Not Logged In Log In   Sign Up   Points Leaders
Follow Us    10:32 PM

GasBuddy News Article

25
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 topicPost 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)
Profile Pic
PathfinderSC Car icon
Champion Author South Carolina

Posts:3,674
Points:687,625
Joined:Mar 2008
Message Posted: Nov 8, 2009 9:34:27 AM

They just playing with us, Given us a week or two with gas down , And then hit us again.
Profile Pic
ENORMS Car icon
Champion Author Colorado

Posts:1,300
Points:530,375
Joined:Sep 2006
Message Posted: Nov 8, 2009 6:23:04 AM

The speculators are cashing out now.
Profile Pic
gasman50 Car icon
Champion Author Portland

Posts:3,068
Points:1,267,265
Joined:Nov 2005
Message Posted: Nov 7, 2009 10:53:06 PM

No jobs... not much need to buy gas
Profile Pic
Night Owl Car icon
Champion Author Toronto

Posts:1,870
Points:664,865
Joined:Jul 2004
Message Posted: Nov 7, 2009 9:22:18 PM

Greedy oil speculators have to accept reality — at least for today.
Profile Pic
BH24 Car icon
Champion Author Arkansas

Posts:4,930
Points:1,116,675
Joined:May 2005
Message Posted: Nov 7, 2009 5:20:05 PM

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?
Profile Pic
Standin Car icon
Sophomore Author Los Angeles

Posts:180
Points:154,270
Joined:Jul 2009
Message Posted: Nov 7, 2009 4:46:12 PM

mabe the big guys deciding prices might finally figure out that people not working can't drive as much as they did... DUH
Profile Pic
car253 Car icon
Champion Author Ohio

Posts:1,447
Points:404,380
Joined:Oct 2008
Message Posted: Nov 7, 2009 2:48:02 PM

The first W. Bush recession began when Bill Clinton was president.
Profile Pic
Pete12 Car icon
Champion Author Albany

Posts:1,537
Points:669,755
Joined:Nov 2005
Message Posted: Nov 7, 2009 2:34:04 PM

It's a shame the only way to lower the price of oil is bad news.
Profile Pic
jwalkerh Car icon
Champion Author Louisiana

Posts:1,434
Points:407,155
Joined:Oct 2008
Message Posted: Nov 7, 2009 1:05:03 PM

This is expected in a recession. Recovery is very slow and the stock market swing a is daily occurence.
Profile Pic
OHMS Car icon
Champion Author Orange County

Posts:6,746
Points:740,360
Joined:May 2005
Message Posted: Nov 7, 2009 12:21:12 PM

i guess the price could be said to tumble; but tumbling crude oil would be an attraction people would pay to see.
Profile Pic
Franck Car icon
Veteran Author Oakland

Posts:293
Points:103,110
Joined:Sep 2009
Message Posted: Nov 7, 2009 11:56:39 AM

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.
Profile Pic
pgerassi Car icon
Champion Author Milwaukee

Posts:5,025
Points:1,005,750
Joined:Apr 2007
Message Posted: Nov 7, 2009 11:51:39 AM

The prices will crash when the "hope" bubble bursts.
Profile Pic
davidel57 Car icon
Champion Author Houston

Posts:1,267
Points:314,665
Joined:Apr 2008
Message Posted: Nov 7, 2009 11:18:34 AM

Yeah!!!
Profile Pic
hotrod0526 Car icon
Veteran Author Detroit

Posts:478
Points:200,090
Joined:Aug 2005
Message Posted: Nov 7, 2009 10:03:09 AM

soooooooooo.... the better we do , the more we get screwed.
( C O N S E R V E )
Profile Pic
Don20 Car icon
Champion Author Oklahoma City

Posts:3,877
Points:1,476,115
Joined:Mar 2005
Message Posted: Nov 7, 2009 10:03:01 AM

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..
Profile Pic
wegman Car icon
Champion Author Twin Cities

Posts:2,084
Points:960,985
Joined:Jun 2001
Message Posted: Nov 7, 2009 9:57:10 AM

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.
Profile Pic
texasvet Car icon
All-Star Author Texas

Posts:815
Points:100,265
Joined:Jul 2009
Message Posted: Nov 7, 2009 9:50:22 AM

mazdaboy - It isn't "stimulus", it's pork - and pork doesn't grow the economy.

