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Oil Drops From Three-Week High on Signs Supplies to Rise

Bloomberg -- Oil dropped from the highest price in almost three weeks in New York on signs U.S. crude supply is rising and speculation that Saudi Arabia may boost output.

Futures slipped as much as 0.6 percent after gaining yesterday for a second day. U.S. stockpiles rose to the highest level in six months last week, a Bloomberg News survey showed before a government report tomorrow. Saudi Arabia’s cabinet will work with crude consumers and producers to restore “fair” prices, according to the state news agency. Oil has climbed this year on concern that tension between the West and Iran may disrupt Middle East exports.

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Submitted Mar 20, 2012 By: Mudsprings

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joekayak All-Star Author Massachusetts Posts:833 Points:721,180 Joined:May 2010	Message Posted: Mar 20, 2012 11:55:34 PM Ignore joekayak Report Abuse I think that speculators will end up spoiling it for the rest of us.
DrCashFlow Champion Author Massachusetts Posts:7,059 Points:1,625,275 Joined:Jun 2008	Message Posted: Mar 20, 2012 11:24:30 PM Ignore DrCashFlow Report Abuse Simple Laws of supply and demand might actually work their magic
ExplorerWA Champion Author Washington Posts:4,073 Points:795,300 Joined:Feb 2011	Message Posted: Mar 20, 2012 4:24:52 PM Ignore ExplorerWA Report Abuse If it was announced that we were going to start drilling and producing our own oil, the price of foreign oil would come down. Huh! that would be too easy. Our politicians like the path of risking a depression and a possible nuclear war in the Middle East over oil.
ned23 Champion Author Columbus Posts:3,116 Points:291,290 Joined:Dec 2003	Message Posted: Mar 20, 2012 12:34:19 PM Ignore ned23 Report Abuse Won't help for a while. Most refiners have already locked in their delivery contracts for the next two months.
rjojo40 Champion Author Las Vegas Posts:7,367 Points:1,073,895 Joined:Feb 2004	Message Posted: Mar 20, 2012 12:21:01 PM Ignore rjojo40 Report Abuse sorry folks but the consumer is always the last rung in the ladder when it comes to oil.
brbaritone Champion Author Virginia Posts:2,063 Points:1,696,210 Joined:Jan 2007	Message Posted: Mar 20, 2012 8:47:07 AM Ignore brbaritone Report Abuse Hey, look! A new kind of speculation: " ... speculation that Saudi Arabia may boost output." Will an increase in supply cause prices to go down? Of course not. "Saudi Arabia’s cabinet will work with crude consumers and producers to restore “fair” prices ... " - their opinion of 'fair' is probably somewhere in the $80s, which is still goofy high.
jjjleblanc Champion Author Rochester Posts:5,867 Points:1,517,355 Joined:Jun 2008	Message Posted: Mar 20, 2012 7:27:11 AM Ignore jjjleblanc Report Abuse Like we'll see a drop in gas prices. More margin for someone, not the consumer.
matman01 Champion Author Detroit Posts:14,828 Points:1,958,885 Joined:May 2007	Message Posted: Mar 20, 2012 7:10:44 AM Ignore matman01 Report Abuse We can only hope.
el_fr Champion Author Massachusetts Posts:3,327 Points:743,500 Joined:Apr 2011	Message Posted: Mar 20, 2012 7:01:05 AM Ignore el_fr Report Abuse Prices still on the rise though
gas4433 Champion Author Houston Posts:2,347 Points:543,800 Joined:Sep 2011	Message Posted: Mar 20, 2012 6:44:06 AM Ignore gas4433 Report Abuse Ok
BBopp Champion Author Dayton Posts:6,829 Points:1,936,505 Joined:Dec 2006	Message Posted: Mar 20, 2012 5:40:25 AM Ignore BBopp Report Abuse This is good news! Let's hope it continues to drop.
