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GasBuddy News Article


Oil Falls to 22-Month Low, Forecast U.S. Stockpiles Expanded
Wednesday, November 19, 2008
Bloomberg -- Nov. 19 (Bloomberg) -- Crude oil fell for a fourth day, dropping below $54 to its lowest in 22 months, on expectations U.S. inventories gained last week as fuel demand in the world’s largest user declined.

Stockpiles probably climbed 1 million barrels last week while refinery output is likely to have fallen for a third week, according to the median of analyst estimates before an Energy Department report today. BASF SE, the world’s largest chemical company, said it will temporarily shutter about 80 factories because of a “massive decline” in demand.

“We see nearly every day now some downward revision in global demand,” said Hannes Loacker, an analyst at Raiffeisen Zentralbank Oesterreich in Vienna. “If we see really bad inventory data today, we can go to $45 in one day.”


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JT
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Message Posted: 11/19/2008 10:02:45 AM  Ignore JT Report Abuse
Wednesday, November 19, 2008
Bloomberg -- Nov. 19 (Bloomberg) -- Crude oil fell for a fourth day, dropping below $54 to its lowest in 22 months, on expectations U.S. inventories gained last week as fuel demand in the world’s largest user declined.

Stockpiles probably climbed 1 million barrels last week while refinery output is likely to have fallen for a third week, according to the median of analyst estimates before an Energy Department report today. BASF SE, the world’s largest chemical company, said it will temporarily shutter about 80 factories because of a “massive decline” in demand.

“We see nearly every day now some downward revision in global demand,” said Hannes Loacker, an analyst at Raiffeisen Zentralbank Oesterreich in Vienna. “If we see really bad inventory data today, we can go to $45 in one day.”

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REPLIES (newest first)
GasMiserAZ
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Phoenix

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Message Posted: 11/20/2008 2:26:19 PM  Ignore GasMiserAZ Report Abuse
Currently $50.04
GasMiserAZ
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Phoenix

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Message Posted: 11/20/2008 12:44:18 PM  Ignore GasMiserAZ Report Abuse
Currently $51.14
Jarod13
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Virginia

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Message Posted: 11/20/2008 12:38:09 PM  Ignore Jarod13 Report Abuse
Liberty2000 - You can say that again! For many years there's been to much pork in Washington and with Obama coming to town, I hope there's enough stockyards/slaughter houses around to keep it too a minimum. NOT!! If you think the troughs have been overflowing these past decades, you haven't seen anything yet! Obama has so many supporters out there with their hands out, It's impossible to count them. It's too bad that in time they'll be disappointed, all the while wondering how they could have been so blind from the very beginning. But to Obama's credit, alot of them will be in Washington on Jan 20th to attend his big "coming out" party. They'll be 40-50 or more deep along Pennsylvania Avenue just to get a whiff of his majesty, because he's been so effective in promising them this, that and everything in between. In time, he'll realize that there's not enough slop to pass around to all of his loyalist. I think I've been on my soap box long enough!
skippypa
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Hawaii

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Message Posted: 11/20/2008 11:15:31 AM  Ignore skippypa Report Abuse
Let's see who wins, the consumer or OPEC. If we conserve more and more, even if OPEC reduces production, like they did, it won't have any affect on us.
canit
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Vancouver

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Message Posted: 11/20/2008 11:12:42 AM  Ignore canit Report Abuse
well, apparently it has dipped below $50
Mr.Dirt
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Albany

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Message Posted: 11/20/2008 11:10:44 AM  Ignore Mr.Dirt Report Abuse
lats hope they stay down
94Vol
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Nashville

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Message Posted: 11/20/2008 11:07:00 AM  Ignore 94Vol Report Abuse
I love to see oil prices fall but OPEC is going to try and put an end to this sooner rather than later.
jaysun420
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Kansas City

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Message Posted: 11/20/2008 11:05:24 AM  Ignore jaysun420 Report Abuse
crude is down to 51.20 a barrel today!!
TrestleMerger
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Seattle

