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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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nd73 All-Star Author Grand Rapids Posts:778 Points:415,685 Joined:May 2007	Message Posted: Mar 15, 2010 11:13:46 PM Ignore nd73 Report Abuse A weak dollar attracts investors looking for a "safe haven". So a stronger dollar discourages speculators, allowing the true market forces to reduce the cost of oil. Unfortunately, the super-intellectuals in Washington can't figure that out. So instead of working at getting America's economy moving again, which would continue to strengthen the dollar, the liberal bozos are quibbling over how to screw up the best health care system in the world, control how much automobile executives are paid, and how to curtail the financial industry. In November, let's vote into office some competent people for a change (you really CAN believe in!).
Amtrgas Champion Author Oakland Posts:2,551 Points:1,230,505 Joined:Dec 2007	Message Posted: Mar 15, 2010 10:30:45 PM Ignore Amtrgas Report Abuse The price of oil will continue zig-zag up and down for some time to come. Speculators trying to push the price up, so they make a buck. Reality and the poor economy pushing the price back down.
ops3 Champion Author Cincinnati Posts:1,229 Points:737,025 Joined:Dec 2007	Message Posted: Mar 15, 2010 9:46:43 PM Ignore ops3 Report Abuse "plummets"? When oil drops from $80 to $40, that will be a plummet. This Communist News Network headline hunting writer would turn a paper cut into a massacre!
alterman156 Champion Author New York Posts:5,090 Points:1,091,075 Joined:Dec 2008	Message Posted: Mar 15, 2010 8:51:55 PM Ignore alterman156 Report Abuse Now will gasoline prices plummet? I wouldn't hold my breath.
Bhmf4 Champion Author Alabama Posts:1,319 Points:841,955 Joined:Oct 2008	Message Posted: Mar 15, 2010 8:15:12 PM Ignore Bhmf4 Report Abuse The speculation is just traders guess at where the market will be in a future time. They are willing to bet their money on their guess. I am not, so I do not speculate.
TheDix Champion Author Ontario Posts:2,000 Points:359,270 Joined:Dec 2009	Message Posted: Mar 15, 2010 7:30:51 PM Ignore TheDix Report Abuse It has to be market speculation not supply and demand.
pgerassi Champion Author Milwaukee Posts:8,517 Points:1,666,845 Joined:Apr 2007	Message Posted: Mar 15, 2010 6:54:23 PM Ignore pgerassi Report Abuse Good!
steamtrainNV Champion Author Nevada Posts:6,205 Points:1,048,380 Joined:Nov 2008	Message Posted: Mar 15, 2010 6:48:30 PM Ignore steamtrainNV Report Abuse best news i heard all day
Night Owl Champion Author Toronto Posts:5,265 Points:1,333,725 Joined:Jul 2004	Message Posted: Mar 15, 2010 6:47:41 PM Ignore Night Owl Report Abuse Some good news. But oil prices are still way too high.
kcboy Champion Author Utah Posts:2,427 Points:1,191,205 Joined:Jun 2005	Message Posted: Mar 15, 2010 6:42:29 PM Ignore kcboy Report Abuse Gas didn't do it at the pumps.
WilW Champion Author Atlanta Posts:9,865 Points:2,211,860 Joined:Aug 2004	Message Posted: Mar 15, 2010 6:40:29 PM Ignore WilW Report Abuse Yet the amount of cash in my wallet also "plummets"!
dollarwatcher Champion Author Wisconsin Posts:5,560 Points:1,068,420 Joined:Mar 2007	Message Posted: Mar 15, 2010 6:36:18 PM Ignore dollarwatcher Report Abuse I think a slip is more accurate then 'a plummet'. A $30 drop would be a plummet.
Robert44 Champion Author Columbus Posts:2,883 Points:944,235 Joined:Mar 2004	Message Posted: Mar 15, 2010 6:35:42 PM Ignore Robert44 Report Abuse Up and Down, Up and Down, so on ...
eye-spy Champion Author Quebec Posts:2,221 Points:1,950,845 Joined:Feb 2005	Message Posted: Mar 15, 2010 6:33:30 PM Ignore eye-spy Report Abuse UP - DOWN, DOWN - UP. And the beat goes on -- the beat goes on. Getting tired of this bulls**t!!!
vegaland Champion Author Houston Posts:2,403 Points:501,795 Joined:May 2006	Message Posted: Mar 15, 2010 6:32:23 PM Ignore vegaland Report Abuse It'll go back up.
uptherefiners Champion Author Chicago Posts:3,318 Points:683,120 Joined:Jun 2006	Message Posted: Mar 15, 2010 6:31:43 PM Ignore uptherefiners Report Abuse down $1.75 is better than UP $1.75
2granny Champion Author Michigan Posts:7,150 Points:999,580 Joined:Apr 2009	Message Posted: Mar 15, 2010 6:31:26 PM Ignore 2granny Report Abuse We will see what happens tomorrow. It will probably go up $3.00.