Profile Pic
mazdaboy Car icon
Champion Author Portland

Posts:2,201
Points:972,350
Joined:Aug 2003
Message Posted: Nov 7, 2009 9:47:07 AM

Most of the current stimulus hasn't been put into action yet.
Profile Pic
Tnerbeel Car icon
Champion Author Houston

Posts:2,894
Points:606,310
Joined:Mar 2007
Message Posted: Nov 7, 2009 9:45:49 AM

10.2% unemployment now. Let's pass another stimulus bill immediately since the last one did so well.
Profile Pic
I10Express Car icon
Champion Author San Antonio

Posts:2,827
Points:491,170
Joined:Nov 2008
Message Posted: Nov 7, 2009 9:42:44 AM

Just more of the speculator PR machine trying to rationalize their manipulation of the prices.
Profile Pic
amerk73 Car icon
Champion Author Dallas

Posts:1,340
Points:486,085
Joined:Oct 2008
Message Posted: Nov 7, 2009 9:41:30 AM

still high way emty morning no job
Profile Pic
WP62 Car icon
Champion Author New Hampshire

Posts:1,310
Points:943,570
Joined:Sep 2006
Message Posted: Nov 7, 2009 9:35:46 AM

Looks like it is just normal fluctuation. Crude price is still too high.
Profile Pic
goodbuy Car icon
Champion Author Michigan

Posts:2,359
Points:392,370
Joined:May 2005
Message Posted: Nov 7, 2009 9:34:15 AM

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.
Profile Pic
Voltus Car icon
Champion Author Miami

Posts:2,060
Points:481,855
Joined:May 2005
Message Posted: Nov 7, 2009 9:34:04 AM

Actually... they are not related.
Profile Pic
SpruceGuse2 Car icon
Champion Author Michigan

Posts:4,055
Points:1,325,595
Joined:Mar 2006
Message Posted: Nov 7, 2009 9:30:17 AM

It's about time they started writing about the unemployment and the price of gas, Michigan is still around 15% unemployed.
Profile Pic
FocusGuy Car icon
Champion Author Seattle

Posts:1,226
Points:284,350
Joined:Apr 2009
Message Posted: Nov 7, 2009 9:29:06 AM

where are the speculator cry babies today? last yr oil was 140
Profile Pic
zimowski Car icon
Champion Author San Jose

Posts:1,058
Points:471,790
Joined:Nov 2007
Message Posted: Nov 7, 2009 9:28:40 AM

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?
Profile Pic
yukonjack Car icon
Champion Author Georgia

Posts:3,723
Points:1,021,500
Joined:Oct 2004
Message Posted: Nov 7, 2009 9:24:34 AM

Oil is still above $77. That's not a very big tumble.
Profile Pic
saveongasNC Car icon
Champion Author North Carolina

Posts:2,591
Points:561,550
Joined:Aug 2008
Message Posted: Nov 7, 2009 9:24:02 AM

That sounds good to me!
Profile Pic
YLHandyman Car icon
Champion Author Orange County

Posts:3,671
Points:664,865
Joined:Feb 2008
Message Posted: Nov 7, 2009 9:20:56 AM

Don't tell me it dropped until it "drops" below $50.
Profile Pic
Bonanza Car icon
Champion Author Boston

Posts:5,203
Points:1,405,465
Joined:Jun 2004
Message Posted: Nov 7, 2009 9:20:38 AM

I like the idea that oil prices are low
Profile Pic
bell05 Car icon
Champion Author Atlanta

Posts:3,511
Points:733,180
Joined:Jun 2005
Message Posted: Nov 7, 2009 9:18:07 AM

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.
Profile Pic
neptune2008 Car icon
Champion Author Michigan

Posts:2,772
Points:545,675
Joined:Aug 2008
Message Posted: Nov 7, 2009 9:15:23 AM

oil supposedly drops and gas prices rarely do accordingly...
Profile Pic
snappyray09 Car icon
Champion Author Arkansas

