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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth -- Ignore unavailable to you. Want to Upgrade?

To: SeachRE who wrote (78491)	9/20/2006 1:24:29 PM
From: jlallen	Read Replies (1) \| Respond to of 173976

Seach4boyz - Why must you always sound like such an ignorant dufus? J.

To: SeachRE who wrote (78491)	9/20/2006 1:33:38 PM
From: tonto	Read Replies (1) \| Respond to of 173976

Oil price pullback steepest in 15 years Prices rebound after government release of latest inventory data CNBC VIDEO • Oil price outlook Sept. 20 -- John Kingston, director of oil at Platt's, tells CNBC that oil prices are likely headed lower from current levels. CNBC Most Popular • Most Viewed • Top Rated • Most E-mailed • Mother, baby reunited after attack, kidnapping • It’s Oprah’s America • Astronauts find 3 more objects outside shuttle • Tiger rips Irish mag for linking wife to porn site • Stars, ordinary Australians bid farewell to Irwin • Most viewed on MSNBC.com • Stars, ordinary Australians bid farewell to Irwin • 5,000 turn out to honor Crocodile Hunter • Siblings reunited 65 years after being separated • Suspect charged in text-message kidnap case • Crocodile Hunter due for one final honor • Most viewed on MSNBC.com • It’s Oprah’s America • Mother, baby reunited after attack, kidnapping • Stars, ordinary Australians bid farewell to Irwin • Moms Mean Business • Study: 1 in 3 ADHD cases linked to lead, smoke • Most viewed on MSNBC.com MSNBC News Services Updated: 1 hour, 26 minutes ago Oil prices fell to their lowest level in six months on Wednesday, extending the steepest plunge from a record high in 15 years. But prices bounced back a bit following news of a bigger-than-expected drop in crude oil inventories last week. The decline has come as worries have eased about supply threats and signs of economic weakness in the U.S. are being seen as a sign of that energy demand may cool. Gasoline prices have also been falling in the United States. In midday trading, light sweet crude was down 46 cents on the New York Mercantile Exchange to $60.20. Story continues below ? -------------------------------------------------------------------------------- advertisement -------------------------------------------------------------------------------- In it's weekly inventory report, the Energy Information Administration says crude oil stockpiles fell by 2.8 million barrels. That's double the decline analysts were calling for -- and the fifth drop in as many weeks. Gasoline supplies rose by 600,000 barrels -- three times the increase that had been forecast. And inventories of distillates, which include heating oil and diesel fuel, shot up by 4.1 million barrels. The outlook had been for a rise of 1.6 million barrels. Refineries, meanwhile, ran at 93-point-four percent of capacity last week, a half percent higher than industry-watchers had been expecting. Since hitting a peak of $78 in mid-July, the drop in oil prices on the futures market represents the fastest drop from a record high since prices collapsed from $41 barrel in Oct. 1990, eventually falling below $18 in Feb. 1991. It was also steeper than plunge in futures prices in mid-1998, in the aftermath of the Asian financial crisis, when oil prices bottomed at $10 a barrel. Prices rebounded to over $25 a barrel within a year. Oil prices have yet to fall as far, however. In the 1990 and 1998 pullbacks, prices fell by more than 50 percent. Since mid-July, oil prices are down by about 25 percent. OPEC, which pumps about 40 percent of global crude, has said a slowing economy would reduce fourth-quarter daily demand by 320,000 barrels a day more than previously forecast. In 2007, OPEC expects demand for its crude to average 28.1 million barrels per day, or 800,000 barrels per day less than the 2006 average, in part because non-OPEC supplies are rising. “If we can bounce and then break below $60 a barrel, we will have a real bear market,” said FuturesOne’s Vice President Sterling Smith in a research note. Markets also have been keeping an eye on Iran’s standoff over its nuclear program. Tehran, OPEC’s second largest exporter, has so far managed to avoid any punitive sanctions, which the U.S. is seeking, and market jitters over any potential disruption to the supply chain appear to be dwindling.