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Oil plummets amid renewed uncertainty

CNNMoney -- Oil fell on Monday, as uncertainty over the debt crisis was renewed and the dollar strengthened against major currencies.

What prices are doing: Crude plummeted $1.75 to $79.49 a barrel on Monday.

What's driving the market: Prices took a nosedive, as traders kept a wary eye on global sovereign debt issues, after a report showed renewed worries over some countries' ability to sustain a recovery.

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Submitted Mar 15, 2010 By: billbearAL

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pdcarver Champion Author San Diego Posts:1,284 Points:245,595 Joined:Sep 2009	Message Posted: Mar 15, 2010 3:23:37 PM Ignore pdcarver Report Abuse yea, it's just going up is all. Period.
Blackice Champion Author Twin Cities Posts:3,191 Points:805,490 Joined:Oct 2003	Message Posted: Mar 15, 2010 3:21:42 PM Ignore Blackice Report Abuse Speculators have been playing this game for months now. Oh the economy is picking up...oil up $8 a barrel for the week. Oh the economy is stalling...oil down $2 for the week. And the cycle starts all over again. [Edited by: Blackice at 3/15/2010 4:22:46 PM EST]
swrestler Champion Author Grand Rapids Posts:1,185 Points:592,110 Joined:Oct 2008	Message Posted: Mar 15, 2010 3:21:16 PM Ignore swrestler Report Abuse Speculation...Don't expect the price of gas to come down anytime soon.....
jwalkerh Champion Author Louisiana Posts:2,095 Points:561,235 Joined:Oct 2008	Message Posted: Mar 15, 2010 3:20:01 PM Ignore jwalkerh Report Abuse Speculation is the driving force for the price of gas these days.
epf Champion Author Grand Rapids Posts:1,590 Points:923,895 Joined:May 2004	Message Posted: Mar 15, 2010 3:18:40 PM Ignore epf Report Abuse Sounds like these guys just woke up this morning, these issues have been there right along.
Focus2 Champion Author Illinois Posts:4,007 Points:1,211,190 Joined:Mar 2006	Message Posted: Mar 15, 2010 3:18:28 PM Ignore Focus2 Report Abuse Gas prices rising!
ILVET Champion Author Illinois Posts:9,885 Points:1,959,870 Joined:Jan 2005	Message Posted: Mar 15, 2010 3:17:57 PM Ignore ILVET Report Abuse If it wasn't gasoline it would be something else.
suportoffroad30 Veteran Author Wisconsin Posts:283 Points:597,065 Joined:Aug 2007	Message Posted: Mar 15, 2010 3:17:44 PM Ignore suportoffroad30 Report Abuse Prices on the way up here in Northern Wisconsin $ 2.84
jony Champion Author Florida Posts:2,938 Points:822,900 Joined:May 2006	Message Posted: Mar 15, 2010 3:16:03 PM Ignore jony Report Abuse don't anybody hold your breath wating for the prices to come back down from the nosebleed area
saleboss All-Star Author Phoenix Posts:740 Points:545,795 Joined:Feb 2006	Message Posted: Mar 15, 2010 3:15:50 PM Ignore saleboss Report Abuse Sure, crude prices plummeted, and still the price at the pump is still going up!
Blackice Champion Author Twin Cities Posts:3,191 Points:805,490 Joined:Oct 2003	Message Posted: Mar 15, 2010 3:14:46 PM Ignore Blackice Report Abuse Oil and gas prices always take 3 steps forward and 1 step back...so it seems to never lose ground.
Boby All-Star Author San Francisco Posts:783 Points:1,329,230 Joined:Jun 2004	Message Posted: Mar 15, 2010 3:13:04 PM Ignore Boby Report Abuse Since when are record high oil prices considered to have fallen? Oh ya, I get it - plummeted to new high prices, again. Duh reporting.
RockCity Champion Author Denver Posts:2,717 Points:484,845 Joined:Mar 2009	Message Posted: Mar 15, 2010 3:12:43 PM Ignore RockCity Report Abuse We hovered around the $2.40's for a couple of months, now we have moved into the $2.60's as the new average.
comet64 Champion Author Illinois Posts:1,250 Points:258,825 Joined:Feb 2006	Message Posted: Mar 15, 2010 3:12:39 PM Ignore comet64 Report Abuse bring back the 68 cent gas
kyrunner Champion Author Lexington Posts:3,916 Points:722,685 Joined:Aug 2008	Message Posted: Mar 15, 2010 3:11:33 PM Ignore kyrunner Report Abuse I find it very strange that prices will shoot UP by as much as $0.15 immediately and then drop by one cent at a time over a week or so time period to again shoot UP again sometimes without any reason.
JModius72 Rookie Author Ontario Posts:7 Points:27,465 Joined:Oct 2005	Message Posted: Mar 15, 2010 3:05:57 PM Ignore JModius72 Report Abuse LEt's hope this is a continuing trend [Edited by: JModius72 at 3/15/2010 4:06:30 PM EST]
