Possible Good News at the Pumps
 

By BRAD FOSS
The Associated Press

Apr 8, 2005 - Oil prices fell for the fifth straight day Friday, dropping
more than $1 a barrel as gasoline futures tumbled and brokers said the
red-hot market went too high, too fast.

"This is a long overdue correction," said Mike Fitzpatrick, a broker at
Fimat USA Inc. in New York.

After dropping as much as $1.01 a barrel in electronic trading, light, sweet
crude for May delivery fell 81 cents to $53.30 a barrel in morning trade on
the New York Mercantile Exchange. Crude futures are roughly $5 below the
intraday record set Monday.

Gasoline futures dropped by nearly 4 cents to $1.52 per gallon and are now
more than 20 cents below last week's peak settlement.
Greenspan had said Tuesday that rising oil inventories may "damp the current
price frenzy."
"Much will depend on the response of demand to price over the longer run,"
Greenspan said. "If history is any guide, should higher prices persist,
energy use will over time continue to decline, relative to GDP."

Analysts said this week's selloff does not mean the oil price rally is over.

http://abcnews.go.com/Business/wireStory?id=652859
++++++++++++++++++++++++++++++++++++++++++++++++++ ++++

Anyone fill up at the dock recently? What was the price?

JimH wrote:

By BRAD FOSS
The Associated Press

Apr 8, 2005 - Oil prices fell for the fifth straight day Friday, dropping
more than $1 a barrel as gasoline futures tumbled and brokers said the
red-hot market went too high, too fast.

"This is a long overdue correction," said Mike Fitzpatrick, a broker at
Fimat USA Inc. in New York.

After dropping as much as $1.01 a barrel in electronic trading, light, sweet
crude for May delivery fell 81 cents to $53.30 a barrel in morning trade on
the New York Mercantile Exchange. Crude futures are roughly $5 below the
intraday record set Monday.

Gasoline futures dropped by nearly 4 cents to $1.52 per gallon and are now
more than 20 cents below last week's peak settlement.
Greenspan had said Tuesday that rising oil inventories may "damp the current
price frenzy."
"Much will depend on the response of demand to price over the longer run,"
Greenspan said. "If history is any guide, should higher prices persist,
energy use will over time continue to decline, relative to GDP."

Analysts said this week's selloff does not mean the oil price rally is over.

http://abcnews.go.com/Business/wireStory?id=652859
++++++++++++++++++++++++++++++++++++++++++++++++++ ++++

Anyone fill up at the dock recently? What was the price?


Not the dock (too early) but paid $2.25 yesterday at my local gas
station. (Actually $2.249)

JimH wrote:
By BRAD FOSS
The Associated Press

Apr 8, 2005 - Oil prices fell for the fifth straight day Friday, dropping
more than $1 a barrel as gasoline futures tumbled and brokers said the
red-hot market went too high, too fast.

Retail deliveries went down about 8 cents/gal here in central New York.
It will take a few days to get the more expensive gas out of the
tanks, though. Lets see if the pump price really goes down, though.

Rob

On Fri, 08 Apr 2005 16:44:14 -0400, trainfan1 wrote:


Lets see if the pump price really goes down, though.

Perhaps, in the very short term, but the summer driving season is coming.
I believe that's the season gasoline prices are historically the highest.

"thunder" wrote in message
...
On Fri, 08 Apr 2005 16:44:14 -0400, trainfan1 wrote:


Lets see if the pump price really goes down, though.

Perhaps, in the very short term, but the summer driving season is coming.
I believe that's the season gasoline prices are historically the highest.

They called for historic level prices last summer and it never happened.
They in fact declined from the Spring prices.

thunder wrote:


Perhaps, in the very short term, but the summer driving season is coming.
I believe that's the season gasoline prices are historically the highest.


Our local self serve 'regular' gas is 99.9 cents per litre.
What's that...about $3.75 per US gallon and allowing for exchange
rate... close to $ 3.00 US per gallon.