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GasBuddy News Article


Glum economic news pulls down oil, gasoline prices
Monday, December 01, 2008
The Houston Chronicle -- Oil prices fell nearly 7??percent Tuesday and gasoline prices fell to levels not seen since 2004 as a raft of discouraging news about the economy, housing and the consumer state of mind suggested the U.S. is headed toward the worst recession in decades.

Consumers and businesses have pulled back on energy spending, with massive layoffs and cost-cutting across almost every sector. That means less money will go toward powering everything from industrial plants to automobiles.

After spiking Monday after news that the U.S. would bail out financial giant Citigroup, light, sweet crude for January delivery on Tuesday tumbled $3.73 to settle at $50.77 a barrel on the New York Mercantile Exchange.


Visit The Houston Chronicle for full article

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JT
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Message Posted: 12/1/2008 10:02:58 AM  Ignore JT Report Abuse
Monday, December 01, 2008
The Houston Chronicle -- Oil prices fell nearly 7??percent Tuesday and gasoline prices fell to levels not seen since 2004 as a raft of discouraging news about the economy, housing and the consumer state of mind suggested the U.S. is headed toward the worst recession in decades.

Consumers and businesses have pulled back on energy spending, with massive layoffs and cost-cutting across almost every sector. That means less money will go toward powering everything from industrial plants to automobiles.

After spiking Monday after news that the U.S. would bail out financial giant Citigroup, light, sweet crude for January delivery on Tuesday tumbled $3.73 to settle at $50.77 a barrel on the New York Mercantile Exchange.

Visit The Houston Chronicle for full article
REPLIES (newest first)
MrCar
All-Star Author
Los Angeles

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Message Posted: 12/2/2008 2:36:17 PM  Ignore MrCar Report Abuse
Let's not get off the subject, We Need To Conserve!
Jarod13
Veteran Author
Virginia

Posts:260
Points:66,180
Joined:Oct 2008
Message Posted: 12/2/2008 1:05:14 PM  Ignore Jarod13 Report Abuse
As long as our economy is slumping, I believe that we'll continue to conserve and keep prices dropping, even if OPEC cuts production later this month. We've been through this before and weathered through it, but we need to start increasing our output of both oil and alternative fuels. Otherwise, the roller coaster ride is going to be long and treacherous.
laoloup
Sophomore Author
Montreal

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Message Posted: 12/2/2008 11:38:30 AM  Ignore laoloup Report Abuse
More bailouts, less demand, until the consumer is bailed out...
ardmoretoday
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Oklahoma

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Message Posted: 12/2/2008 11:28:40 AM  Ignore ardmoretoday Report Abuse
Old News
pitchingcoach
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Michigan

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Message Posted: 12/2/2008 10:46:04 AM  Ignore pitchingcoach Report Abuse
Hasanyone here ever checked out the price of wind energy equipment for the home?
farmersboy
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Madison

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Message Posted: 12/2/2008 10:31:26 AM  Ignore farmersboy Report Abuse
conserve
farmersboy
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Madison

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Message Posted: 12/2/2008 10:31:04 AM  Ignore farmersboy Report Abuse
Conserve
RochBear
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Minnesota

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Message Posted: 12/2/2008 10:24:41 AM  Ignore RochBear Report Abuse
Even though I didn't vote for Pres. Elect Obama, I do have pitty on him.

He's really stuck. As soon as the economy starts to speed up, oil will skyrocket again. This will again tank the economy. So the problem is how to stimulate the economy without having oil (and thus diesel and Gas) go through the roof, and cause everyone to quit spending again, since they are spending all their money on gas.

Here's the only answer which makes sense. The Gov't spending to boost the economy needs to be buying wind/solar equipment. Business will respond and need to build these. This will create a lot of jobs which currently don't exist. As the economy grows, the Gov't will need to mandate that all Gov't vehicals be Electric. This (along with the bail out to the big 3) will bring us Electric cars. Now when our economy booms, we will have the extra electricity, and the electric cars, filling stations, ect..... This will decrease our demand for oil, while stimulating the economy.
Lonewolftx
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Houston

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Message Posted: 12/2/2008 10:15:33 AM  Ignore Lonewolftx Report Abuse
Trying to control a free market system, eh?
eaglev
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Oklahoma City

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Message Posted: 12/2/2008 10:00:07 AM  Ignore eaglev Report Abuse
Well the left finally got what they wanted. They have been preaching for the last 6 years that we were in a resession to get back into power. Well it is here now. How are they going to get it going again.

