Its still sad when $3.64 a gallon is good news , but its better then what it has been, although in Louisville Ky it was $3.99 yesterday when i was there.
Oil sinks on stronger-than-expected supply
Inventory report shows above-estimate stockpiles of crude oil and gasoline.
NEW YORK (CNNMoney.com) -- Oil prices extended their decline Wednesday after a government report said supplies of crude fell less than expected, and gasoline and distillate supplies rose more than forecast.
U.S. light crude for September delivery fell $2.53 to $125.89 a barrel. Oil had traded down $1.95 to $126.47 just prior to the report's release.
In its weekly inventory report, the U.S. Energy Information Administration, a government agency that measures oil and gas supplies, said crude stocks fell by 1.6 million barrels last week. Analysts were looking for a drop of 1.9 million barrels, according to a consensus estimate of oil analysts compiled by Platts.
Distillates, used to make heating oil and diesel fuel, rose by 2.4 million barrels while gasoline supplies rose by 2.9 million barrels. Analysts were looking for a 2.2 million barrel rise in distillates supplies and a 500,000 barrel rise in gasoline stockpiles.
Crack down on speculation: Legislation meant to crack down on oil speculators passed a key test vote in the Senate on Tuesday. The vote on the legislation, which was backed by the Democratic leadership, was 94-0. The support of 60 senators was needed for debate on the bill to proceed, but it was unclear when a final vote on the legislation would occur.
I forget what the numbers were but someplace I heard that overall usage(by cars) is WAYYY down compared to even a year ago. Well DUH!!!!!!
That in itself should cause priced to decrease(lack of demand).
Figured the storm would screw things up. Shouldn't be too bad as I don't think the storm damaged much. At least by the looks on WeatherChannel this morning.
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