Oil slips after job report, $700B bailout

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Friday, November 21, 2008 4:53:54 AM

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Oil slips after job report, $700B bailout Sunday, October 05, 2008
Associated Press -- HOUSTON (AP) — Oil prices slipped in volatile trading Friday after Congress approved a historic $700 billion bailout of the nation's teetering financial industry as the longterm health of the global economy remained questionable. Investors bet down the price for crude early in the day when the U.S. Department of Labor reported that employers slashed payrolls in September by the greatest amount in more than five years, but got back into the market when Wells Fargo Co. stepped in to buy Wachovia Corp. for $15.1 billion.
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JT Moderator	Message Posted: 10/4/2008 11:45:39 PM	Ignore JT Report Abuse
	Sunday, October 05, 2008 Associated Press -- HOUSTON (AP) — Oil prices slipped in volatile trading Friday after Congress approved a historic $700 billion bailout of the nation's teetering financial industry as the longterm health of the global economy remained questionable. Investors bet down the price for crude early in the day when the U.S. Department of Labor reported that employers slashed payrolls in September by the greatest amount in more than five years, but got back into the market when Wells Fargo Co. stepped in to buy Wachovia Corp. for $15.1 billion. Visit Associated Press for full article

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21597 All-Star Author Colorado Posts:642 Points:208,515 Joined:Sep 2005	Message Posted: 10/6/2008 10:37:34 AM	Ignore 21597 Report Abuse
	The dang gov can't do anything right..............but they still try to tell us how to do things
OilBGone All-Star Author New Jersey Posts:725 Points:121,045 Joined:Jul 2008	Message Posted: 10/6/2008 10:29:58 AM	Ignore OilBGone Report Abuse
	eaglev - You are both wrong. A billion is a million times one-thousand. 700 billion divided by 300 million Americans is $2,333 per person.
eaglev All-Star Author Oklahoma City Posts:978 Points:332,145 Joined:Jul 2005	Message Posted: 10/6/2008 10:20:10 AM	Ignore eaglev Report Abuse
	CptnCanada...$425.00 per person The decimile is in the wrong place The figure we came up with is $467,000 per person.
rockinrog All-Star Author Ontario Posts:843 Points:681,680 Joined:May 2006	Message Posted: 10/6/2008 10:15:11 AM	Ignore rockinrog Report Abuse
	We all know that governments screw up everything....now they have 700 billion to screw it up some more.
Blackice Champion Author Twin Cities Posts:1,797 Points:496,535 Joined:Oct 2003	Message Posted: 10/6/2008 10:12:21 AM	Ignore Blackice Report Abuse
	CptnCanada...$425.00 per person? My sister-in-law would have that spent in one hour and have another to show for it. [Edited by: Blackice at 10/6/2008 11:12:37 AM EST]
21597 All-Star Author Colorado Posts:642 Points:208,515 Joined:Sep 2005	Message Posted: 10/6/2008 10:01:36 AM	Ignore 21597 Report Abuse
	heck just give em anoither 700 and everything will be rosy. Kinda like spending your way iout of debt
CptnCanada Rookie Author Saskatoon Posts:60 Points:41,675 Joined:Jun 2008	Message Posted: 10/6/2008 10:01:25 AM	Ignore CptnCanada Report Abuse
	Blackice... that works out to about $425.00 for each person.
Blackice Champion Author Twin Cities Posts:1,797 Points:496,535 Joined:Oct 2003	Message Posted: 10/6/2008 9:56:42 AM	Ignore Blackice Report Abuse
	Crude oil is down $3.56 today @ this time.
Blackice Champion Author Twin Cities Posts:1,797 Points:496,535 Joined:Oct 2003	Message Posted: 10/6/2008 9:54:47 AM	Ignore Blackice Report Abuse
	eaglev wrote: They should have divided the 700 billion to us. If they gave everyone over 18 a equal cut and paid taxes on it. everyone would pay all their bills, pay 266 billion back in taxes. No one would owe money, the banks and financial institutions would be saved because people would have paid them what was owed. No debt and then people would be paying more in taxes and business would benefit. How about that for an economic plan!!! ----------------------------------------------- Problem is...how many people would of paid off their debt or would they just spend the money foolishly?