Raise taxes on gas, and personal income, and business tax. Then we will be in a full blown depressioin!
VTROCK
Sophomore Author
Detroit

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Message Posted: 12/2/2008 9:52:51 AM  Ignore VTROCK Report Abuse
The consumer will continue to lack confidence as long as the media continues to be unable to report any kind of positive information. If they don't have a disaster, they don't have anything to report.
mvosevich
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St. Louis

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Message Posted: 12/2/2008 9:51:28 AM  Ignore mvosevich Report Abuse
With savings lost, retirement accounts tanking, 401k's shrinking, and layoffs who can afford fuel at any price ?
armstrmb
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Houston

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Message Posted: 12/2/2008 9:48:57 AM  Ignore armstrmb Report Abuse
So what they are saying is this: "Investors see that the U.S. is going into a period of lower employment (where formerly employed people will not be buying gasoline). Therefore, these investors are not willing to pay inflated prices for gasoline futures. Therefore, the price of gas goes down."
GasholeMI
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Lansing

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Message Posted: 12/2/2008 9:44:25 AM  Ignore GasholeMI Report Abuse
The news reporters will like the glum news. They seem to thrive on adversity.
Arktander
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Illinois

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Message Posted: 12/2/2008 9:39:43 AM  Ignore Arktander Report Abuse
What else would we expect to see?
cdanielwyke
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Greensboro

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Message Posted: 12/2/2008 9:39:30 AM  Ignore cdanielwyke Report Abuse
Silver lining.
AZDaisy
Veteran Author
Arizona

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Message Posted: 12/2/2008 9:36:46 AM  Ignore AZDaisy Report Abuse
Prices went up $.10 here. How does that work?
rod1965
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Portland

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Message Posted: 12/2/2008 9:34:42 AM  Ignore rod1965 Report Abuse
Blame it on the usual suspects.
Allstop
Sophomore Author
Minnesota

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Message Posted: 12/2/2008 9:34:42 AM  Ignore Allstop Report Abuse
Keep them dropping
spunky4443
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Washington

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Message Posted: 12/2/2008 9:30:30 AM  Ignore spunky4443 Report Abuse
Well the HIGH fuel prices, got us where we are now.!!!!!!!!
niceguytx
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Houston

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Message Posted: 12/2/2008 9:30:29 AM  Ignore niceguytx Report Abuse
This will hopefully help the economy.
tobasco
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Los Angeles

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Message Posted: 12/2/2008 9:29:02 AM  Ignore tobasco Report Abuse
This is one of the bright spots.
21597
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Colorado

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Message Posted: 12/2/2008 9:28:53 AM  Ignore 21597 Report Abuse
I guess we could do what obamer said and check the air in our tires. Yep that oughta solve the problem
REVLAW
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San Antonio

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Message Posted: 12/2/2008 9:27:43 AM  Ignore REVLAW Report Abuse
Cycles are interesting when viewed from a detached perspective. So are people ... each like an insect ... seeminly mindless ... yet also struggling for survival.
kelsielee
Veteran Author
Atlanta

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Message Posted: 12/2/2008 9:26:03 AM  Ignore kelsielee Report Abuse
The information in this article seems to be old since they are talking about prices from a week ago.
glazarides
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Akron

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Message Posted: 12/2/2008 9:25:13 AM  Ignore glazarides Report Abuse
Oil... Keep on tumbling! It can bear falling up to another US$10/barrel.

----------

Off topic...
NedW: WT_?
parsec
All-Star Author
Toronto

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Message Posted: 12/2/2008 9:24:40 AM  Ignore parsec Report Abuse
Just don't feel sorry when you buy cheap gas. It's not our fault.
purvismike
All-Star Author
Wisconsin

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Message Posted: 12/2/2008 9:24:15 AM  Ignore purvismike Report Abuse
Just about everything was down yesterday. Dow dropped over 650, S&P over 50, what the hey!!!
The biggest gains were made by those companies that will profit from the Stimulus Package for Highways, Roads & Bridges or The Infrastructure Sector.
Granite Construction
Caterpillar
Vulcan Materials
Martin Marietta
AECOM Tech.

