Oil prices drop as Mubarak leaves Cairo

[mzmolly]

NEW YORK – Oil prices dropped on Friday after Egypt's President Hosni Mubarak handed over power to the military and left Cairo.

Benchmark crude for March delivery fell 86 cents to $85.87 in midday trading on the New York Mercantile Exchange. Traders and investors have been concerned that anti-government protests in Egypt over the past 18 days could spread to other parts of the Middle East and disrupt oil supplies. Now that Mubarak has stepped down, the military says it will oversee a democratic transition to a new government.

Closer to home, U.S gasoline prices are the highest ever for this time of year. Since Jan. 1, pump prices have averaged well above $3 per gallon. They hit $3.127 per gallon Friday, 3.4 cents higher than the same time last month and 49.1 cents more than a year ago, according to auto club AAA, Wright Express and Oil Price Information Service.

The dramatic jump brings back memories of three years ago, when pump prices rose above $4 a gallon, forcing many drivers to join car pools and trade in gas-guzzling SUVs for more fuel-efficient cars. But "it would be a mistake to think we're going to have that all over again," OPIS chief oil analyst Tom Kloza said.

More: http://news.yahoo.com/s/ap/20110211/ap_o...oil_prices

[Andy823]

(02-11-2011 11:23 AM)mzmolly Wrote:  NEW YORK – Oil prices dropped on Friday after Egypt's President Hosni Mubarak handed over power to the military and left Cairo.

Benchmark crude for March delivery fell 86 cents to $85.87 in midday trading on the New York Mercantile Exchange. Traders and investors have been concerned that anti-government protests in Egypt over the past 18 days could spread to other parts of the Middle East and disrupt oil supplies. Now that Mubarak has stepped down, the military says it will oversee a democratic transition to a new government.

Closer to home, U.S gasoline prices are the highest ever for this time of year. Since Jan. 1, pump prices have averaged well above $3 per gallon. They hit $3.127 per gallon Friday, 3.4 cents higher than the same time last month and 49.1 cents more than a year ago, according to auto club AAA, Wright Express and Oil Price Information Service.

The dramatic jump brings back memories of three years ago, when pump prices rose above $4 a gallon, forcing many drivers to join car pools and trade in gas-guzzling SUVs for more fuel-efficient cars. But "it would be a mistake to think we're going to have that all over again," OPIS chief oil analyst Tom Kloza said.

More: http://news.yahoo.com/s/ap/20110211/ap_o...oil_prices

Last week oil prices were up above $90 a barrel, this week they have been going down, over a $5 a barrel drop. Last week in my area gas went up 9 cents a gallon because the prices went up. Gas last week was $3.38 a gallon. This week prices went down and today when I went to town gas prices had gone up another 9 cents a gallon to $3.47 a gallon! There is no reason for this except the republicans are in charge of the house and oil companies and speculators know they can do what they want because congress will do nothing to stop them!

Congress should have done something about this back in 2009 when democrats had control of both houses, but they didn't. They did try to get a bill to the floor in 2008. My senator Patty Murray had a bill to stop speculators from jacking up the prices of gasoline, but sadly it never made it to the floor! I wrote her in lat 2009 and asked what happened. She said that Reid had shelved it, but if he decided to take it off the shelf and put it up for a vote she would back it! Sadly it never happened, and now we are back to the same crap we had when Bush was in office, gas and oil price being manipulated so the speculators and oil companies can go back to making "billions" in profits!

The thing that really ticks me off is we also give the oil companies billions in tax breaks and subsidies. President Obama wants to take that away from them, but republicans are against it! I wonder why? Once again republicans show their true alliance with the rich and corporate america, and to hell with everyone else!

[Cha]

That's a good sign for you all paying so much for gas, isn't it and those needing to keep warm in this Winter?

While we transition to alternate fuel sources since there is this thing called Peak Oil.

[Julie]

Awesome. It damn well better "trickle down" to the gas pump. SOON!

Julie--enduring a 3.5 hr lay-over in Detroit