits to tank instead of going up as they had planned.
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virginia52
Champion Author Alaska

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Message Posted: Jul 2, 2009 4:38:05 PM

And yet gas prices are going up because of the 4th of July.
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FPLREP
Champion Author Virginia

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Message Posted: Jul 2, 2009 4:36:05 PM

And yet the speculators keep trying!They must be listening to Obama's drivel about the state of things!

[Edited by: FPLREP at 7/2/2009 5:37:20 PM EST]
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CiVX
Champion Author Oakland

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Message Posted: Jul 2, 2009 4:35:44 PM

Did they really need the unemployment figures to know that less gas is being sold.
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arvo87
Champion Author New Mexico

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Message Posted: Jul 2, 2009 4:33:12 PM

I've seen prices coming down here and with this news, they should come down further
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Chummy37
Champion Author Calgary

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Message Posted: Jul 2, 2009 4:33:02 PM

No likely decline at the pumps with summer here!
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lovelakota
Veteran Author Detroit

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Message Posted: Jul 2, 2009 4:32:29 PM

This is great news but does not correspond with our local stations raising their prices 15 cents in one day yesterday.
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genirose
Champion Author Arkansas

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Points:686,825
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Message Posted: Jul 2, 2009 4:30:12 PM

As to when the prices will go down at the pumps? Maybe when absolutely everybody loses their jobs?
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dranske
Champion Author Miami

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Points:875,260
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Message Posted: Jul 2, 2009 4:29:53 PM

It shouldn't have gone up in the first place...
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camel1
Champion Author Minnesota

Posts:6,045
Points:1,815,440
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Message Posted: Jul 2, 2009 4:28:48 PM

Bad employment numbers mean the economy is not recovering the way investors expected it to and oil declines. When will consumers get a break on gas and oil?
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Panama Red
Champion Author San Diego

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Message Posted: Jul 2, 2009 4:24:00 PM

Now, when does the price of gasoline at the pump tumble?
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