NavyEOD Champion Author Los Angeles Posts:1,961 Points:431,390 Joined:Jul 2007	Message Posted: 10/6/2008 9:54:36 AM	Ignore NavyEOD Report Abuse
	The pump price should be slipping.
hblee Veteran Author Ontario Posts:370 Points:246,140 Joined:May 2004	Message Posted: 10/6/2008 9:54:32 AM	Ignore hblee Report Abuse
	I like eaglev's plan. Why bail out these companies when their CEO's continue to rake in millions of dollars in salaries and bonuses?
krucker All-Star Author Austin Posts:559 Points:421,030 Joined:Aug 2004	Message Posted: 10/6/2008 9:54:32 AM	Ignore krucker Report Abuse
	OLD NEWS
21597 All-Star Author Colorado Posts:642 Points:208,515 Joined:Sep 2005	Message Posted: 10/6/2008 9:50:17 AM	Ignore 21597 Report Abuse
	Ok so if congress didn't do something with a bailout we were doomed. So they voted it in and it looks like we are doomed, freakin idiots
HerrZimmer Veteran Author Connecticut Posts:431 Points:105,115 Joined:Jan 2008	Message Posted: 10/6/2008 9:48:41 AM	Ignore HerrZimmer Report Abuse
	who has money in the market now??
greywolves Champion Author Las Vegas Posts:1,182 Points:936,700 Joined:Dec 2004	Message Posted: 10/6/2008 9:48:26 AM	Ignore greywolves Report Abuse
	the bailout won t work. oil prices will trend relentlessly down.
Don20 Champion Author Oklahoma City Posts:1,525 Points:1,013,770 Joined:Mar 2005	Message Posted: 10/6/2008 9:47:18 AM	Ignore Don20 Report Abuse
	eaglev: That sounds the best deal to me, have heard several version similar.
DADDYBGG Veteran Author Oklahoma City Posts:307 Points:68,040 Joined:Jul 2008	Message Posted: 10/6/2008 9:44:39 AM	Ignore DADDYBGG Report Abuse
	the bail out is wrong, you think they are to bail us out if we lose money playing in the market no way.
eaglev All-Star Author Oklahoma City Posts:978 Points:332,145 Joined:Jul 2005	Message Posted: 10/6/2008 9:44:05 AM	Ignore eaglev Report Abuse
	They should have divided the 700 billion to us. If they gave everyone over 18 a equal cut and paid taxes on it. everyone would pay all their bills, pay 266 billion back in taxes. No one would owe money, the banks and financial institutions would be saved because people would have paid them what was owed. No debt and then people would be paying more in taxes and business would benefit. How about that for an economic plan!!!
copperhead8 Champion Author Boston Posts:5,485 Points:1,206,145 Joined:Dec 2004	Message Posted: 10/6/2008 9:43:14 AM	Ignore copperhead8 Report Abuse
	The lower the better.
AlaRedNeck Champion Author Kansas Posts:1,177 Points:210,875 Joined:Apr 2008	Message Posted: 10/6/2008 9:41:24 AM	Ignore AlaRedNeck Report Abuse
	less than $92 a barrel
Fisch2 Veteran Author Grand Rapids Posts:338 Points:134,270 Joined:Nov 2005	Message Posted: 10/6/2008 9:39:08 AM	Ignore Fisch2 Report Abuse
	Yeah, let's replace them with Big Real Estate, or Big Health Care so we have something else to blame on the president... please.
