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Crude Oil Tumbles as U.S. Jobless Rate Climbs to 26-Year Hig

bloomberg.com -- Nov. 6 (Bloomberg) -- Crude oil tumbled after the Labor Department reported that the U.S. unemployment rate surged to a 26-year high, undermining speculation that fuel consumption will rebound next year.

Oil dropped 2.8 percent after the report showed that payrolls fell by 190,000 workers in October, sending the unemployment rate to 10.2 percent. Total U.S. fuel demand over the four weeks ended Oct. 30 was 4.5 percent lower than a year earlier, the Energy Department said on Nov. 4.

“The unemployment report raises fears that there will be a double dip to the recession,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “This doesn’t bode well for consumption of commodities such as oil.”

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Submitted Nov 07, 2009 By: robbybaby

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PathfinderSC Champion Author South Carolina Posts:3,674 Points:687,625 Joined:Mar 2008	Message Posted: Nov 8, 2009 9:34:27 AM Ignore PathfinderSC Report Abuse They just playing with us, Given us a week or two with gas down , And then hit us again.
ENORMS Champion Author Colorado Posts:1,300 Points:530,375 Joined:Sep 2006	Message Posted: Nov 8, 2009 6:23:04 AM Ignore ENORMS Report Abuse The speculators are cashing out now.
gasman50 Champion Author Portland Posts:3,068 Points:1,267,265 Joined:Nov 2005	Message Posted: Nov 7, 2009 10:53:06 PM Ignore gasman50 Report Abuse No jobs... not much need to buy gas
Night Owl Champion Author Toronto Posts:1,870 Points:664,865 Joined:Jul 2004	Message Posted: Nov 7, 2009 9:22:18 PM Ignore Night Owl Report Abuse Greedy oil speculators have to accept reality — at least for today.
BH24 Champion Author Arkansas Posts:4,930 Points:1,116,675 Joined:May 2005	Message Posted: Nov 7, 2009 5:20:05 PM Ignore BH24 Report Abuse There appears to be something wrong here. Haven't we been told by "governmental officials" that the recession has bottomed out and that we're on the way back? If we can't trust the word from our government, who can we trust?
Standin Sophomore Author Los Angeles Posts:180 Points:154,270 Joined:Jul 2009	Message Posted: Nov 7, 2009 4:46:12 PM Ignore Standin Report Abuse mabe the big guys deciding prices might finally figure out that people not working can't drive as much as they did... DUH
car253 Champion Author Ohio Posts:1,447 Points:404,380 Joined:Oct 2008	Message Posted: Nov 7, 2009 2:48:02 PM Ignore car253 Report Abuse The first W. Bush recession began when Bill Clinton was president.
Pete12 Champion Author Albany Posts:1,537 Points:669,755 Joined:Nov 2005	Message Posted: Nov 7, 2009 2:34:04 PM Ignore Pete12 Report Abuse It's a shame the only way to lower the price of oil is bad news.
jwalkerh Champion Author Louisiana Posts:1,434 Points:407,155 Joined:Oct 2008	Message Posted: Nov 7, 2009 1:05:03 PM Ignore jwalkerh Report Abuse This is expected in a recession. Recovery is very slow and the stock market swing a is daily occurence.
OHMS Champion Author Orange County Posts:6,746 Points:740,360 Joined:May 2005	Message Posted: Nov 7, 2009 12:21:12 PM Ignore OHMS Report Abuse i guess the price could be said to tumble; but tumbling crude oil would be an attraction people would pay to see.