FastAndy Champion Author Indianapolis Posts:4,406 Points:1,576,700 Joined:Jun 2007	Message Posted: Mar 15, 2010 6:30:48 PM Ignore FastAndy Report Abuse Once again the only thing keeping gas prices where they are is the poor economy. Just wait until the economy improves if it ever does and see where gasoline prices are.
hibsaw Champion Author Mississippi Posts:5,671 Points:1,215,065 Joined:Feb 2008	Message Posted: Mar 15, 2010 6:18:14 PM Ignore hibsaw Report Abuse Plummet is not a good description for a small, one day drop in price. It will probably go up $2.00 per barrel tomorrow.
bbreff Champion Author Atlanta Posts:7,647 Points:2,129,065 Joined:Jun 2005	Message Posted: Mar 15, 2010 6:18:08 PM Ignore bbreff Report Abuse Not enough of a deop.
camel1 Champion Author Minnesota Posts:6,050 Points:1,816,515 Joined:Jul 2006	Message Posted: Mar 15, 2010 6:13:04 PM Ignore camel1 Report Abuse What goes up often comes down, but not as much as it goes up
paoli8 Champion Author Philadelphia Posts:4,905 Points:1,378,485 Joined:Jul 2007	Message Posted: Mar 15, 2010 6:13:04 PM Ignore paoli8 Report Abuse We have had nothing but uncertainty for over a year.
aldog365 Champion Author Nashville Posts:3,150 Points:1,559,710 Joined:Aug 2005	Message Posted: Mar 15, 2010 6:03:01 PM Ignore aldog365 Report Abuse Plummet to me means several dollars at one time.
Z51Corvette Champion Author Austin Posts:6,165 Points:1,225,615 Joined:Jan 2008	Message Posted: Mar 15, 2010 5:56:20 PM Ignore Z51Corvette Report Abuse Plummet, no a nice drop... yeah... continued drops... GREAT!
DellDude2 Champion Author Nashville Posts:6,778 Points:1,655,860 Joined:Aug 2005	Message Posted: Mar 15, 2010 5:43:26 PM Ignore DellDude2 Report Abuse I agree with most posters, 'plummet' is the wrong word. 'Slight drop' would be closer. BTW, our pump prices have experienced a modest drop since last week, down 13 cents to $2.62.
Romey08 Champion Author Virginia Posts:4,237 Points:1,025,325 Joined:Apr 2008	Message Posted: Mar 15, 2010 5:42:52 PM Ignore Romey08 Report Abuse So why did gas prices increase 2 cents today?
MINER Champion Author Pittsburgh Posts:8,960 Points:2,585,815 Joined:Jul 2002	Message Posted: Mar 15, 2010 5:38:26 PM Ignore MINER Report Abuse I sure hope crude doesn't get any cheaper now, with this $3.00 gal. gas here likely by next week I will have to cut back more to one fillup a month then...
YingYangTwin Champion Author Toronto Posts:1,087 Points:191,305 Joined:Dec 2008	Message Posted: Mar 15, 2010 5:37:14 PM Ignore YingYangTwin Report Abuse Plummet... the author couldn't think of another word for "drop" so they busted out the thesaurus
4warned Champion Author Michigan Posts:5,512 Points:1,740,115 Joined:Nov 2006	Message Posted: Mar 15, 2010 5:35:56 PM Ignore 4warned Report Abuse Speculation was just trying to get us to believe things are better than they actually are. The truth eventually comes out.
04tang Champion Author Ohio Posts:2,244 Points:494,325 Joined:Jul 2006	Message Posted: Mar 15, 2010 5:33:50 PM Ignore 04tang Report Abuse I hope to see gas prices follow.
jwduke1 Champion Author Iowa Posts:13,855 Points:2,723,765 Joined:Apr 2004	Message Posted: Mar 15, 2010 5:33:08 PM Ignore jwduke1 Report Abuse But, it rises .05 cents at the pump, today!
carefrey Champion Author Orlando Posts:3,357 Points:718,450 Joined:Sep 2009	Message Posted: Mar 15, 2010 5:32:50 PM Ignore carefrey Report Abuse It's probably only temporary!
BobbyVA Champion Author Virginia Beach Posts:3,431 Points:748,040 Joined:Jul 2009	Message Posted: Mar 15, 2010 5:32:08 PM Ignore BobbyVA Report Abuse Typical CNN reporting, crude plummeted $1.75, what's that, 2%. This is just like they reported the election, biased and not factual. Seems as if plummeted would be about 15-20% and actually mean something.
