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GasBuddy News Article


Oil ends at 21-month low
Tuesday, November 18, 2008
CNN Money -- NEW YORK (CNNMoney.com) -- Oil fell on Monday and ended at a 21-month low as fears over the global economic slowdown accelerated on news that Japan officially fell into a recession.

Light, sweet crude for December delivery settled down $2.09 cents to $54.95 a barrel on the New York Mercantile Exchange. The last time oil closed at such a low level was Jan. 29, 2007, when crude oil ended the day at $54.01 a barrel.

Oil prices continue to be pressured by further signs of just how deep the global economic slowdown is spreading, said James Cordier, portfolio manager of OptionSellers.com. "It is really hard to see how this slowdown will be shallow and brief."


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JT
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Message Posted: 11/18/2008 9:55:08 AM  Ignore JT Report Abuse
Tuesday, November 18, 2008
CNN Money -- NEW YORK (CNNMoney.com) -- Oil fell on Monday and ended at a 21-month low as fears over the global economic slowdown accelerated on news that Japan officially fell into a recession.

Light, sweet crude for December delivery settled down $2.09 cents to $54.95 a barrel on the New York Mercantile Exchange. The last time oil closed at such a low level was Jan. 29, 2007, when crude oil ended the day at $54.01 a barrel.

Oil prices continue to be pressured by further signs of just how deep the global economic slowdown is spreading, said James Cordier, portfolio manager of OptionSellers.com. "It is really hard to see how this slowdown will be shallow and brief."

Visit CNN Money for full article
REPLIES (newest first)
Z51Corvette
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Austin

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Message Posted: 11/19/2008 10:51:37 PM  Ignore Z51Corvette Report Abuse
Good point "Pitchingcoach"! I hope people will learn SOMETHING!!!
pitchingcoach
Veteran Author
Michigan

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Message Posted: 11/19/2008 10:51:50 AM  Ignore pitchingcoach Report Abuse
Maybe with the poor economy and people driving less, we will learn that we DON'T have to drive as many miles.
USAFAMMO
Veteran Author
Virginia

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Message Posted: 11/19/2008 10:34:48 AM  Ignore USAFAMMO Report Abuse
How low can we go...
RdHogg
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Houston

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Message Posted: 11/19/2008 10:23:32 AM  Ignore RdHogg Report Abuse
good
mtnman724
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Pittsburgh

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Message Posted: 11/19/2008 10:21:26 AM  Ignore mtnman724 Report Abuse
I agree with JPEight
doobrah
Sophomore Author
Virginia Beach

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Message Posted: 11/19/2008 10:14:55 AM  Ignore doobrah Report Abuse
Well, that's nice.

The economy is still in the toilet, and people are driving less. So less demand for it coming out of the ground. Good!
dyeh
All-Star Author
Illinois

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Message Posted: 11/19/2008 10:06:54 AM  Ignore dyeh Report Abuse
Be careful of what you ask for: yes, we have lower gas prices, due to the crumbling economy. Yes, we have lower real estate prices, due to the crumbling economy. Yes, we have lower food prices, due to the crumbling economy.
parsec
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Toronto

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Message Posted: 11/19/2008 10:03:52 AM  Ignore parsec Report Abuse
Still, long way to fall.
spheremaker1
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Arizona

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Message Posted: 11/19/2008 10:03:48 AM  Ignore spheremaker1 Report Abuse
and then a 22 month low
bicycler
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Ontario

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Message Posted: 11/19/2008 10:03:02 AM  Ignore bicycler Report Abuse
JPEight; I am.
acknot
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Seattle

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Message Posted: 11/19/2008 10:01:30 AM  Ignore acknot Report Abuse
This news is two days (Monday) old.
JPEight
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Nashville

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Message Posted: 11/19/2008 9:59:03 AM  Ignore JPEight Report Abuse
Don't change the habits you learned this summer and fall. We have to keep demand "low" to keep prices low
mattf373
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Atlanta

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Message Posted: 11/19/2008 9:58:32 AM  Ignore mattf373 Report Abuse
I pinch myself each time I pull in to the gas station.
Ernman
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Orlando

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Message Posted: 11/19/2008 9:58:03 AM  Ignore Ernman Report Abuse
Everyone out there, keep conserving, I still am...the "Oils" will never hold me hostage again...
mrkel
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Cincinnati

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Message Posted: 11/19/2008 9:56:39 AM  Ignore mrkel Report Abuse
I guess we don't see much change in gas prices as we get down to these levels with oil. The taxes don't go away as the price of oil drops and the tax becomes more of the over-all percentage of the price of gas.
4warned
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Michigan

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Message Posted: 11/19/2008 9:54:47 AM  Ignore 4warned Report Abuse
I am still waiting for the other shoe to drop. I am still conserving.
Drill_It
All-Star Author
Michigan

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Message Posted: 11/19/2008 9:54:30 AM  Ignore Drill_It Report Abuse
Yeap, Thats what I'm talking about.
AZDaisy
Veteran Author
Arizona

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Message Posted: 11/19/2008 9:53:40 AM  Ignore AZDaisy Report Abuse
Still to high
WufMan66
All-Star Author
Raleigh

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Message Posted: 11/19/2008 9:53:36 AM  Ignore WufMan66 Report Abuse
OPEC will never let it get to $25/barrel
falconmb
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Austin

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Message Posted: 11/19/2008 9:53:32 AM  Ignore falconmb Report Abuse
just keep falling
wtstms
All-Star Author
West Virginia