OilBGone All-Star Author New Jersey Posts:725 Points:121,045 Joined:Jul 2008	Message Posted: 10/6/2008 9:38:07 AM	Ignore OilBGone Report Abuse
	Yes, for once. I think it's safe to say falling oil prices are NOT a good thing. The world economy is in the tank and that's why. Thanks, BushCo!
dougrusty Veteran Author Illinois Posts:414 Points:110,360 Joined:Mar 2008	Message Posted: 10/6/2008 9:37:32 AM	Ignore dougrusty Report Abuse
	As long as we have oil men in the White House this will not change. Their term is almost over. Gotta squeeze them last few pennies out of me.
BBHybrid Veteran Author Pittsburgh Posts:401 Points:86,350 Joined:Aug 2008	Message Posted: 10/6/2008 9:35:32 AM	Ignore BBHybrid Report Abuse
	oil needs to drop but not at the expense of the economy
kingpin6 All-Star Author Arkansas Posts:917 Points:229,800 Joined:Jul 2007	Message Posted: 10/6/2008 9:34:49 AM	Ignore kingpin6 Report Abuse
	Always glad to see oil prices falling. But, the economy is going down the tubes.
Rageagainsttm Champion Author Tampa Posts:1,907 Points:430,115 Joined:Jul 2007	Message Posted: 10/6/2008 9:34:09 AM	Ignore Rageagainsttm Report Abuse
	Need more US crude supply.
MacGyver_1701 Champion Author Indiana Posts:5,199 Points:1,141,850 Joined:Feb 2005	Message Posted: 10/6/2008 9:32:12 AM	Ignore MacGyver_1701 Report Abuse
	At the rate things are falling, driving may be the least of our worries
mahenv7 Champion Author Toronto Posts:1,204 Points:243,140 Joined:Oct 2004	Message Posted: 10/6/2008 9:30:12 AM	Ignore mahenv7 Report Abuse
	is this bailout really helping
wild3bill Sophomore Author New York Posts:166 Points:585,410 Joined:Nov 2005	Message Posted: 10/6/2008 9:29:53 AM	Ignore wild3bill Report Abuse
	Now if the Natural Gas or other competative Bio Fuel gets into production before OPEC tries $1 gallon gas to run them out of business and get us hooked on large SUVs again before they try for $5 to $10 Gallon Gas!
tbybee Veteran Author Omaha Posts:297 Points:108,600 Joined:Apr 2008	Message Posted: 10/6/2008 9:29:00 AM	Ignore tbybee Report Abuse
	The stronger dollar has to contribute.
rxman1 Champion Author Toledo Posts:1,016 Points:300,220 Joined:Nov 2007	Message Posted: 10/6/2008 9:25:37 AM	Ignore rxman1 Report Abuse
	If people do not have jobs, they can not drive to and from work.
mrpc90 Champion Author Illinois Posts:1,385 Points:378,735 Joined:Dec 2004	Message Posted: 10/6/2008 9:25:33 AM	Ignore mrpc90 Report Abuse
	Drill here, drill now, pay less. Leftover story from yesterday.
Zinnoil Champion Author Illinois Posts:13,167 Points:1,515,770 Joined:May 2004	Message Posted: 10/6/2008 9:25:13 AM	Ignore Zinnoil Report Abuse
	Need more US crude supply.
w4kh Champion Author Riverside Posts:3,660 Points:640,945 Joined:May 2004	Message Posted: 10/6/2008 9:24:54 AM	Ignore w4kh Report Abuse
	Let's no forget that by selling short and hedging positions, the speculators make money with MOVEMENT in the market - they don't hold those contracts to the end... It only makes sense that the price of oil is dropping when we consider the US Economy is tanking, the dollar is becoming worthless, and the demand for the dollar contracts is what is really shrinking, not the price of oil... Keep whining, Addicts - soon you will be walking and your women will be dressed in the latest Middle Eastern fashions
OilManMO Rookie Author Missouri Posts:54 Points:30,480 Joined:Sep 2008	Message Posted: 10/6/2008 9:23:50 AM	Ignore OilManMO Report Abuse
	I love the dropping oil price! OPEC lost is our gain! HOPEFULLY we can see get down under $60 a barrel where it belongs!
iluna All-Star Author Colorado Springs Posts:502 Points:86,575 Joined:Jun 2007	Message Posted: 10/6/2008 9:21:39 AM	Ignore iluna Report Abuse
	Well, maybe this is the silver lining from the bailout.