BamaPack All-Star Author Atlanta Posts:868 Points:250,590 Joined:Sep 2008	Message Posted: Mar 15, 2010 5:31:22 PM Ignore BamaPack Report Abuse Just after I filled up
georgeo Champion Author California Posts:4,172 Points:178,915 Joined:May 2009	Message Posted: Mar 15, 2010 5:28:54 PM Ignore georgeo Report Abuse The speculators began to believe their own lies. Most of the news has been fairy tales.
fullauto Champion Author Reading Posts:3,312 Points:1,067,550 Joined:Apr 2008	Message Posted: Mar 15, 2010 5:28:28 PM Ignore fullauto Report Abuse a 'plummet' would be $10 oil.
murdershewrote Champion Author Riverside Posts:7,262 Points:2,144,760 Joined:Mar 2005	Message Posted: Mar 15, 2010 5:24:31 PM Ignore murdershewrote Report Abuse love when they report it as plummet...1.75...big plummett
rumbleseat Champion Author Winnipeg Posts:20,080 Points:3,169,940 Joined:Oct 2002	Message Posted: Mar 15, 2010 5:22:40 PM Ignore rumbleseat Report Abuse $1.75 would be a plummet if the price of oil were under $30 a barrel. At $80 a barrel it is just over a 2% drop, a mere blip.
wizzard1222 Champion Author St. Louis Posts:6,214 Points:1,833,115 Joined:Mar 2006	Message Posted: Mar 15, 2010 5:21:20 PM Ignore wizzard1222 Report Abuse Plummet...ed ??? $1.75 Give me a break !!!
badbonita Champion Author Syracuse Posts:3,841 Points:886,930 Joined:Jul 2008	Message Posted: Mar 15, 2010 5:18:35 PM Ignore badbonita Report Abuse Is it an odd day - prices must be falling. Tomorrow is an even numbered day so the price should go up. There's my speculation.
rollma2 Champion Author Montreal Posts:1,181 Points:261,125 Joined:Jul 2009	Message Posted: Mar 15, 2010 5:17:40 PM Ignore rollma2 Report Abuse heard this before
Sneakers55 Champion Author Houston Posts:43,346 Points:1,712,105 Joined:Nov 2005	Message Posted: Mar 15, 2010 5:09:17 PM Ignore Sneakers55 Report Abuse If you want to see "plummeting" try oil and gas royalty trusts. Their income is pretty much tied to oil price indexes.
pliskin Champion Author Syracuse Posts:4,366 Points:1,348,130 Joined:Apr 2005	Message Posted: Mar 15, 2010 5:03:10 PM Ignore pliskin Report Abuse It may drop only to rise again. We all know that this market speculation is only pure speculation and won't be down for very long.
goldseeker Champion Author West Virginia Posts:16,298 Points:2,252,665 Joined:Sep 2005	Message Posted: Mar 15, 2010 5:02:41 PM Ignore goldseeker Report Abuse This is a totally worthless thread. Oil goes up and down all the time. Pump prices are still high at around $3.00 per gallon here.
gp7 Sophomore Author Massachusetts Posts:112 Points:162,690 Joined:Nov 2005	Message Posted: Mar 15, 2010 5:01:55 PM Ignore gp7 Report Abuse Imagine if it dropped $2.00! What kind of adjetive would they use then!!
outlaw329 Champion Author Austin Posts:5,283 Points:931,625 Joined:Aug 2008	Message Posted: Mar 15, 2010 5:00:35 PM Ignore outlaw329 Report Abuse Plummet, to decline sharply, a steep decline. That would mean plummeted should amount to something like 25.00 or more. Now that is a plummet where as 1.75 is more of a slight decline.
aarrrt Champion Author San Diego Posts:5,427 Points:1,212,265 Joined:May 2008	Message Posted: Mar 15, 2010 5:00:22 PM Ignore aarrrt Report Abuse Same old story.
TAT36 Champion Author Florida Posts:4,433 Points:845,495 Joined:Sep 2009	Message Posted: Mar 15, 2010 5:00:11 PM Ignore TAT36 Report Abuse The old saying what goes up must come down didn't take into account oil or gas prices. they are the only thing I know of that works the other way. What goes oil prices go down makes gas prices go up. Go figure.
NHLiveFree Champion Author New Hampshire Posts:7,208 Points:1,171,070 Joined:Jun 2008	Message Posted: Mar 15, 2010 5:00:07 PM Ignore NHLiveFree Report Abuse Totally agree with you djgunrunner. It's time for our politicians to stop taking payoffs from Big Oil and start controling energy prices for us!
WIPACKERFAN Champion Author Chicago Posts:6,485 Points:1,384,810 Joined:Aug 2005	Message Posted: Mar 15, 2010 4:59:27 PM Ignore WIPACKERFAN Report Abuse Still way too high.