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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

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jmuse Champion Author Long Island Posts:2,219 Points:445,370 Joined:May 2008	Message Posted: Jul 2, 2009 10:19:36 PM Ignore jmuse Report Abuse Some people can't afford gas at any price.
alterman156 Champion Author New York Posts:2,295 Points:543,300 Joined:Dec 2008	Message Posted: Jul 2, 2009 9:11:38 PM Ignore alterman156 Report Abuse Will the price of gasoline fall with the price of oil?
jakTDI Champion Author Dallas Posts:3,514 Points:351,330 Joined:Aug 2008	Message Posted: Jul 2, 2009 5:10:46 PM Ignore jakTDI Report Abuse 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.
esquared Champion Author Oklahoma City Posts:3,783 Points:1,112,425 Joined:Jan 2006	Message Posted: Jul 2, 2009 5:06:17 PM Ignore esquared Report Abuse Conserve, baby, conserve!
pulpwood Champion Author Mississippi Posts:3,893 Points:1,156,845 Joined:Sep 2006	Message Posted: Jul 2, 2009 5:03:56 PM Ignore pulpwood Report Abuse They just can not wait to sock it to us again!
jakTDI Champion Author Dallas Posts:3,514 Points:351,330 Joined:Aug 2008	Message Posted: Jul 2, 2009 5:02:11 PM Ignore jakTDI Report Abuse 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.
Hugo40 Champion Author Kentucky Posts:2,548 Points:612,385 Joined:Aug 2008	Message Posted: Jul 2, 2009 4:59:45 PM Ignore Hugo40 Report Abuse 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.
willsaveNY Champion Author Albany Posts:1,173 Points:393,980 Joined:Oct 2008	Message Posted: Jul 2, 2009 4:56:01 PM Ignore willsaveNY Report Abuse Remember the saying about gas prices. Up like a rocket and down like a feather. Weez seeing it now.
Muke Champion Author Virginia Beach Posts:2,773 Points:703,810 Joined:Jun 2007	Message Posted: Jul 2, 2009 4:48:06 PM Ignore Muke Report Abuse 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.
souther_pride Sophomore Author Arkansas Posts:111 Points:391,670 Joined:Aug 2005	Message Posted: Jul 2, 2009 4:47:36 PM Ignore souther_pride Report Abuse gas prices have not went dowm at all here in about 3 weeks and that was only about 6 cents
BWD Champion Author Charleston Posts:2,217 Points:1,579,260 Joined:May 2004	Message Posted: Jul 2, 2009 4:45:17 PM Ignore BWD Report Abuse About time, but gas prices will probably still go up this weekend.
PKVol Champion Author Nashville Posts:5,326 Points:928,325 Joined:Jun 2003	Message Posted: Jul 2, 2009 4:43:55 PM Ignore PKVol Report Abuse 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.
korklenut All-Star Author Tacoma Posts:755 Points:153,655 Joined:Mar 2009	Message Posted: Jul 2, 2009 4:41:14 PM Ignore korklenut Report Abuse If theres no jobs then less gas sold.
GGAlbo Champion Author Detroit Posts:1,208 Points:972,695 Joined:Sep 2006	Message Posted: Jul 2, 2009 4:36:18 PM Ignore GGAlbo Report Abuse Here in Rochester Hills MI the price is the same as three weeks ago at $2.69.
bad_sailor Champion Author London Posts:2,784 Points:685,530 Joined:Dec 2007	Message Posted: Jul 2, 2009 4:36:06 PM Ignore bad_sailor Report Abuse Why aren't the oil company execs held accountable for unnecessarily keeping pump prices higher than the market.
flyfast Champion Author Kansas City Posts:4,313 Points:838,700 Joined:Jan 2008	Message Posted: Jul 2, 2009 4:33:23 PM Ignore flyfast Report Abuse time for gas
OleMiss79 Champion Author Fort Worth Posts:6,187 Points:687,490 Joined:May 2008	Message Posted: Jul 2, 2009 4:30:33 PM Ignore OleMiss79 Report Abuse Lets hope
DerHahn Champion Author Illinois Posts:7,909 Points:1,109,935 Joined:May 2004	Message Posted: Jul 2, 2009 4:30:27 PM Ignore DerHahn Report Abuse make the speculators take delivery on the oil and then see how low prices go when they start dumping all the contracts.