EZExit Veteran Author Phoenix Posts:317 Points:84,075 Joined:Aug 2008	Message Posted: 10/6/2008 9:19:42 AM	Ignore EZExit Report Abuse
	I hope all the oil speculators are getting burned big time, bring oil back down to the current par price of $60 per barrel.
BBopp Champion Author Dayton Posts:1,286 Points:555,370 Joined:Dec 2006	Message Posted: 10/6/2008 9:19:11 AM	Ignore BBopp Report Abuse
	Let the price per barrel keep falling!
roydarecker Champion Author Minnesota Posts:2,928 Points:645,780 Joined:Sep 2006	Message Posted: 10/6/2008 9:19:02 AM	Ignore roydarecker Report Abuse
	Drop Drop Drop!!!!!!!!!!!!!!!!!!!!!!!!
jppezz Veteran Author New Mexico Posts:331 Points:66,425 Joined:Jun 2008	Message Posted: 10/6/2008 9:16:46 AM	Ignore jppezz Report Abuse
	i hope it drops to 20 bucks a barrel to hell with the middle east producers
flatcoatfun All-Star Author Orlando Posts:651 Points:195,700 Joined:Nov 2007	Message Posted: 10/6/2008 9:14:07 AM	Ignore flatcoatfun Report Abuse
	Good - keep falling
91_Metro_Man All-Star Author Ventura Posts:533 Points:249,055 Joined:Dec 2007	Message Posted: 10/6/2008 9:12:11 AM	Ignore 91_Metro_Man Report Abuse
	The pendulum keeps swinging.
sailormon All-Star Author Michigan Posts:644 Points:205,105 Joined:Jul 2007	Message Posted: 10/6/2008 9:09:16 AM	Ignore sailormon Report Abuse
	Can't buy gas if you don't have a job to make $$!
amacquarrie Veteran Author Nevada Posts:333 Points:77,235 Joined:Jun 2008	Message Posted: 10/6/2008 9:05:47 AM	Ignore amacquarrie Report Abuse
	sick it to the tax payers
alsal55 Veteran Author Twin Cities Posts:261 Points:331,315 Joined:May 2007	Message Posted: 10/6/2008 9:01:52 AM	Ignore alsal55 Report Abuse
	I like the idea of buying an oil company. Then we can just lower the price of gas to $2.00 a gallon, and bill the taxpayers the difference.
alsal55 Veteran Author Twin Cities Posts:261 Points:331,315 Joined:May 2007	Message Posted: 10/6/2008 9:00:16 AM	Ignore alsal55 Report Abuse
	I still believe oil should settle at $60 to $70 a barrel. I won't be happy until it gets there. Meanwhile, we need to keep conserving, and buy more fuel efficient cars to force the issue.
148366 Champion Author Spokane Posts:1,633 Points:483,745 Joined:Apr 2007	Message Posted: 10/6/2008 8:59:12 AM	Ignore 148366 Report Abuse
	Lets see what happens in a day or two.
CheapoBob Champion Author Alabama Posts:1,380 Points:953,285 Joined:Apr 2005	Message Posted: 10/6/2008 8:57:27 AM	Ignore CheapoBob Report Abuse
	drop on
Laser917 Champion Author Minnesota Posts:2,388 Points:798,055 Joined:Oct 2005	Message Posted: 10/6/2008 8:57:06 AM	Ignore Laser917 Report Abuse
	Don't worry. . . It'll be back
ladybugIL Sophomore Author Chicago Posts:236 Points:101,780 Joined:Jul 2008	Message Posted: 10/6/2008 8:54:37 AM	Ignore ladybugIL Report Abuse
	And how much money does the Bush family have invested in oil I wonder?