Oil Prices Fall Nearly $2 a Barrel ($43.47bbl)

NEW YORK (Reuters) - Oil prices fell nearly $2 a barrel on Wednesday, dragged down by heavy losses in U.S. gasoline futures after summer driving demand in the world's largest consumer failed to meet expectations.
U.S. light crude (CLc1: Quote, Profile, Research) on the New York Mercantile Exchange ended down $1.74 to settle at $43.47 a barrel, its lowest closing level since Aug. 4. It fell as low as $43.22 on the day.

London Brent closed down $1.64 at $40.68 a barrel.

Prices are now down nearly $6 from record highs last week.

Sellers overwhelmed the market after the U.S. Energy Information Administration said U.S. gasoline stocks were unchanged at 205.7 million barrels last week, near the upper end of their five-year average.

Analysts had expected gasoline supplies to decline due to summer vacation consumption, but the EIA said gasoline demand over the past four weeks was just 0.7 percent higher than last year.

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http://reuters.com/newsArticle.jhtml?type=businessNews&storyID=6069726

Now that its $43.47, pump prices go up 7 cents a gal.
HMMM????
Can anyone explain this to me?

Exxon/Mobil/Chevron/Sun/Occidental/BP

right now the most active order is the futures for October crude.

Also gasoline futures didn't make as big of a rally as crude did.

Don't worry, its only temporary

Hmmmm, gee, Bush's Oil Buddy's couldn't be trying to influence the election now, could they?

a poor guy who is just worried about heating his home this winter? It is a pretty cold winter hear to in Ohio.

Will the prices come down or will they stay the same or go up? We have inflation which could make them go up? I have observed that the price does not always go down with the brice of a barrel. but as a favor to the Bushies could the prices somehow be lowered to make them look good? And if so is that legal? Seems wrong to me.

of Russia for about $22 a barrel.

The guy I heard on the news also said that at $50 a barrel you could make a profit seeking oil almost anywhere on earth...

I'm no fan of living off of dinosaur oil forever...but I have researched this and with increased exploration and particularly technologies which result in higher yields from sites that are not normally thought of as economical producers.....$50 a barrel becomes completely ridiculous.

From what I've heard the inflated price is not based at all on any "fundamentals"....so what you have here is basically a dumb oil man yielding us dumb oil policies.....anyone surprised?