lgwhitlock Champion Author Chico Posts:2,814 Points:721,000 Joined:Jun 2008	Message Posted: Mar 15, 2010 3:05:37 PM Ignore lgwhitlock Report Abuse About time but I realize with speculation at the helm it is unlikely to change anytime soon. I just hope the trend continue then holds for quite some time to allow recovery to truly move forward...
ebowMA Veteran Author Boston Posts:316 Points:392,745 Joined:Apr 2008	Message Posted: Mar 15, 2010 3:03:17 PM Ignore ebowMA Report Abuse Pump prices are based on previous inventory and market conditions, where are crude prices reflect current or (anticipated) future inventory and conditions. So THERE WON'T BE A DIRECT CONNECTION BETWEEN THE LATEST CRUDE PRICES AND PUMP PRICES. Sheesh.
DellMan Champion Author Omaha Posts:1,917 Points:442,925 Joined:Apr 2008	Message Posted: Mar 15, 2010 2:57:46 PM Ignore DellMan Report Abuse Now gas prices need to fall back down with oil prices. I just purchased an RV and would like to be able to afford gas for it.
jeep4 Rookie Author Los Angeles Posts:94 Points:143,330 Joined:Oct 2009	Message Posted: Mar 15, 2010 2:51:26 PM Ignore jeep4 Report Abuse Now if the price per gal would go down it would be great...however the prices have been going up..up..up
bowser12304 All-Star Author Pennsylvania Posts:558 Points:244,110 Joined:Dec 2008	Message Posted: Mar 15, 2010 2:47:00 PM Ignore bowser12304 Report Abuse pump prices went up
CPGas1815 Champion Author Michigan Posts:1,670 Points:244,145 Joined:Apr 2008	Message Posted: Mar 15, 2010 2:45:32 PM Ignore CPGas1815 Report Abuse Just once I'd like see the headline "Gasoline plummets amid concerns consumers can no lomnger afford to purchase the oil industry's speculatively derived products." Given my limited financial resources, each time I have to gas up, my already precarious finances take yet another hit. It is hard enough to afford current prices. I certainly don't want to see prices skyrocket as they did during the summer of 2008 when the local price at the pump surged tp $4.299. We will all be paying considerably more at the pump this summers than we paid last summer. Locally, currebt prices are already 86 cents greater than they were one year ago today and the momentum on Wall Street portends that gas prices will continue to escalate. Where is the Consumer Protection Agency? Oh, that's right, King George Bush and his un-holy band of wingnut co-conspirators eliminated so many of the regulations that had once protected consumers, the Consumer Protection Agency lost most all of its power to hold our nation's corporate entities accountable for their deplorable price gouging tactics.
Patch44 Champion Author Buffalo Posts:3,758 Points:899,835 Joined:Oct 2007	Message Posted: Mar 15, 2010 2:44:11 PM Ignore Patch44 Report Abuse I'd like to see gas prices plummet as much as oil prices...
Bargaindriver Sophomore Author Cincinnati Posts:117 Points:29,095 Joined:Sep 2007	Message Posted: Mar 15, 2010 2:42:30 PM Ignore Bargaindriver Report Abuse I'm willing to take even a smidgeon of good news on gas prices.
noblegiant Veteran Author Philadelphia Posts:341 Points:169,990 Joined:Nov 2007	Message Posted: Mar 15, 2010 2:39:45 PM Ignore noblegiant Report Abuse lets wait and see!!
snewwee Champion Author Detroit Posts:4,974 Points:1,011,080 Joined:Sep 2007	Message Posted: Mar 15, 2010 2:39:14 PM Ignore snewwee Report Abuse Down today; back up tomorrow. Unfortunately, the price at the pump goes down just a little and then back up with a vengence.
MiniFan Champion Author California Posts:1,808 Points:585,125 Joined:Nov 2008	Message Posted: Mar 15, 2010 2:36:19 PM Ignore MiniFan Report Abuse that's very good news
tazdriver Champion Author Huntsville Posts:4,892 Points:1,179,000 Joined:Jan 2007	Message Posted: Mar 15, 2010 2:34:10 PM Ignore tazdriver Report Abuse A tiny ease in price, sounds like progressionist spin
Drofo Veteran Author Michigan Posts:358 Points:262,865 Joined:Jan 2007	Message Posted: Mar 15, 2010 2:33:12 PM Ignore Drofo Report Abuse Not really a plummet. $5 is a plummet
FFootdoc12 All-Star Author Illinois Posts:549 Points:82,370 Joined:Apr 2008	Message Posted: Mar 15, 2010 2:32:15 PM Ignore FFootdoc12 Report Abuse should improve profits for Exxon/Mobil
caddilac Champion Author Ontario Posts:10,652 Points:1,159,950 Joined:Apr 2007	Message Posted: Mar 15, 2010 2:30:52 PM Ignore caddilac Report Abuse Hopefully it will cause a 'plummet' in gas prices.
