Oil prices fall more than $1 a barrel

Full story: KUSA Denver 8
" Oil prices dropped below $65 a barrel as investors sold contracts before their expiration Tuesday, and before the government's weekly inventory report. Full Story
tom

Cleveland, TX

#1 May 22, 2007
IT'S BUSH'S FAULT!
YMSBFAN

Denver, CO

#2 May 22, 2007
It's somebody's fault:)
Dave in Littleton

Greer, SC

#3 May 22, 2007
Don't get too excited folks, you'll never see the price drop at the pumps because of this.
tom

Cleveland, TX

#4 May 22, 2007
Well then that tells you who is making the money....not necessarily the producers.

“Denver Bear”

Since: Apr 07

Lakewood, CO

#5 May 23, 2007
LOL dave-- yeah, the price of a barrel of oil doesn't effect gasoline prices. Nice one.

(Care to back that up with any sort of proof? Some odd economic theory that I hadn't thought of, maybe?)
LivestoSki

United States

#6 May 23, 2007
Prices would have gone up anyway, regardless of who is president. Bush would still be making tons of money along with the gas and oil companies as they post "record profits." It doesn't seem like its the producers making the money -- the price per barrel remains about the same (fluctuating around $62 -$65 a barrel), while they make millions because they charge us $3+ freaking bucks a gallon!!!!!!!!
Dave in Littleton

Greer, SC

#7 May 23, 2007
Ceej wrote:
LOL dave-- yeah, the price of a barrel of oil doesn't effect gasoline prices. Nice one.
(Care to back that up with any sort of proof? Some odd economic theory that I hadn't thought of, maybe?)
In theory you are correct. But in reality you are mistaken. Explain to me how the price of gas goes up the very next day after a hurricane or other event, but yet the price stays the same when the price of a barrel of oil drops.
Economics 101

United States

#8 May 23, 2007
The price of oil has very little to do with the price of gas. Think about it, gas has gone from $2 to $3 and oil has gone from $60 to $70. Oil has seen around a 15% increase and gas 50%. It has more to do with supply and demand. Currently there is high demand. So the refineries charge more. It isn't the people pumping the crude out of the ground making all the money. Mobil Exxon and other refineries have been seeing huge profits lately.

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