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Message Posted: 11/19/2008 9:52:13 AM  Ignore wtstms Report Abuse
oil still has 25 more dollars to fall
gjn
Veteran Author
Ontario

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Message Posted: 11/19/2008 9:51:25 AM  Ignore gjn Report Abuse
still not low enough. Oil should be around $25 per barrel. Same when wako bush took power
ledoy
Champion Author
Dayton

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Message Posted: 11/19/2008 9:51:00 AM  Ignore ledoy Report Abuse
great now lets go for 22 months
VTROCK
Sophomore Author
Detroit

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Message Posted: 11/19/2008 9:50:05 AM  Ignore VTROCK Report Abuse
The greedy bastards killed the goose that laid the golden egg.
WillyG
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Cincinnati

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Message Posted: 11/19/2008 9:48:37 AM  Ignore WillyG Report Abuse
Ends ? It's nowhere near end buddy. Watch !
StevieB
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New Jersey

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Message Posted: 11/19/2008 9:47:18 AM  Ignore StevieB Report Abuse
WoW
purvismike
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Wisconsin

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Message Posted: 11/19/2008 9:46:43 AM  Ignore purvismike Report Abuse
SPECULATING at $50.00 a barrel!!! Good money to be made on the downside as well as the up!!!
spunky4443
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Washington

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Message Posted: 11/19/2008 9:45:27 AM  Ignore spunky4443 Report Abuse
The Barrel of oil, should never have went up in the first place.
ww2gas
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Virginia

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Message Posted: 11/19/2008 9:45:20 AM  Ignore ww2gas Report Abuse
As I fill my tank this afternoon, I shall utter a word of thanks to Japan for helping to depress oil prices.
10pennypincher
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St. Louis

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Message Posted: 11/19/2008 9:42:19 AM  Ignore 10pennypincher Report Abuse
seeing oil trading now at 54.47 per bbl.
The_WB
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Detroit

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Message Posted: 11/19/2008 9:41:55 AM  Ignore The_WB Report Abuse
More room to go
napermike79
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Twin Cities

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Message Posted: 11/19/2008 9:41:37 AM  Ignore napermike79 Report Abuse
$1.69 in Minneapolis - unreal
smwhite
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Indiana

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Message Posted: 11/19/2008 9:40:14 AM  Ignore smwhite Report Abuse
Finally a little bit of good news.
WVUtailgater
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Pennsylvania

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Message Posted: 11/19/2008 9:39:51 AM  Ignore WVUtailgater Report Abuse
do i hear 22 months in the future
tonycmd
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Maryland

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Message Posted: 11/19/2008 9:38:39 AM  Ignore tonycmd Report Abuse
Don't over consume the prices will soar
IslandDawg
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Georgia

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Message Posted: 11/19/2008 9:37:58 AM  Ignore IslandDawg Report Abuse
I bet it goes lower next month to encourage us to drive to grandmama's for Christmas. Put the turkey on mom.
Pi314CA
Veteran Author
San Jose

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Message Posted: 11/19/2008 9:36:52 AM  Ignore Pi314CA Report Abuse
Old news indeed. Now oil is at a 22-month low.
Dale Jr.
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Iowa

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Message Posted: 11/19/2008 9:36:42 AM  Ignore Dale Jr. Report Abuse
Keep falling oil.
rod1965
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Portland

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Message Posted: 11/19/2008 9:36:23 AM  Ignore rod1965 Report Abuse
We all need to slow down and smell the roses.... I mean lower gas and oil prices.
Jagman98
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Louisville

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Message Posted: 11/19/2008 9:35:47 AM  Ignore Jagman98 Report Abuse
WooHoo
AC-302
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Los Angeles

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Message Posted: 11/19/2008 9:34:36 AM  Ignore AC-302 Report Abuse
Happy to see it!
MSUJRB
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Jackson

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Message Posted: 11/19/2008 9:34:21 AM  Ignore MSUJRB Report Abuse
Jackson, MS area - reg unld $1.71, diesel $2.55. Drill here, drill now, build refineries!!!
fairchildd
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Kansas City

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Message Posted: 11/19/2008 9:34:00 AM  Ignore fairchildd Report Abuse
keep droppin' down
mrchief
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Massachusetts

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Message Posted: 11/19/2008 9:33:26 AM  Ignore mrchief Report Abuse
Keep falling!
GasholeMI
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Lansing

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Message Posted: 11/19/2008 9:32:20 AM  Ignore GasholeMI Report Abuse
It was dropping again this morning too.

Drop further!!!!!!!
Lonewolftx
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Houston

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Message Posted: 11/19/2008 9:32:05 AM  Ignore Lonewolftx Report Abuse
We have changed our use patterns, not a bad thing . . .
cardjcsk
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Toronto

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Message Posted: 11/19/2008 9:31:10 AM  Ignore cardjcsk Report Abuse
Look out
omahagal
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Omaha

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Message Posted: 11/19/2008 9:30:59 AM  Ignore omahagal Report Abuse
YIPPEE!!
techque
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St. Louis

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Message Posted: 11/19/2008 9:30:09 AM  Ignore techque Report Abuse
crude oil is more than double the pre-"W" price, and gasoline is significantly higher, so in retrospect, "W" has still done a great service to the petro-terrorist industry.
lleddirj
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Michigan

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Message Posted: 11/19/2008 9:28:17 AM  Ignore lleddirj Report Abuse
good
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