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Message Posted: 11/20/2008 11:04:35 AM  Ignore TrestleMerger Report Abuse
Sweet.
USAFA82
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Colorado Springs

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Message Posted: 11/20/2008 11:04:18 AM  Ignore USAFA82 Report Abuse
Hope it goes below $50 and stays there!
ScottE
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Los Angeles

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Message Posted: 11/20/2008 11:03:18 AM  Ignore ScottE Report Abuse
BETTER AND BEST news. WAY TO GO CONSERVATION WILL GET US OVER OPEC!
nyacoub1
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Chicago

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Message Posted: 11/20/2008 11:01:32 AM  Ignore nyacoub1 Report Abuse
lower, lower, lower.
cantstopruh
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North Dakota

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Message Posted: 11/20/2008 11:00:47 AM  Ignore cantstopruh Report Abuse
I have a feeling OPEC is going to do a major cut again
vindog442
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Los Angeles

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Message Posted: 11/20/2008 11:00:07 AM  Ignore vindog442 Report Abuse
Already under $50.
GasMiserAZ
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Phoenix

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Message Posted: 11/20/2008 10:58:46 AM  Ignore GasMiserAZ Report Abuse
Crude currently $50.33
JPGKC
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Tampa

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Message Posted: 11/20/2008 10:57:33 AM  Ignore JPGKC Report Abuse
Poor Hugo...
gasuper
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Calgary

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Message Posted: 11/20/2008 10:55:58 AM  Ignore gasuper Report Abuse
conserve, conserve, conserve
AlaRedNeck
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Kansas

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Message Posted: 11/20/2008 10:54:19 AM  Ignore AlaRedNeck Report Abuse
keep conserving
mvosevich
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St. Louis

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Message Posted: 11/20/2008 10:53:29 AM  Ignore mvosevich Report Abuse
any new news?
mvosevich
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St. Louis

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Message Posted: 11/20/2008 10:53:08 AM  Ignore mvosevich Report Abuse
please update news
cj77
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New Jersey

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Message Posted: 11/20/2008 10:51:53 AM  Ignore cj77 Report Abuse
yay
jwells1954
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Albuquerque

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Message Posted: 11/20/2008 10:50:13 AM  Ignore jwells1954 Report Abuse
Looks like we control the price.
cloud23465
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Virginia Beach

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Message Posted: 11/20/2008 10:50:06 AM  Ignore cloud23465 Report Abuse
Could be lower... im sure... alot lower.
digs2gary
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Rochester

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Message Posted: 11/20/2008 10:49:45 AM  Ignore digs2gary Report Abuse
Keep going down we want cheeper gas prices. I will be happy once it falls below $2.00 a Gal in my area
Liberty2000
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Indianapolis

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Message Posted: 11/20/2008 10:49:01 AM  Ignore Liberty2000 Report Abuse
Small wonder oil demand is down with the economy in the dumper. No one is buying much of anything. If the auto makers go belly up that will drive oil and the economy lower.
Funny! The $850 billion bailout for the bankers sailed through both houses of Congress (when appropriately loaded with pork spending) Now they are arguing tooth and nail about giving the auto makers a $25 billion loan.

Just be careful what you wish for!
Kthyme
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Fort Worth

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Message Posted: 11/20/2008 10:46:25 AM  Ignore Kthyme Report Abuse
Not low enough!!!
phoenix22
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Grand Rapids

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Message Posted: 11/20/2008 10:44:01 AM  Ignore phoenix22 Report Abuse
it ain't done
brodgua
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Idaho

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Message Posted: 11/20/2008 10:43:10 AM  Ignore brodgua Report Abuse
How low is too low?
Jim621
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Cleveland

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Message Posted: 11/20/2008 10:43:07 AM  Ignore Jim621 Report Abuse
Down to around $50 a barrel today, will probably go below $50
Kassie90
Rookie Author
Durham