Posts:1,421
Points:189,995
Joined:Sep 2009
Message Posted: Nov 7, 2009 9:14:11 AM

BIG oil !@#$%^&*( with us again .
Profile Pic
roadkillGA Car icon
Champion Author Georgia

Posts:3,377
Points:484,875
Joined:Jun 2008
Message Posted: Nov 7, 2009 9:13:11 AM

And in turn creates profits, which are good but taxes in local govts. have not gone down.
Profile Pic
mysub Car icon
Champion Author Las Vegas

Posts:3,443
Points:1,193,840
Joined:Apr 2006
Message Posted: Nov 7, 2009 9:10:31 AM

Crude tumbles but our gas prices rise. Go figure.
Profile Pic
squeakyUT Car icon
All-Star Author Salt Lake City

Posts:868
Points:216,525
Joined:Jun 2009
Message Posted: Nov 7, 2009 9:08:42 AM

Are the speculators just figuring this out now? No wonder we're paying what we are.
Profile Pic
BazooQC Car icon
Champion Author Montreal

Posts:3,747
Points:507,560
Joined:Oct 2008
Message Posted: Nov 7, 2009 9:07:13 AM

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.
Profile Pic
doncNJ Car icon
Champion Author New Jersey

Posts:1,993
Points:410,365
Joined:Oct 2008
Message Posted: Nov 7, 2009 9:06:52 AM

High supply with low demand should be lower prices BUT
Profile Pic
148366 Car icon
Champion Author Spokane

Posts:3,646
Points:923,500
Joined:Apr 2007
Message Posted: Nov 7, 2009 9:06:41 AM

A lot of people have stated the recession was not over but few if any
will believe it.
Profile Pic
katiejayWV Car icon
All-Star Author West Virginia

Posts:830
Points:266,535
Joined:Nov 2008
Message Posted: Nov 7, 2009 9:06:10 AM

There is also to much supply. Oil should continue to go down.
Profile Pic
qmyster Car icon
All-Star Author Denver

Posts:570
Points:166,540
Joined:Aug 2009
Message Posted: Nov 7, 2009 9:01:43 AM

UPs and Downs, Fast ups but slow downs.
Profile Pic
rvn4me Car icon
Champion Author Texas

Posts:1,150
Points:386,320
Joined:Jan 2009
Message Posted: Nov 7, 2009 9:01:29 AM

Even with the drop in price it is still to high.
Profile Pic
dbatw Car icon
All-Star Author St. Louis

Posts:838
Points:195,315
Joined:Apr 2009
Message Posted: Nov 7, 2009 8:57:13 AM

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.
Profile Pic
bobbyd28 Car icon
All-Star Author Virginia

Posts:847
Points:112,840
Joined:Apr 2008
Message Posted: Nov 7, 2009 8:56:57 AM

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
Profile Pic
NorthglennBill Car icon
Champion Author Denver

Posts:2,356
Points:448,175
Joined:Oct 2008
Message Posted: Nov 7, 2009 8:56:21 AM

Speculation, speculation, speculation. All very false economy.
Profile Pic
Lengas Car icon
Champion Author Gary

Posts:7,440
Points:1,569,180
Joined:Nov 2004
Message Posted: Nov 7, 2009 8:53:32 AM

The little drop will be followed by a big bounce up.
Profile Pic
Zonk Car icon
All-Star Author Michigan

Posts:882
Points:986,220
Joined:Oct 2005
Message Posted: Nov 7, 2009 8:50:53 AM

What can I say? Oil $$$ go UP and DOWN, UP and DOWN.
Profile Pic
Rt118E Car icon
Champion Author Pennsylvania

Posts:1,266
Points:227,240
Joined:Jun 2009
Message Posted: Nov 7, 2009 8:50:17 AM

People are losing job all over the place. Unemployment up over 10%.
Profile Pic
bluenvoy Car icon
Champion Author Nashville

Posts:6,561
Points:955,115
Joined:Oct 2005
Message Posted: Nov 7, 2009 8:47:12 AM

Artificial price gouging will only last for a few months. Then the bottom falls out of the price.
Post a reply Back to Topics