©2009 Produced by NewsOK.com. All rights reserved.

Toolsview all

David Stanley Ford

Energy Update: Oil prices drop as nation struggles with economy

   Comments Comment on this article0
Published: July 3, 2009

Oil prices tumbled to their lowest level in a month Thursday after the release of woeful job numbers in Europe and the U.S. Benchmark crude for August delivery fell $2.58, nearly 4 percent, to settle at $66.73 a barrel on the New York Mercantile Exchange.

Advertisement

Crude hit an eight-month high in midday trading Tuesday, but prices have fallen at the close for five straight days now.

Nymex is closed Friday for the July Fourth holiday. Since the recession began in December 2007, the economy has lost a net total of 6.5 million jobs.

That has destroyed demand for energy on numerous levels. Employees who have lost jobs or are in fear of losing jobs are driving less and buying fewer goods, many of those products are petroleum-based.

Factories also have curbed production and are using less natural gas and electricity. U.S. stores of natural gas continue to grow as energy demand has weakened.

The government reported that the nation’s surplus grew more than expected last week, and it’s now 21 percent above the five-year average.

After rising 41 percent in the second quarter, which ended Tuesday, energy prices have begun to fall.

The Associated Press

Toolsview all

David Stanley Ford


Related Topics: Business, Financial Markets, Economic Indicators, Labor Market, Oil Prices, Commodity Markets


Obama Urges Homeowners to Refinance
($90,000 Refinance $489/mo) See Rates - No Credit Check Req.
www.LowerMyBills.com
Obama Wants You to Return to School
Get Your Degree Now. Financial Aid & Scholarships are available.
www.classesusa.com

Leave a Comment

Something to say about this topic? Submit a Letter to the Editor online

Thank you for joining our conversations on newsok. We encourage your discussions but ask that you stay within the bounds of our terms and conditions. Please help us by reporting comments that violate these guidelines. To review our rules of engagement, go to Commenting and posting policy.


Log in below or sign up (it's free).






    Business Photo Galleriesview all