Oil Drops To 27-month Low As Supply Glut Grows

[Sally]

Does this mean we should drive more? All kidding aside, the prices have certainly dropped at the pump lately. By the way, the U.S. has plenty of oil so we don't have to depend on oil from the Middle East.

Oil drops to 27-month low as supply glut grows October 03, 2014 [TBODY] [/TBODY] LONDON: Oil prices fell to their lowest level since June 2012 on Thursday, after price cuts from top producer Saudi Arabia added to supply glut worries and weak global economic data. Oil declined alongside European stocks as the European Central Bank left interest rates unchanged on Thursday, as expected. ECB President Mario Draghi said that a planned bond purchase programme would last at least two years. Brent crude for November delivery was down $1.47 at $92.69 a barrel by 1247 GMT. It earlier hit $91.55, its lowest since June 2012. [TBODY] [/TBODY] [TBODY] [/TBODY] Continue reading at: gulftoday.ae Oil drops to 27-month low as supply glut grows?

[TBODY] [/TBODY]

 

[Jroc]

Fracking is the reason. Even with all the turmoil in the middle east prices are stable because of fracking. We need more of it. Hopefully we can keep the liberal environmental nutjobs from banning it.

 

[Pogo]

Does this mean we should drive more? All kidding aside, the prices have certainly dropped at the pump lately. By the way, the U.S. has plenty of oil so we don't have to depend on oil from the Middle East.

Oil drops to 27-month low as supply glut grows October 03, 2014 [TBODY] [/TBODY] LONDON: Oil prices fell to their lowest level since June 2012 on Thursday, after price cuts from top producer Saudi Arabia added to supply glut worries and weak global economic data. Oil declined alongside European stocks as the European Central Bank left interest rates unchanged on Thursday, as expected. ECB President Mario Draghi said that a planned bond purchase programme would last at least two years. Brent crude for November delivery was down $1.47 at $92.69 a barrel by 1247 GMT. It earlier hit $91.55, its lowest since June 2012. [TBODY] [/TBODY] [TBODY] [/TBODY] Continue reading at: gulftoday.ae Oil drops to 27-month low as supply glut grows?

[TBODY] [/TBODY]

Yeah - unfortunately oil isn't bought that way.... "we" don't buy it or decide where to get it -- oil companies run that table. It's a world pool, so to speak.

I filled up yesterday for $2.94 a gallon

 

[Mr. H.]

We still import over 3 million barrels per day from OPEC countries.

 

[Jroc]

We still import over 3 million barrels per day from OPEC countries.

And dropping

 

[Politico]

2012 lol. When asswipe gets it back down to $60 we can celebrate.

 

[Pogo]

2012 lol. When asswipe gets it back down to $60 we can celebrate.

Don't talk about Mr. H that way.