TV Schedule

Crude prices tumble as the dollar strengthens


  3. muckraker
  4. related topics
Retail gasoline prices increased for the sixth straight day and hit their fifth consecutive record, auto group AAA's Web site showed Monday.

The national average price for a gallon of regular unleaded gasoline rose to a new all-time high of $3.718, up 1 and one-tenth of a cent from the previous day.

Crude prices, meanwhile, tumbled on the stronger dollar.

Drivers now pay 21% more for a gallon of gas than they did a year ago, when a gallon of gas cost on average $3.064, according to AAA.

Consumers have been pinched at the pump as the price of a barrel of crude oil has doubled in the past year. Crude prices settled at a record close of $125.96 a barrel Friday after breaking $126 a barrel earlier in the session.

Stronger dollar: Crude futures pulled back from those record levels as the dollar gained Monday. U.S. crude for June delivery fell 20 cents to $125.76 a barrel on the New York Mercantile Exchange as the dollar gained.

When the dollar is weak, investors often look to commodities like oil as a hedge against inflation. But a stronger U.S. currency can reverse that trend.

The euro was quoted at $1.5405 early Monday, down from $ 1.5480 late Friday in New York. The dollar also strengthened against the yen, rising back above the ¥103 mark.

muckraker

24 responses // Crude prices tumble as the dollar strengthens

  • The euro was quoted at $1.5405 early Monday, down from $ 1.5480 late Friday in New York. The dollar also strengthened against the yen, rising back above the ¥103 mark.

    What does that mean that it wasa Quoted? That's how much one euro is worth in USD? and where does yen come in in all of this.
    CarlosIsDown
  • they look equal the dollar is finally climbing back up the latter and getting worth something again. which is a good thing.
    muckraker
  • CarlosIsDown, they're just explaining the exchange rate between the Euro and the USD. What they're saying is that €1.00 = $1.5405 this morning. (Right now it's back to €1.00 = $1.556, so the dollar has weakened against the euro). As for the Japanese Yen: ¥103.65 = $1.00. Hope this helps. :-)
    Hawkmang
  • FROM THE ARTICLE

    A drop in heating oil prices also led crude lower Monday, analysts said. Heating oil for June delivery fell 7.62 cents to settle at $3.5598 a gallon on the Nymex.

    "Any weakness in heating oil is going to be bearish for crude on a fundamental level and also psychologically," said Andrew Lebow, senior vice president at Man Financial Inc. in New York.

    my observation....

    WE NEED A STRONG DOLLAR NOW.



    1Eco_Media
  • ahh. there is a glimpse of hope!
    stepphtarnovetch
  • The price of oil tumbling 20 cents isn't news.
    jinkies
  • Ugh. This is just one big cluster-fuck. That 20 cents doesn't mean much when I'm still paying 3.87 for regular and upwards of 4.20 for diesel.

    A world that runs on oil is bound to collapse on itself eventually, which is what we are currently seeing.

    @Stepptarnovetch (My bad)
    Theres not much of a glimmer of hope in this. Lets match the Yen and Euro, then say "Theres a glimmer of hope".
    Also, lets find a source of power that doesn't replace everything in the midwest with corn crops (yes, I'm looking at you, bio-diesel) and then say that theres hope.
    killer_shatner
  • A momentary spike does not mean a strengthened dollar.

    There's nothing wrong with having hope, but let's not be foolish or rush to judgments.
    Saladin
  • i was pondering over gas prices the other day when i calculated that it costs me more to drive to my favorite taco stand than i pay for the tacos themselves - and it was then that i realized what precious things good tacos are , and how more immigrants from mexico should be allowed into this country , so long as they are good at making awesome tacos , and are closer to me than my current , favorite place.
    malathion
  • http://current.com/items/88948600_http_www_mediaed_org_...
    Image...
    down $1.73 from Friday's closing record of $126.96.

    In London, June Brent crude futures fell $2.03 to $123.93 a barrel

    Just a break in the up trend line.

    NO ONE Can call this thing day to day, or even week to week without guessing in my book.

    I simply observed

    WE NEED A STRONG DOLLAR NOW.

    I am only guess we come down from here as heating oil starts to see demand drop off.

    I stopped attempting to tell which way futures are going a long time ago. I have learned however this one thing.

    WHAT GOES UP, DOES COME DOWN.

    AS for Peak, I think it is total BULL.

    AS for ethanol. I have had no interest in that FEEDSTOCK MODEL and have told everyone so for many, many years. If you bought into that model, you might plan on taking a major HIT if the product turns down.

    I am only guess BIG CAP runs this thing the other way just about the time it comes to VOTE. MY GUESS is they know people remember about two months back.

    It is BIOMASS I seek. and blended fuels or FLEX FUELS. BIODIESEL is just one aspect of a much broaded MIX.

    NOTHING CHANGES UNLESS THE AMERICAN PEOPLE VOTE FOR CHANGE, see the link below...



    1Eco_Media
  • I will throw in my guess. My 2 cent. Please take with grain of salt as I am feeling a bit freaked these days...


    I think the dollar has not come close to it's bottom and what we are seeing, now and likely over the months to come, is a false prop-up of the dollar.

    I think we will see Gold go close to $1500oz. if not over.

    Gas will be $5 or $6 by winter.

    I am totally confused about Peak Oil anymore. And I don't give a crap. We need to get OFF OIL anyway. We need gas to be expensive for people to start caring about more than their own gas tank.

    Weather and Planet shaking? Earth is pissed!

    I am honestly chilled to the bone about what is to come in November/October. Not much of what has been happening over the past few months is feel good stuff. We all know that. Keep yourself well and take care of the people around you. The big bumps are yet to come.