Franck Veteran Author Oakland Posts:293 Points:103,110 Joined:Sep 2009	Message Posted: Nov 7, 2009 11:56:39 AM Ignore Franck Report Abuse The highest US unemployment rate that we ever experienced was 25% in the depths of the Great Depression. We may have been through a "Great Recession" but it is ridiculous to claim that from 10.2% unemployment we'll get above 25%. The 2007-2009 recession is over as the economy grew by 3.5% in the third quarter of 2009. Who was president when the recession began? Who was president when the recession ended? Sure, there may be another recession soon but the W. Bush recession (whoops, I mean the 2nd W. Bush recession, which is actually the 3rd Bush recession) is over.
pgerassi Champion Author Milwaukee Posts:5,025 Points:1,005,750 Joined:Apr 2007	Message Posted: Nov 7, 2009 11:51:39 AM Ignore pgerassi Report Abuse The prices will crash when the "hope" bubble bursts.
davidel57 Champion Author Houston Posts:1,267 Points:314,665 Joined:Apr 2008	Message Posted: Nov 7, 2009 11:18:34 AM Ignore davidel57 Report Abuse Yeah!!!
hotrod0526 Veteran Author Detroit Posts:478 Points:200,090 Joined:Aug 2005	Message Posted: Nov 7, 2009 10:03:09 AM Ignore hotrod0526 Report Abuse soooooooooo.... the better we do , the more we get screwed. ( C O N S E R V E )
Don20 Champion Author Oklahoma City Posts:3,877 Points:1,476,115 Joined:Mar 2005	Message Posted: Nov 7, 2009 10:03:01 AM Ignore Don20 Report Abuse When this Obama economy is over with if ever, there will be an all time high of unemployment in HISTORY. The 1930's lasted until 1941 World War II. During the Nixon period it took another eight year to recover. We are a long way from recover this time, if at all..
wegman Champion Author Twin Cities Posts:2,084 Points:960,985 Joined:Jun 2001	Message Posted: Nov 7, 2009 9:57:10 AM Ignore wegman Report Abuse Isn't Obamanomics a WONDERFUL thing??? Maybe not. Further proof that Election Day last year was the Great Mistake of 2008. Democratic defeats last Tuesday set off some euphoria on Wall Street, and that took oil prices with them BUT Friday's news on unemployment in America reminded everyone that the unholy Triumvirate of Obama, Pelosi and Reid, with the reins of power in Washington, are economic imbeciles. And beholden to special interests (Big Labor for one) whose favored plans are bad for the rest of us and the economy as a whole. Obamacare, with its stifling taxes and regulations, will help to continue depressing hiring (as just about every other leftist policy idea coming out of the current regime accomplishes), so with any luck Madame Speaker will have egg on her face at weekend's end. Remember, we can reverse the Great Mistake of 2008 starting next year by removing the gavel from Madame Speaker's hands, taking power from Harry Reid (and the voter's in Nevada have the power to send him to the unemployment line) and making the Current Occupant a lame duck with a hostile Congress in the second half of his term. Then we can send the Community Organizer in Chief back to Community Organizing and away from a job where he is clearly out of his depth.
texasvet All-Star Author Texas Posts:815 Points:100,265 Joined:Jul 2009	Message Posted: Nov 7, 2009 9:50:22 AM Ignore texasvet Report Abuse mazdaboy - It isn't "stimulus", it's pork - and pork doesn't grow the economy.
mazdaboy Champion Author Portland Posts:2,201 Points:972,350 Joined:Aug 2003	Message Posted: Nov 7, 2009 9:47:07 AM Ignore mazdaboy Report Abuse Most of the current stimulus hasn't been put into action yet.
Tnerbeel Champion Author Houston Posts:2,894 Points:606,310 Joined:Mar 2007	Message Posted: Nov 7, 2009 9:45:49 AM Ignore Tnerbeel Report Abuse 10.2% unemployment now. Let's pass another stimulus bill immediately since the last one did so well.
