Oil prices drop 3.5% Monday

[Hawaii Hiker]

Hope this lowers prices at the pump...



45 MINs agoMarkets
Oil Prices Plunge 3.5%
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The oil market fell sharply, turning away from worries about Iran and news of pipeline outages, on renewed concerns about the euro zone.


By John M. Biers

The oil market fell sharply, turning away from worries about Iran and news of pipeline outages, on renewed concerns about the euro zone. Front-month oil futures on the New York Mercantile Exchange were recently down $3.18, or 3.5%, to $88.65 a barrel, while Brent crude futures were trading down $3.40 to $103.43 a barrel

[bluestateguy]

1. That would mean

that there's a good 50/50 chance that gas prices will drop by a penny or two.

[Skink]

2. Gas prices here have risen everyday for a week.

[Denninmi]

3. Well, even if gas prices drop, we're still screwed.

All of the weather damage to crops this year is going to cause major food inflation. We may pay a little less for gas, but we're going to be paying a LOT more at the grocery store. Expect milk, meat, bread to rise a lot in the next few months, as well as produce staples such as apples.

[bigdarryl]

4. You can't tell here in NJ gas has gone up from 3:18 a gallon to 3:43 in three weeks