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Oil falls as low as $118 on demand concerns »

Posted by: STONERS 3 weeks, 1 day ago

Workers with Diamond Well Service, Inc. drill a 3,100-foot deep oil well on July 22, 2008 near Taft, California. Hemmed in by the richest oil fields in California, the oil town of 6,700 with a stagnant economy and little room to expand has hatched an ambitious plan to annex vast expanses of land reaching eastward to Interstate 5, 18 miles away, and taking over various poor unincorporated communities to triple its population to around 20,000. With the price as light sweet crude at record high prices, Chevron and other companies are scrambling to drill new wells and reopen old wells once considered unprofitable. The renewed profits for oil men of Kern County, where more than 75 percent of all the oil produced in California flows, do not directly translate increased revenue for Taft. The Taft town council wants to cash in on the new oil boom with increased tax revenues from a NASCAR track and future developments near the freeway. In an earlier oil boom era, Taft was the site of the 1910 Lakeside Gusher, the biggest oil gusher ever seen in the US, which sent 100,000 barrels a day into a lake of crude. (Photo by David McNew/Getty Images)

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Oil prices kept falling Tuesday, sinking as low as $118 a barrel on growing concerns that a U.S. economic slowdown and high energy costs are curbing consumer demand for gasoline and other petroleum products.

Read Full Story at news.yahoo.com

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STONERS3 weeks, 1 day ago

"Crude's decline is giving Americans more relief at the pump. A gallon of regular gasoline on average fell another penny overnight to $3.871, according to auto club AAA, the Oil Price Information Service and Wright Express. Gas prices have fallen four straight weeks for the first time in December; prices are off 5.9 percent from their July high as U.S. motorists cut back on their driving to save money."

"A day after plunging as much as $5 a barrel in a dramatic sell-off, crude continued its downward trend Tuesday as traders sold oil contracts on the belief that prices are still too high in relation to demand and have further room to fall."
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Eagle_Eye3 weeks, 1 day ago

It is going to be a very scary winter this year, a lot of people can't afford heating fuel and will go with out heat. Glad I'm still in Florida in the woods....
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Ratskii3 weeks, 1 day ago

Interesting. Especially considering the item on the front page that credits Bush's push for more drilling as being the main reason gas prices are down. Thanks for the article Stoners.
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Lurch3 weeks, 1 day ago

There`s no way in ykw that Bush had a thing to do with this decline. This has happened the last two elections now. As we get closer to an election, the corrupt cronies start behaving, hoping to make us forget how they had been raping us for the last 1.5 years.

Not this time.

Bob Barr 2008!!
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obewon3 weeks, 1 day ago

We could only dream of low gas prices again. But it ain't gonna happen.
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