I10Express Champion Author San Antonio Posts:2,827 Points:491,170 Joined:Nov 2008	Message Posted: Nov 7, 2009 9:42:44 AM Ignore I10Express Report Abuse Just more of the speculator PR machine trying to rationalize their manipulation of the prices.
amerk73 Champion Author Dallas Posts:1,340 Points:486,085 Joined:Oct 2008	Message Posted: Nov 7, 2009 9:41:30 AM Ignore amerk73 Report Abuse still high way emty morning no job
WP62 Champion Author New Hampshire Posts:1,310 Points:943,570 Joined:Sep 2006	Message Posted: Nov 7, 2009 9:35:46 AM Ignore WP62 Report Abuse Looks like it is just normal fluctuation. Crude price is still too high.
goodbuy Champion Author Michigan Posts:2,359 Points:392,370 Joined:May 2005	Message Posted: Nov 7, 2009 9:34:15 AM Ignore goodbuy Report Abuse I wouldn't call 2.8% a tumble. Now, lets see a 5% or 10% drop and I will call that a tumble. 2.8% is just a market swing.
Voltus Champion Author Miami Posts:2,060 Points:481,855 Joined:May 2005	Message Posted: Nov 7, 2009 9:34:04 AM Ignore Voltus Report Abuse Actually... they are not related.
SpruceGuse2 Champion Author Michigan Posts:4,055 Points:1,325,595 Joined:Mar 2006	Message Posted: Nov 7, 2009 9:30:17 AM Ignore SpruceGuse2 Report Abuse It's about time they started writing about the unemployment and the price of gas, Michigan is still around 15% unemployed.
FocusGuy Champion Author Seattle Posts:1,226 Points:284,350 Joined:Apr 2009	Message Posted: Nov 7, 2009 9:29:06 AM Ignore FocusGuy Report Abuse where are the speculator cry babies today? last yr oil was 140
zimowski Champion Author San Jose Posts:1,058 Points:471,790 Joined:Nov 2007	Message Posted: Nov 7, 2009 9:28:40 AM Ignore zimowski Report Abuse The dollar was strong early on Friday and then weakened toward the end of the day. Is this a decoupling of oil from the dollar?
yukonjack Champion Author Georgia Posts:3,723 Points:1,021,500 Joined:Oct 2004	Message Posted: Nov 7, 2009 9:24:34 AM Ignore yukonjack Report Abuse Oil is still above $77. That's not a very big tumble.
saveongasNC Champion Author North Carolina Posts:2,591 Points:561,550 Joined:Aug 2008	Message Posted: Nov 7, 2009 9:24:02 AM Ignore saveongasNC Report Abuse That sounds good to me!
YLHandyman Champion Author Orange County Posts:3,671 Points:664,865 Joined:Feb 2008	Message Posted: Nov 7, 2009 9:20:56 AM Ignore YLHandyman Report Abuse Don't tell me it dropped until it "drops" below $50.
Bonanza Champion Author Boston Posts:5,203 Points:1,405,465 Joined:Jun 2004	Message Posted: Nov 7, 2009 9:20:38 AM Ignore Bonanza Report Abuse I like the idea that oil prices are low
bell05 Champion Author Atlanta Posts:3,511 Points:733,180 Joined:Jun 2005	Message Posted: Nov 7, 2009 9:18:07 AM Ignore bell05 Report Abuse All the specualtion and forcasts in the world isn't going to increase use with so many people out of work, and they ain't going back to work tomorrow neither. Probably won't as long OB is in the office.
neptune2008 Champion Author Michigan Posts:2,772 Points:545,675 Joined:Aug 2008	Message Posted: Nov 7, 2009 9:15:23 AM Ignore neptune2008 Report Abuse oil supposedly drops and gas prices rarely do accordingly...
snappyray09 Champion Author Arkansas Posts:1,421 Points:189,995 Joined:Sep 2009	Message Posted: Nov 7, 2009 9:14:11 AM Ignore snappyray09 Report Abuse BIG oil !@#$%^&*( with us again .
roadkillGA Champion Author Georgia Posts:3,377 Points:484,875 Joined:Jun 2008	Message Posted: Nov 7, 2009 9:13:11 AM Ignore roadkillGA Report Abuse And in turn creates profits, which are good but taxes in local govts. have not gone down.
mysub Champion Author Las Vegas Posts:3,443 Points:1,193,840 Joined:Apr 2006	Message Posted: Nov 7, 2009 9:10:31 AM Ignore mysub Report Abuse Crude tumbles but our gas prices rise. Go figure.
squeakyUT All-Star Author Salt Lake City Posts:868 Points:216,525 Joined:Jun 2009	Message Posted: Nov 7, 2009 9:08:42 AM Ignore squeakyUT Report Abuse Are the speculators just figuring this out now? No wonder we're paying what we are.