    Nostradamus- over and out!


    twodee
  • i dont think gas will get that high by winter. maybe late summer, but winter is when the demand for people driving goes down. so we wont be hurting at the gas pump but at home instead
    muckraker
  • The price per gallon of gasoline will hit 4.30$ and diesel @ 5.20$.
    At this time, we will see a much larger increase in the interest of different fuel sources such as electricity, hydrogen, etc etc etc.



    The worst part is, however, is that it will have to get that bad in order for us to do something.

    Fuck the summer driving season.
    killer_shatner
  • If you were planning on eating food, the fuel for riding a bike is probably not much more than what you're already budgeting for.

    Just sayin'...
    ultravphunter
  • oil is traded in dollars. I dont know how or why, but we do somthing as a nation, our government rather, to make this so. Why is this important? Im not sure, but it seems like it is. Oil is traded in $$$??? Why?
    WarFarris
  • Shatner, $4.30 isn't that far off, considering here in Oregon regular - REGULAR - gas is almost $4 a gallon. We'll certainly hit $4.30 by June or July. I'm so glad our city is bike-friendly because none of us hippies can afford the gas anymore ^_^
    I agree that gas has to get expensive for the bourgousie to see the error of their ways, but there are a large number of us at the bottom who will suffer greatly for it. My grandmother can't afford her heat for next winter - we've had two fundraisers just for her and it still wont cover it; we can't take the car out to see her, just an hour drive away; and then there's the cost of food. We've taken to the farmer's markets because now it costs less to eat local!
    alicynx
  • "You cannot bring about prosperity by discouraging thrift.
    You cannot help small men by tearing down big men.
    You cannot strengthen the weak by weakening the strong.
    You cannot lift the wage-earner by pulling down the wage-payer.
    You cannot help the poor man by destroying the rich.
    You cannot keep out of trouble by spending more than your income.
    You cannot further the brotherhood of man by inciting class hatred.
    You cannot establish security on borrowed money.
    You cannot build character and courage by taking away men's initiative
    and independence.
    You cannot help men permanently by doing for them what they could
    and should do for themselves

    Abraham Lincoln
    WarFarris
  • Lincoln never met Bush.
    twodee
  • http://current.com/items/88950974_7_video_game_currenci...
    Image...
    Maxim.com writes:

    "Think the dollar is weak against the euro? Pit it against the funny money found in these games and you'll be crying all the way to the check-cashing place.

    RUPEE (The Legend of Zelda)
    Worth: $3 (U.S.)
    Methodology: 100 rupees = magical shield. Crappy shield on eBay = $300
    What It Means: U.S. Federal Reserve Chairman Ben Bernanke could learn a couple of things from Hyrule's math whizzes, who have kept the region's inflation rate at an astounding 0.00 percent for over 20 years..."
    Hawkmang
  • http://nbb.grassroots.com/08Releases/MNB20/
    Image...
    Minn. going to B20

    1Eco_Media
  • The price of oil is just a speculation!
    A refinery goes on fire, a hurrican hit the mex gulf, the oil cartel SAYS it wont pump extra oil, Chavez keeps on talking sh!t, etc etc!
    All of you people who drive cars (I bet you drive by yourself) made yourselves slaves of all these manipulation!
    Make your life better, fuel yourself with beer and pedal/treadle a bicycle, it would be more fun;O)
    areflection
  • @alicnyx
    In my household, we recently switched to better windows and only use our heater when it drops below 40 (which isn't often, out here in California). Instead of a heater, we use a wood burning fireplace. I know its not much better for the environment, but its much cheaper to go out, cut up a downed tree, and burn it.

    That just one suggestion for your grandma. And no, I'm not saying have her go cut down trees. You can buy firewood for relatively cheap.


    And as for biking, I would be much more eager to bike, if I hadn't been hit by a car twice while on a bike. I actually feel safer walking. Though, people still can't get it through their heads that the pedestrian has the right away.
    killer_shatner
  • http://www.thirdworldtraveler.com/Iraq/Iraq_dollar_vs_e...
    Image...
    @WarFarris - even tho this link is mostly about the Iraq War, it also has some history about why oil was/is traded in dollars. The short answer? Because the US won WWII.
    digitrash
  • sorry... i can't tell you the source....


    Why Are Gasoline And Oil Prices At Record Highs?

    Oil prices are high because the U.S. purchases $600 billion annually from foreign oil producers, who then use oil profits to purchase oil and gasoline futures contracts, which push oil and gasoline prices still higher. There is no shortage of oil or gasoline.

    There are no lines at filling stations and no gasoline pumps that say, "Out of Gasoline."

    The President and every member of the U.S. Congress are responsible for oil and gasoline prices. Instead of taxing excess oil profits or eliminating the federal gasoline tax this summer, Congress should focus on every possible way to increase domestic oil production and create tax incentives to increase the use of solar, geo-thermal, nuclear, hybrid, hydrogen, and wind power.

    China is building 200 nuclear-powered electric generating plants with the priority of the World War II "Manhattan Project."

    Unfortunately, there is NO leadership in Washington on either side of the aisle. Our disgraceful politicians have sold-out the American people in exchange for campaign contributions from every lobbyist who wishes to maintain the current status quo because it is the more lucrative choice.

    The Great Bust Ahead (2010-2015) will unfold, regardless of who wins the White House in November.

    Raising taxes on the wealthy will increase the economic pain for the poor and middle class because the wealthy will simply stop spending money across the board, especially on jewelry, private planes, boats, business expansion, and new business creation.

    Unemployment and bankruptcies, both personal and corporate, will soar during the great bust ahead.
    plusaf

Add your response

Login/Registration is required to add a response.