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Message Posted: 11/20/2008 10:42:34 AM  Ignore Kassie90 Report Abuse
Exactly @ Don. I for one am still going to drive as if it is $4.00+ a gallon. This is truly the law of supply and demand at it's best.
mattf373
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Atlanta

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Message Posted: 11/20/2008 10:41:16 AM  Ignore mattf373 Report Abuse
1.66
FFootdoc12
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Illinois

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Message Posted: 11/20/2008 10:40:10 AM  Ignore FFootdoc12 Report Abuse
keep demand down, down, down...and the price will follow
MajorSteve
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Oklahoma City

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Message Posted: 11/20/2008 10:38:10 AM  Ignore MajorSteve Report Abuse
Down to 1.63 here today!
mmene
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Houston

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Message Posted: 11/20/2008 10:36:38 AM  Ignore mmene Report Abuse
Isn't it funny how we haven't heard Hugo Chavez threaten to stop exporting oil to the US in a while? I wonder why - maybe the evil US empire is kind of useful now and then I suppose.
AZDaisy
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Arizona

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Message Posted: 11/20/2008 10:35:15 AM  Ignore AZDaisy Report Abuse
great
jb107
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New Jersey

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Message Posted: 11/20/2008 10:34:49 AM  Ignore jb107 Report Abuse
Oil is just below $50.50 at the moment.
Don20
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Oklahoma City

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Message Posted: 11/20/2008 10:33:48 AM  Ignore Don20 Report Abuse
Stockpiles go up, price goes down. Now that is supply and demand.. Lets keep on conserving just as if it was $4.00 gallon..
chas_commuter
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South Carolina

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Message Posted: 11/20/2008 10:32:00 AM  Ignore chas_commuter Report Abuse
I'm okay with oil around $40 a barrel so Canada and Mexico can remain profitable while Iran, Russia and Venezuela cannot.
answerdave
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Miami

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Message Posted: 11/20/2008 10:31:53 AM  Ignore answerdave Report Abuse
I hope OPEC chokes on their losses
rtw777
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Florida

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Message Posted: 11/20/2008 10:30:54 AM  Ignore rtw777 Report Abuse
Oil at $50.84 right now. Not much longer till $38.00. That is the break point for OPEC.
flatcoatfun
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Orlando

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Message Posted: 11/20/2008 10:28:08 AM  Ignore flatcoatfun Report Abuse
Good!!
Bruno44
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Texas

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Message Posted: 11/20/2008 10:27:25 AM  Ignore Bruno44 Report Abuse
It's time oil etc drop back to realistic price ranges. Hope food prices etc drop also!
z1000
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Indianapolis

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Message Posted: 11/20/2008 10:27:23 AM  Ignore z1000 Report Abuse
Nah, that $145 wasn't a bubble...
Avalanchegirl
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Denver

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Message Posted: 11/20/2008 10:24:58 AM  Ignore Avalanchegirl Report Abuse
the economy sux. ALL prices need to drop
rerosales
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Corpus Christi

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Message Posted: 11/20/2008 10:24:26 AM  Ignore rerosales Report Abuse
The weak economy will continue to lower demand for oil until sometime next year.
harbnger
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Louisiana

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Message Posted: 11/20/2008 10:24:02 AM  Ignore harbnger Report Abuse
Oil price limbo, how low can it go?
rmcknightmcp
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Austin

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Message Posted: 11/20/2008 10:23:54 AM  Ignore rmcknightmcp Report Abuse
YAY!
rd2000
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Florida

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Message Posted: 11/20/2008 10:23:23 AM  Ignore rd2000 Report Abuse
keep it coming down
rylank
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Mississippi

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Message Posted: 11/20/2008 10:23:12 AM  Ignore rylank Report Abuse
keep dropping them... I heard that it dipped to 49 a barrel today... keep it up
amacquarrie
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Nevada

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Message Posted: 11/20/2008 10:23:08 AM  Ignore amacquarrie Report Abuse
Good
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