BazooQC Champion Author Montreal Posts:3,747 Points:507,560 Joined:Oct 2008	Message Posted: Nov 7, 2009 9:07:13 AM Ignore BazooQC Report Abuse Isn't that funny. At the beginning of the week we were in recovery mode and all of a sudden reports don't show that. But gas prices still climbed for nothing.
doncNJ Champion Author New Jersey Posts:1,993 Points:410,365 Joined:Oct 2008	Message Posted: Nov 7, 2009 9:06:52 AM Ignore doncNJ Report Abuse High supply with low demand should be lower prices BUT
148366 Champion Author Spokane Posts:3,646 Points:923,500 Joined:Apr 2007	Message Posted: Nov 7, 2009 9:06:41 AM Ignore 148366 Report Abuse A lot of people have stated the recession was not over but few if any will believe it.
katiejayWV All-Star Author West Virginia Posts:830 Points:266,535 Joined:Nov 2008	Message Posted: Nov 7, 2009 9:06:10 AM Ignore katiejayWV Report Abuse There is also to much supply. Oil should continue to go down.
qmyster All-Star Author Denver Posts:570 Points:166,540 Joined:Aug 2009	Message Posted: Nov 7, 2009 9:01:43 AM Ignore qmyster Report Abuse UPs and Downs, Fast ups but slow downs.
rvn4me Champion Author Texas Posts:1,150 Points:386,320 Joined:Jan 2009	Message Posted: Nov 7, 2009 9:01:29 AM Ignore rvn4me Report Abuse Even with the drop in price it is still to high.
dbatw All-Star Author St. Louis Posts:838 Points:195,315 Joined:Apr 2009	Message Posted: Nov 7, 2009 8:57:13 AM Ignore dbatw Report Abuse well said, jeepman64, well said! The two statistics are totally unrelated except for speculators who string us along. We gotta get out of this dependency on crude oil.
bobbyd28 All-Star Author Virginia Posts:847 Points:112,840 Joined:Apr 2008	Message Posted: Nov 7, 2009 8:56:57 AM Ignore bobbyd28 Report Abuse obama admits it was a big head ache for him but on the other side he can still blame his mistake to bush because people are dumb to believe him
NorthglennBill Champion Author Denver Posts:2,356 Points:448,175 Joined:Oct 2008	Message Posted: Nov 7, 2009 8:56:21 AM Ignore NorthglennBill Report Abuse Speculation, speculation, speculation. All very false economy.
Lengas Champion Author Gary Posts:7,440 Points:1,569,180 Joined:Nov 2004	Message Posted: Nov 7, 2009 8:53:32 AM Ignore Lengas Report Abuse The little drop will be followed by a big bounce up.
Zonk All-Star Author Michigan Posts:882 Points:986,220 Joined:Oct 2005	Message Posted: Nov 7, 2009 8:50:53 AM Ignore Zonk Report Abuse What can I say? Oil $$$ go UP and DOWN, UP and DOWN.
Rt118E Champion Author Pennsylvania Posts:1,266 Points:227,240 Joined:Jun 2009	Message Posted: Nov 7, 2009 8:50:17 AM Ignore Rt118E Report Abuse People are losing job all over the place. Unemployment up over 10%.
bluenvoy Champion Author Nashville Posts:6,561 Points:955,115 Joined:Oct 2005	Message Posted: Nov 7, 2009 8:47:12 AM Ignore bluenvoy Report Abuse Artificial price gouging will only last for a few months. Then the bottom falls out of the price.