Oil Prices Drop by Almost $2 a Barrel

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Oil Prices Drop by Almost $2 a Barrel
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Aug 10, 1:58 PM (ET)

By MADLEN READ

NEW YORK (AP) - Crude oil prices fell nearly $2 a barrel Thursday as thwarted airplane attacks led many carriers to cancel flights, which could mean dampened jet fuel demand and weaker consumer confidence.

Light, sweet crude for September delivery dropped $1.95 to $74.40 a barrel in early afternoon trading on the New York Mercantile Exchange.


Shipping containers are stacked on a cargo ship as it passes the Statue of Liberty in New York harbor Wednesday, Aug. 9, 2006. The Commerce Department reported Thursday, Aug. 10 that America's trade deficit improved slightly in June as record sales of U.S. farm products and other exports blunted the impact of soaring crude oil prices. Maersk is a shipping company based in Denmark. (AP Photo/Mark Lennihan)


Gasoline futures dropped more than 11 cents to $2.0615 a gallon, while heating oil futures fell more than 6 cents to $2.044 a gallon.

On Thursday, British authorities said they had stopped a terrorist plot to blow up several aircraft in flight between the United States and the United Kingdom.

because we are all fucked out when it come to gas prices.

that the GOP/BigOil/Corporatists are worried about the election.

But the reral loser was gasoline. Unleaded futures dropped over 8% to close at 198.8 down 18 cents per gallon.

Got to pop that money shot before the elections.

My ass is getting sore.

morning!
Check out the crude graph - veerrrry interestink.
I'm not trying to be a snot, but ups and downs don't mean a thing except that the up side stays the up side and down keeps gettin' higher.

at the pump... it only goes up, regardless.

Since they go up every time they announce an increase in oil prices, then logically it should come down when the price in oil goes down. Yeah, right.
:sarcasm:

Tom Bentz, an analyst at BNP Paribas Commodity Futures gets my 'witch-doctor of the week' award.

unknown reason because of it.

if oil and gas for that matter drops back down to $2/gallon it'll likely be because demand has softened to the point of living in a broken economy

Rove may be gleeful of hyping the terror factor but he completely misses the point of the the chilling effect this will have on the economy no matter how much you can pin it on the terrorists.