Others that have gone up on this news are Energy Oriented Companies and should be sold:
Foster Wheeler
Shaw Group
Chicago bridge & Iron

Now if we could get a Stimulus Package for the Pickens Plan..........
21597
All-Star Author
Colorado

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Message Posted: 12/2/2008 9:24:00 AM  Ignore 21597 Report Abuse
The gov can too screw this up, they are already talking about limiting drilling, stopping offshore drilling and raising gas tax
cableman31
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New York

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Message Posted: 12/2/2008 9:22:16 AM  Ignore cableman31 Report Abuse
Bug27 I whish you were right but we haven't hit bottom with unemployment yet and still have major stores and chains closing. It's going to get alot worse before it gets better.
Thanatos1369
Sophomore Author
Illinois

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Message Posted: 12/2/2008 9:21:00 AM  Ignore Thanatos1369 Report Abuse
It isn't a matter of the government getting in the middle of this whole fiasco, it's a matter of the general public acting like complete morons and trying to buy the biggest and baddest vehicle on the lot, to Hell with the carbon footprint they leave.
Chazzer
Champion Author
Nevada

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Message Posted: 12/2/2008 9:19:54 AM  Ignore Chazzer Report Abuse
Keep on conserving!
Sisipepe
Sophomore Author
Maryland

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Message Posted: 12/2/2008 9:19:53 AM  Ignore Sisipepe Report Abuse
good
danthemanvan
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Montgomery

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Message Posted: 12/2/2008 9:17:52 AM  Ignore danthemanvan Report Abuse
let's don't stop conserving gas, no matter how low the price goes!
21597
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Colorado

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Message Posted: 12/2/2008 9:17:36 AM  Ignore 21597 Report Abuse
Good and bad economies come and go. What worries me the most os the gov getting in the middle of it and screwing it up royaly
salog
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Columbia

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Message Posted: 12/2/2008 9:16:08 AM  Ignore salog Report Abuse
that is what happens when people don't have money to spend.
Palico
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South Carolina

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Message Posted: 12/2/2008 9:15:52 AM  Ignore Palico Report Abuse
I'll take anyway we can get lower energy cost for now. Old news.
PenDoctrJD
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Orange County

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Message Posted: 12/2/2008 9:14:47 AM  Ignore PenDoctrJD Report Abuse
At least there is one upside to it.
bug27
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Kentucky

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Message Posted: 12/2/2008 9:13:56 AM  Ignore bug27 Report Abuse
We are probably over half way through the recession. Don't worry, be happy!
NedW
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Indianapolis

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Message Posted: 12/2/2008 9:13:23 AM  Ignore NedW Report Abuse
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MightyDude
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Minnesota

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Message Posted: 12/2/2008 9:12:46 AM  Ignore MightyDude Report Abuse
so it's not all bad
owatonnajeep
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Minnesota

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Message Posted: 12/2/2008 9:10:30 AM  Ignore owatonnajeep Report Abuse
We're in a recession
spadilla
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San Antonio

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Message Posted: 12/2/2008 9:10:18 AM  Ignore spadilla Report Abuse
I'm glad there is a silver lining to the "bad news".
rylank
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Mississippi

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Message Posted: 12/2/2008 9:09:59 AM  Ignore rylank Report Abuse
The economy is in the tank but hey! if we had some money left we could afford the gas now...
thedennis64
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Dallas

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Message Posted: 12/2/2008 9:09:56 AM  Ignore thedennis64 Report Abuse
The bear market continues with no end in sight.
21597
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Colorado

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Message Posted: 12/2/2008 9:09:14 AM  Ignore 21597 Report Abuse
I paid 1.58 for gas yesterday.......the first time I ever paid that I was mad
DST43
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Oklahoma

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Message Posted: 12/2/2008 9:08:32 AM  Ignore DST43 Report Abuse
Let's band together and make this thing work for us
Lewis4622
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Missouri

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Message Posted: 12/2/2008 9:07:14 AM  Ignore Lewis4622 Report Abuse
See, there is a silver lining.
mrkel
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Cincinnati

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Message Posted: 12/2/2008 9:07:07 AM  Ignore mrkel Report Abuse
Old news, no new posting.
timwil
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Arkansas

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ok
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