"Oil crashes 10 percent in record rout"

[Hoss]

Yeah it should happen that way but it didn't. Obama shut down drilling in the Gulf and the next day gasoline was up 10 cents a gallon. Was that just by chance? I have my doubts.

Speculators.  That's all it is.  They drive the price and have far too much control over the industry.

[sauerkraut]

Surprisre~ The QT stores just hiked their pump prices to $3.75 a gallon, at least the store on Sheridan & Adm. did, I'd guess all the QT stores should be up to $3.75 by now. That means all other stations will follow and match it or pass it.

[Red Arrow]

Surprisre~ The QT stores just hiked their pump prices to $3.75 a gallon,

No surprise.  See my earlier post about expecting the price to jump a dime or so.

[nathanm]

Glad I used my 35c/gal discount at Reasors yesterday.

[Hoss]

Surprisre~ The QT stores just hiked their pump prices to $3.75 a gallon, at least the store on Sheridan & Adm. did, I'd guess all the QT stores should be up to $3.75 by now. That means all other stations will follow and match it or pass it.

Quit driving that 8mpg clunker of a truck then...

[sauerkraut]

Fuel dipped to $3.69 this morn. They said the price of Gasoline & oil crashed Wednesday, it fell so fast that they had to stop trading till the market cooled down.

[Hoss]

Fuel dipped to $3.69 this morn. They said the price of Gasoline & oil crashed Wednesday, it fell so fast that they had to stop trading till the market cooled down.

I wouldn't exactly call a 4 dollar dip in crude oil in a day 'crashing'.

[dbacks fan]

From CNBC: "Cramer, on the other hand, takes a different view.

"It's empirically demonstrated that a penny change in a currency should not produce a 5 percent decline in oil," he argued, adding there is an oil glut.

Prices spiraled lower after U.S. inventory data showed an unexpected build in stockpiles. There has long been a glut in oil, but Cramer said the hedge funds only realized it when margin requirements were raised.

"This is a margin squeeze," he said.

Cramer thinks the spot market should be much higher, but it's controlled by the futures market, which is "completely phony." The increased margin requirements are fixing that, he suggested."

Also from the article was the market essentially dropped because of the easing of the flooding and it's threat to slowdown production or stop it completely is diminishing. So yes you had speculators driving the price up on the gamble the Mississippi river flooding was going to shut down refineries and deplete the existing stock piles.

http://www.cnbc.com/id/42994665/

And gasoline is currently being traded at ~$3.03/gallon.

http://data.cnbc.com/quotes/RBCV1

[Teatownclown]

http://www.msnbc.msn.com/id/26315908//vp/42999308#42999308

Rachel hits it out of the park!

http://www.politicsplus.org/blog/?p=4803

Boehner Lied About Oil Subsidies (what a puss)