OaklandInvaders Champion Author San Jose Posts:2,340 Points:566,305 Joined:Jul 2011	Message Posted: Mar 20, 2012 3:15:29 AM Ignore OaklandInvaders Report Abuse About time but keep all the oil assets dont export or export at $10/gal
UseLessGasFolks Champion Author Iowa Posts:5,436 Points:1,293,900 Joined:Jul 2007	Message Posted: Mar 20, 2012 2:38:06 AM Ignore UseLessGasFolks Report Abuse We need the greedy pigs of big oil to STOP EXPORTING GASOLINE!!!!
comprof Champion Author Houston Posts:6,849 Points:1,354,800 Joined:Jul 2009	Message Posted: Mar 20, 2012 2:29:11 AM Ignore comprof Report Abuse The usage has decreased. Mow if they would open up drilling.
anascom Champion Author Hamilton Posts:1,593 Points:553,115 Joined:Feb 2011	Message Posted: Mar 20, 2012 2:13:56 AM Ignore anascom Report Abuse still have high gas prices here in Ontario!
alterman156 Champion Author New York Posts:7,480 Points:1,555,800 Joined:Dec 2008	Message Posted: Mar 20, 2012 1:55:00 AM Ignore alterman156 Report Abuse If only gasoline prices could come down.
UseLessGasFolks Champion Author Iowa Posts:5,436 Points:1,293,900 Joined:Jul 2007	Message Posted: Mar 20, 2012 1:50:06 AM Ignore UseLessGasFolks Report Abuse The only way you can win is to USE LESS GAS!!!!!
drpepperTX Champion Author Texas Posts:8,934 Points:751,010 Joined:Apr 2011	Message Posted: Mar 20, 2012 1:44:24 AM Ignore drpepperTX Report Abuse Volatile to say the least.
nomad228 Champion Author Columbus Posts:3,117 Points:575,140 Joined:Feb 2011	Message Posted: Mar 20, 2012 1:44:22 AM Ignore nomad228 Report Abuse number of people buying gas dropped from three week(record) high as fuel prices increase for no explainable intelligent excuse by big earl. : ) in other words if we can't afford then we don't buy it,then no reason to buy another car/truck,then no reason to buy insurance,then no reason to buy any goods to maintain a car or truck ,then no reason drive it anywhere say for tourism or to purchase goods oh and finally stores and businesses begin to shut down and city turn into ghost towns.odd how that works.it's a wonder the simpletons in washington don't see this and the downfall it will cause in america economy.i'm only tree years old and i can see the trouble de-regulation of big earl has caused and will cause.The Emergency Gas Act (signed February 2, 1977) was a mix of regulation in response to OPEC price hikes and deregulation and the 1973 oil crisis.seems like our gov'ment learns nothing from history.
gudrench Champion Author Houston Posts:2,623 Points:529,990 Joined:Mar 2003	Message Posted: Mar 20, 2012 1:31:29 AM Ignore gudrench Report Abuse Yawn...
roadrunnerMO Champion Author Kansas Posts:8,396 Points:1,697,515 Joined:Jul 2008	Message Posted: Mar 20, 2012 1:31:25 AM Ignore roadrunnerMO Report Abuse Yep, obozos poll ratings are dropping as he asked for higher energy prices particularly on oil.. now he does a turnaround since elections are coming. NOBAMA IN 2012..
kosciak Champion Author Hartford Posts:1,106 Points:532,775 Joined:Aug 2011	Message Posted: Mar 20, 2012 1:29:36 AM Ignore kosciak Report Abuse as much as 0.6 amanzing!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1
RADIOCANADA499 Champion Author Ontario Posts:2,331 Points:775,955 Joined:Aug 2005	Message Posted: Mar 20, 2012 1:28:56 AM Ignore RADIOCANADA499 Report Abuse Good!!!
waffleking Rookie Author Durham Posts:24 Points:558,045 Joined:Apr 2008	Message Posted: Mar 20, 2012 1:28:15 AM Ignore waffleking Report Abuse I drink YOUR milkshake!