TheSnowstorm Champion Author Montreal Posts:4,273 Points:968,755 Joined:June 2005	Message Posted: Jul 2, 2009 4:29:54 PM Ignore TheSnowstorm Report Abuse 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.
4warned Champion Author Michigan Posts:4,048 Points:1,218,435 Joined:Nov 2006	Message Posted: Jul 2, 2009 4:29:15 PM Ignore 4warned Report Abuse WE WILL SEE.
peggymonster Veteran Author Lancaster Posts:311 Points:275,370 Joined:Jun 2009	Message Posted: Jul 2, 2009 4:28:31 PM Ignore peggymonster Report Abuse speculators - GO LOW!
FredericoAZ All-Star Author Phoenix Posts:814 Points:342,195 Joined:Mar 2009	Message Posted: Jul 2, 2009 4:25:05 PM Ignore FredericoAZ Report Abuse Permanent pump decreases would be different.
billy44bo Champion Author Mobile Posts:3,108 Points:585,620 Joined:Feb 2008	Message Posted: Jul 2, 2009 4:22:04 PM Ignore billy44bo Report Abuse 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
la90042 Champion Author Los Angeles Posts:2,402 Points:505,405 Joined:Nov 2008	Message Posted: Jul 2, 2009 4:15:15 PM Ignore la90042 Report Abuse let us see some decreases at the pump now!
tampatim Veteran Author Albuquerque Posts:294 Points:564,080 Joined:Aug 2005	Message Posted: Jul 2, 2009 4:15:04 PM Ignore tampatim Report Abuse No Jobs = No Money = No Gas!!!
PDQBlues Champion Author San Diego Posts:2,094 Points:465,750 Joined:Jan 2009	Message Posted: Jul 2, 2009 4:13:07 PM Ignore PDQBlues Report Abuse Keep those prices falling, baby!!!
MUSTANGSRUS Champion Author Ontario Posts:4,534 Points:961,320 Joined:Sep 2006	Message Posted: Jul 2, 2009 4:12:33 PM Ignore MUSTANGSRUS Report Abuse Cool. Keep going down. There is no more space to store excess oil.
Rageagainsttm Champion Author Tampa Posts:3,472 Points:924,030 Joined:Jul 2007	Message Posted: Jul 2, 2009 4:10:09 PM Ignore Rageagainsttm Report Abuse They still have not tumbled enough.
DeHavilland Champion Author Toronto Posts:3,214 Points:974,945 Joined:Jun 2007	Message Posted: Jul 2, 2009 4:05:39 PM Ignore DeHavilland Report Abuse Big price to pay: Lose your job to lower the oil price!
jomon Rookie Author Columbus Posts:32 Points:291,295 Joined:Oct 2005	Message Posted: Jul 2, 2009 4:02:08 PM Ignore jomon Report Abuse I think they call it "Trickle Down."
PFCASTA All-Star Author Worcester Posts:678 Points:1,046,885 Joined:Apr 2006	Message Posted: Jul 2, 2009 3:59:18 PM Ignore PFCASTA Report Abuse No drop in gas prices here
LLIH225 Rookie Author Savannah Posts:87 Points:100,215 Joined:Aug 2008	Message Posted: Jul 2, 2009 3:58:37 PM Ignore LLIH225 Report Abuse Not as many people on the roads
Mooseman1 Champion Author Manitoba Posts:5,343 Points:895,065 Joined:Jul 2007	Message Posted: Jul 2, 2009 3:52:19 PM Ignore Mooseman1 Report Abuse Good maybe now the gas prices should come down!
jjw0608 Champion Author Milwaukee Posts:3,327 Points:991,045 Joined:Nov 2005	Message Posted: Jul 2, 2009 3:50:32 PM Ignore jjw0608 Report Abuse Oil came down,unemployment is the highest in 26years and the stock market fell today!
