New York oil price slumps below $34 a barrel

[robcon]

Source: Breitbart

The price of New York oil sank under 34 dollars per barrel on Friday for the first time for more than four and a half years, as weak global demand overshadowed a record OPEC output cut, traders said.

New York's light sweet crude for delivery in January sank as low as 33.44 dollars a barrel, which was the lowest point since April 2, 2004.

The January contract, which was also driven lower in technical trading owing to its expiry on Friday, later stood at 33.61, down 2.61 dollars from the close on Thursday.

New York prices have now plunged by about 77 percent since striking a record high of 147.27 dollars in July on supply concerns in key producer countries.

Read more: http://www.breitbart.com/article.php?id=081219124001.vg...

[HereSince1628]

1. High summer prices destroyed demand, all the kings horses and all the kings men

won't bring the price back to $80 again. Of course April will bring rising prices at the pump as the annual scam of shortages of "summer blends" ripples across the market.

[notesdev]

3. Unlikely

The $4/gal gasoline shock has caused a behavior adjustment towards smaller and more efficient vehicles and less driving. With people afraid to spend money, they're going out a lot less too. It will be a long long long time before $80/bbl is realistic again. So enjoy the extra money in your pocket, you'll probably need it.

[bluestateguy]

2. I'll look forward to the cheap gas that is sure to follow

nt

[Ex Lurker]

4. it's down over 50% in my area n/t

[Ishoutandscream2]

5. Well, it's good to stick it to OPEC

And it is nice to have extra money in our pockets. However, the damage has already been done. Prices on most things went up significantly because of the formerly high price of oil. I doubt if prices on groceries or other essentials will go down in conjunction with the price drop in oil.

[PADemD]

10. My local grocery store in PA (not a Walmart) is having lots of 10/$10 sales.

On Wednesday I bought a whole ham on sale for $2.99/pound.

The prices are going to have to be lowered somehow; otherwise, the stuff will rot on the shelf.

[Ishoutandscream2]

11. That's good to know

I have to admit that my wife does the most grocery shopping. When I'm in the store, I still mostly go "WTF?" when I see the prices.

[sarcasmo]

12. I was waiting for us to start noticing the price at the store to reflect the pump price.

[Waiting For Everyman]

6. This proves (to me) the high price was speculation and commercial demand.

Drivers don't change THAT much. Not from $147 down to $34.

[slackmaster]

8. That is the 800-pound gorilla in the room

[TommyO]

7. I know it's all part of a much bigger, nastier economic situation

but I'm enjoying the schadenfreude of seeing the money transfer to OPEC countries slow to a trickle.

[BumRushDaShow]

9. They made their beds...