Crude slips hits lowest level since May 2005 on surprisingly large 6.8 million barrel increase in stocks.
By David Ellis, CNNMoney.com staff writer
January 18 2007: 11:42 AM EST
NEW YORK (CNNMoney.com) – Oil prices tumbled towards $50 a barrel Thursday, falling to its lowest level since May 2005, after the government reported a sharp increase in crude inventories, which topped expectations.
U.S. light crude for February delivery fell $1.84 to $50.40 a barrel on the New York Mercantile Exchange, having traded as low as $50.05, the lowest level since late May of 2005, when crude prices slipped below the $50 mark.
this is just a post for me to bitch about gas still being $2.4x a gallon. The consumers are getting so fucked and nobody is making a stink about it so the gas stations will keep their prices up
I seen on the NBC national news last night that the reason its not dropping as fast as it spikes is because gas stations already bought gas weeks ago when it was higher, so they need to sell it to make money on that load.
I call it bs with places like delta sonic that is packed every second that its open.
they’re only retarded cause other states didnt adopt them and so pollution from PA or OH still drifts over here. If every other state did the same it would bring up the demand, put us on a level playing field, and the suppliers would be making all reformulated.
I gotta get down to the rez soon. My shitty cars will run fine on anything. One of the only good things about living here is the cheap gas and smokes a short drive away.