Kato51 Champion Author Atlanta Posts:2,646 Points:1,237,410 Joined:Jul 2005	Message Posted: Jul 2, 2009 3:48:08 PM Ignore Kato51 Report Abuse 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?
RovingOkie67 Champion Author Arizona Posts:1,576 Points:414,655 Joined:Jul 2007	Message Posted: Jul 2, 2009 3:46:24 PM Ignore RovingOkie67 Report Abuse Greed, speculation and too many hands in the piggy bank is robbing us blind.
akeatts Champion Author Tennessee Posts:1,343 Points:271,000 Joined:Aug 2008	Message Posted: Jul 2, 2009 3:45:40 PM Ignore akeatts Report Abuse Are we EVER going to reach the bottom?
JPGKC Champion Author Tampa Posts:4,419 Points:821,625 Joined:Sep 2006	Message Posted: Jul 2, 2009 3:41:32 PM Ignore JPGKC Report Abuse New term huh, shed jobs...
djgunrunner Champion Author Salt Lake City Posts:4,618 Points:1,345,215 Joined:Apr 2005	Message Posted: Jul 2, 2009 3:41:03 PM Ignore djgunrunner Report Abuse 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.
DellMan Champion Author Omaha Posts:1,917 Points:442,925 Joined:Apr 2008	Message Posted: Jul 2, 2009 3:38:33 PM Ignore DellMan Report Abuse 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.
virginia52 Champion Author Alaska Posts:3,887 Points:766,385 Joined:May 2007	Message Posted: Jul 2, 2009 3:38:05 PM Ignore virginia52 Report Abuse And yet gas prices are going up because of the 4th of July.
FPLREP Champion Author Virginia Posts:3,228 Points:1,461,855 Joined:Oct 2005	Message Posted: Jul 2, 2009 3:36:05 PM Ignore FPLREP Report Abuse 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]
CiVX Champion Author Oakland Posts:2,902 Points:493,210 Joined:Feb 2009	Message Posted: Jul 2, 2009 3:35:44 PM Ignore CiVX Report Abuse Did they really need the unemployment figures to know that less gas is being sold.
arvo87 Champion Author New Mexico Posts:2,940 Points:584,415 Joined:Jul 2008	Message Posted: Jul 2, 2009 3:33:12 PM Ignore arvo87 Report Abuse I've seen prices coming down here and with this news, they should come down further
Chummy37 All-Star Author Calgary Posts:774 Points:421,230 Joined:Jan 2008	Message Posted: Jul 2, 2009 3:33:02 PM Ignore Chummy37 Report Abuse No likely decline at the pumps with summer here!
lovelakota Veteran Author Detroit Posts:314 Points:589,355 Joined:Apr 2006	Message Posted: Jul 2, 2009 3:32:29 PM Ignore lovelakota Report Abuse This is great news but does not correspond with our local stations raising their prices 15 cents in one day yesterday.
genirose Champion Author Arkansas Posts:1,569 Points:379,930 Joined:Aug 2008	Message Posted: Jul 2, 2009 3:30:12 PM Ignore genirose Report Abuse As to when the prices will go down at the pumps? Maybe when absolutely everybody loses their jobs?
dranske Champion Author Miami Posts:1,188 Points:550,880 Joined:Jun 2008	Message Posted: Jul 2, 2009 3:29:53 PM Ignore dranske Report Abuse It shouldn't have gone up in the first place...
camel1 Champion Author Minnesota Posts:3,615 Points:1,291,600 Joined:Jul 2006	Message Posted: Jul 2, 2009 3:28:48 PM Ignore camel1 Report Abuse 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?
Panama Red Champion Author San Diego Posts:6,020 Points:1,521,790 Joined:Jun 2004	Message Posted: Jul 2, 2009 3:24:00 PM Ignore Panama Red Report Abuse Now, when does the price of gasoline at the pump tumble?