lowgaspriced Rookie Author Winnipeg Posts:44 Points:39,905 Joined:Jul 2008	Message Posted: Mar 15, 2010 2:30:19 PM Ignore lowgaspriced Report Abuse This really isn't "plummeting". If it's a $5 loss, then you could consider it "plummeting".
greywolves Champion Author Las Vegas Posts:4,083 Points:1,523,995 Joined:Dec 2004	Message Posted: Mar 15, 2010 2:28:02 PM Ignore greywolves Report Abuse the price for crude oil speculators are willing to pay today, is reduced 2% less than yesterday.
Go_E85 Sophomore Author Orange County Posts:152 Points:40,655 Joined:Dec 2007	Message Posted: Mar 15, 2010 2:26:25 PM Ignore Go_E85 Report Abuse plummets? plummets?! its still $80 a Barrel. If oil dropped $20 a barrel then maybe we could say it plummeted, otherwise this is no big deal. It’s not even worth reporting, as it would only make gas go down a few pennies if at all. Besides if oil dropped in price it would be GOOD NEWS for everyone that’s got to buy it.
saunta Veteran Author Salt Lake City Posts:265 Points:92,880 Joined:Aug 2005	Message Posted: Mar 15, 2010 2:22:57 PM Ignore saunta Report Abuse Who cares not enough to make a dent or even a dimple in anyones pocket. When it crashes to were it should be 30-40 a barrel then you can use plummeted...give me a break!!!
JXQW All-Star Author Kansas City Posts:838 Points:310,195 Joined:Jul 2008	Message Posted: Mar 15, 2010 2:22:50 PM Ignore JXQW Report Abuse as long as they are making money, they wont see...
captainsalmon Rookie Author Washington Posts:37 Points:2,555 Joined:Oct 2009	Message Posted: Mar 15, 2010 2:21:20 PM Ignore captainsalmon Report Abuse wow PLUMMET to a whole $79 thats still not even what the price should be get your wallets out this summer as i'm sure we'll see at least 3.75
heysailor Champion Author Pittsburgh Posts:4,645 Points:1,354,095 Joined:Mar 2006	Message Posted: Mar 15, 2010 2:20:00 PM Ignore heysailor Report Abuse We're broke; when will the speculators (who stole all the money) see this?
EVH_1984 All-Star Author Massachusetts Posts:526 Points:235,625 Joined:May 2008	Message Posted: Mar 15, 2010 2:19:59 PM Ignore EVH_1984 Report Abuse i agree. gas should be no more than $2 a gallon.
jes Champion Author Pennsylvania Posts:11,460 Points:2,396,535 Joined:Jun 2003	Message Posted: Mar 15, 2010 2:19:14 PM Ignore jes Report Abuse Wait till tomorrow.
nojsts Champion Author St. Louis Posts:14,043 Points:2,828,980 Joined:May 2002	Message Posted: Mar 15, 2010 2:13:33 PM Ignore nojsts Report Abuse Prices are just a game played by big oil.
hblee Champion Author Ontario Posts:1,796 Points:602,035 Joined:May 2004	Message Posted: Mar 15, 2010 2:10:04 PM Ignore hblee Report Abuse Does that mean a drop at the pumps? Hopefully.
Wesk8 Champion Author Michigan Posts:1,465 Points:635,450 Joined:Aug 2005	Message Posted: Mar 15, 2010 2:08:54 PM Ignore Wesk8 Report Abuse If we could harness the wave energy of the crude oil market, we wouldn't need oil anymore!
Fitwit Champion Author Stockton Posts:2,072 Points:450,820 Joined:May 2009	Message Posted: Mar 15, 2010 2:08:13 PM Ignore Fitwit Report Abuse The dollar strengthend sounds like good news to me.
ED6 Champion Author Riverside Posts:5,143 Points:999,635 Joined:Jul 2007	Message Posted: Mar 15, 2010 2:06:39 PM Ignore ED6 Report Abuse Millions are unemployed and demand is low, there should be no reason why oil is low.
Iversonfan All-Star Author Richmond Posts:889 Points:61,340 Joined:Jan 2006	Message Posted: Mar 15, 2010 2:02:51 PM Ignore Iversonfan Report Abuse this is so dumb prices should be down because we are driving as much and demand is low .. no reason why gas shouldnt be around $2 a gallon now
TH34 Champion Author Baltimore Posts:3,895 Points:1,404,115 Joined:Aug 2005	Message Posted: Mar 15, 2010 2:02:19 PM Ignore TH34 Report Abuse Yeah. And that plunge will last. Till tomorrow.
balljars Champion Author Michigan Posts:3,638 Points:722,250 Joined:Aug 2008	Message Posted: Mar 15, 2010 2:01:51 PM Ignore balljars Report Abuse Oil down then up.
Rick52 Champion Author Milwaukee Posts:6,260 Points:280,105 Joined:Mar 2005	Message Posted: Mar 15, 2010 1:58:28 PM Ignore Rick52 Report Abuse Uncertainty ??? Like we have had for the last two years ????
jarrjazz1 Champion Author British Columbia Posts:2,189 Points:446,240 Joined:Sep 2008	Message Posted: Mar 15, 2010 1:56:15 PM Ignore jarrjazz1 Report Abuse keep conserving!