69Bonne Champion Author Gary Posts:1,145 Points:472,175 Joined:Sep 2005	Message Posted: Mar 20, 2012 1:27:20 AM Ignore 69Bonne Report Abuse Duh, no wonder with high prices, but it will take awhile to get to us. The refiners and wholesalers want to make as much as possible on our backs.
MetroSexual Champion Author New Hampshire Posts:3,004 Points:316,380 Joined:Aug 2005	Message Posted: Mar 20, 2012 1:25:26 AM Ignore MetroSexual Report Abuse Let there be a glut of oil!
Tucker1961 Champion Author Seattle Posts:2,157 Points:363,170 Joined:Jun 2009	Message Posted: Mar 20, 2012 1:22:03 AM Ignore Tucker1961 Report Abuse ok
mrbee Champion Author Little Rock Posts:3,748 Points:2,464,635 Joined:Oct 2005	Message Posted: Mar 20, 2012 1:20:11 AM Ignore mrbee Report Abuse Will be slow to get to us.
numbers Champion Author North Dakota Posts:2,801 Points:850,040 Joined:Aug 2004	Message Posted: Mar 20, 2012 1:19:24 AM Ignore numbers Report Abuse Gas
coke_kid Champion Author Chicago Posts:1,536 Points:324,370 Joined:Nov 2005	Message Posted: Mar 20, 2012 1:17:55 AM Ignore coke_kid Report Abuse this is a joke ok, the only thing droping is Obamas pole ratings..hes the green president..great huh
esquared Champion Author Oklahoma City Posts:8,057 Points:1,968,160 Joined:Jan 2006	Message Posted: Mar 20, 2012 1:17:51 AM Ignore esquared Report Abuse Ever so slightsly....
Zonk Champion Author Michigan Posts:6,476 Points:2,101,040 Joined:Oct 2005	Message Posted: Mar 20, 2012 1:16:11 AM Ignore Zonk Report Abuse I don't expect to see any major reduction in pump prices in the next several weeks.
GRUMPY55 Champion Author California Posts:1,624 Points:422,525 Joined:Oct 2011	Message Posted: Mar 20, 2012 1:15:25 AM Ignore GRUMPY55 Report Abuse Good
lonewolfhead Champion Author Texas Posts:1,641 Points:560,040 Joined:Aug 2011	Message Posted: Mar 20, 2012 1:13:48 AM Ignore lonewolfhead Report Abuse Doesn't matter will not have any effect at the pump
Rooster922 Champion Author Wilmington Posts:3,778 Points:654,120 Joined:Jan 2009	Message Posted: Mar 20, 2012 1:10:59 AM Ignore Rooster922 Report Abuse Let's Celebrate.
BJWI Champion Author Milwaukee Posts:6,400 Points:734,375 Joined:May 2011	Message Posted: Mar 20, 2012 1:09:20 AM Ignore BJWI Report Abuse Once again, prices rise by the dimes, but drop by the pennies.
bra0712 Champion Author Arizona Posts:3,655 Points:766,620 Joined:Nov 2008	Message Posted: Mar 20, 2012 1:08:21 AM Ignore bra0712 Report Abuse Gas keeps on rising
Road-Runner Champion Author Denver Posts:7,046 Points:1,905,165 Joined:May 2004	Message Posted: Mar 20, 2012 1:08:17 AM Ignore Road-Runner Report Abuse Prices are galloping higher in Denver!
must87searcher Champion Author Maryland Posts:8,972 Points:1,778,500 Joined:Apr 2008	Message Posted: Mar 20, 2012 1:07:35 AM Ignore must87searcher Report Abuse This is just a miner change. The price of gas is probably going to have no effect of just having the price oil make a small drop.
abfpat Champion Author Illinois Posts:28,204 Points:4,310,240 Joined:May 2001	Message Posted: Mar 20, 2012 1:04:06 AM Ignore abfpat Report Abuse It will takes weeks so see pennies of savings.