GasBuddy News Article

votes

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.”

Read the Full Article

Submitted Nov 07, 2009 By: robbybaby

Category: Daily News Article Discussions > Topics	Add to favorite topics Post New Topic

Author	Topic: Crude Oil Tumbles as U.S. Jobless Rate Climbs to 26-Year Hig	Post a Reply Back to Topics

REPLIES (newest first)

First

Next Last

PathfinderSC Champion Author South Carolina Posts:3,087 Points:571,960 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 All-Star Author Colorado Posts:710 Points:416,925 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:2,489 Points:1,151,630 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:1,283 Points:550,065 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:4,375 Points:1,038,225 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 Rookie Author Los Angeles Posts:24 Points:60,665 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 All-Star Author Ohio Posts:956 Points:299,690 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:1,177 Points:565,370 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:1,089 Points:313,135 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:5,728 Points:624,810 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 Rookie Author San Francisco Posts:46 Points:35,795 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:4,411 Points:890,785 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 All-Star Author Houston Posts:730 Points:232,740 Joined:Apr 2008	Message Posted: Nov 7, 2009 11:18:34 AM Ignore davidel57 Report Abuse Yeah!!!
hotrod0526 Veteran Author Detroit Posts:462 Points:187,620 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:3,325 Points:1,367,500 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:1,504 Points:848,475 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 Veteran Author Texas Posts:405 Points:50,990 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:1,619 Points:857,550 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:2,310 Points:490,760 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:2,232 Points:375,395 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 All-Star Author Dallas Posts:810 Points:379,405 Joined:Oct 2008	Message Posted: Nov 7, 2009 9:41:30 AM Ignore amerk73 Report Abuse still high way emty morning no job
WP62 All-Star Author New Hampshire Posts:718 Points:831,545 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:1,622 Points:285,510 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:1,503 Points:371,255 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:3,487 Points:1,211,950 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 All-Star Author Seattle Posts:633 Points:168,595 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 Veteran Author San Jose Posts:492 Points:357,795 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:3,302 Points:936,155 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:2,034 Points:446,775 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:3,141 Points:558,235 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 $50.
Bonanza Champion Author Boston Posts:4,510 Points:1,290,825 Joined:Jun 2004	Message Posted: Nov 7, 2009 9:20:38 AM Ignore Bonanza Report Abuse I like the idea that oil prices are low
bell05 Champion Author Atlanta Posts:2,927 Points:617,405 Joined:Jun 2005	Message Posted: Nov 7, 2009 9:18:07 AM Ignore bell05 Report Abuse All the specualtion and forcasts in the world isn't going to increase use with so many people out of work, and they ain't going back to work tomorrow neither. Probably won't as long OB is in the office.
neptune2008 Champion Author Michigan Posts:2,160 Points:429,960 Joined:Aug 2008	Message Posted: Nov 7, 2009 9:15:23 AM Ignore neptune2008 Report Abuse oil supposedly drops and gas prices rarely do accordingly...
snappyray09 All-Star Author Arkansas Posts:540 Points:74,480 Joined:Sep 2009	Message Posted: Nov 7, 2009 9:14:11 AM Ignore snappyray09 Report Abuse BIG oil !@#$%^&*( with us again .
roadkillGA Champion Author Georgia Posts:3,312 Points:471,025 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:2,855 Points:1,078,065 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:586 Points:123,210 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:3,091 Points:391,785 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:1,533 Points:318,415 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:3,369 Points:827,335 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 Veteran Author West Virginia Posts:304 Points:152,835 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 Sophomore Author Denver Posts:111 Points:72,130 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 All-Star Author Texas Posts:564 Points:270,225 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 Sophomore Author St. Louis Posts:230 Points:79,690 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:745 Points:96,770 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:1,799 Points:342,030 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:6,760 Points:1,453,610 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:562 Points:877,520 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 Sophomore Author Pennsylvania Posts:227 Points:111,465 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:5,636 Points:870,390 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.