Energy stocks whacked by diving crude, gas prices

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Wednesday, November 19, 2008 2:04:19 PM

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Energy stocks whacked by diving crude, gas prices Sunday, October 12, 2008
Associated Press -- NEW YORK (AP) — Energy stocks plunged Friday as crude and natural gas prices dropped to levels not seen in more than a year. The sector has fallen alongside a broader sell-off on Wall Street, with the Dow Jones industrials dropping nearly 700 points at one point Friday, or about 8 percent. Consumers have already begun driving fewer miles and using less electricity to save money. The Department of Energy reported demand for gasoline over the past four weeks was down 5.3 percent. On Friday, the International Energy Agency, a Paris-based energy watchdog agency, cut its forecast for oil demand this year by 240,000 barrels per day and 440,000 barrels per day for 2009. "We are now seeing the final death throws of the bubble that was built into this market," said Stephen Schork, a commodities analyst and trader. On the New York Mercantile Exchange, light, sweet crude for December delivery fell $8.63, or 10 percent, to settle at $77.99 per barrel. The breathtaking drop comes aft
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	Sunday, October 12, 2008 Associated Press -- NEW YORK (AP) — Energy stocks plunged Friday as crude and natural gas prices dropped to levels not seen in more than a year. The sector has fallen alongside a broader sell-off on Wall Street, with the Dow Jones industrials dropping nearly 700 points at one point Friday, or about 8 percent. Consumers have already begun driving fewer miles and using less electricity to save money. The Department of Energy reported demand for gasoline over the past four weeks was down 5.3 percent. On Friday, the International Energy Agency, a Paris-based energy watchdog agency, cut its forecast for oil demand this year by 240,000 barrels per day and 440,000 barrels per day for 2009. "We are now seeing the final death throws of the bubble that was built into this market," said Stephen Schork, a commodities analyst and trader. On the New York Mercantile Exchange, light, sweet crude for December delivery fell $8.63, or 10 percent, to settle at $77.99 per barrel. The breathtaking drop comes after prices for the fossil fuel hit an all-time high of $147.27 on July 11. Today's close marks a 47 percent loss in value for a barrel of oil. Meanwhile, natural gas for November delivery lost 29 cents, or 4 percent, to $6.825 per 1,000 cubic feet. Prices had traded above $10 in July. Shares of Exxon Mobil Corp., one of the largest energy companies in the world, dropped nearly 13 percent, or $8.60, to $59.40. Shares hit a 52-week low of $57.19 earlier in the session. Exxon reported the largest ever quarterly operating profit for a U.S. company in July — $11.7 billion — on the back of record crude prices. Visit Associated Press for full article

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Jagman98 All-Star Author Louisville Posts:552 Points:73,900 Joined:Sep 2006	Message Posted: 10/14/2008 6:58:26 AM	Ignore Jagman98 Report Abuse
	I'll make more money off lower prices (in gas savings) than I will if the Energy stock sky rocket....as will most of us...
jmuse All-Star Author Long Island Posts:923 Points:187,955 Joined:May 2008	Message Posted: 10/14/2008 5:46:45 AM	Ignore jmuse Report Abuse
	Let's pass around the hat for the oil companies.
GasaHawg Veteran Author Texas Posts:477 Points:95,555 Joined:Nov 2005	Message Posted: 10/13/2008 9:27:10 AM	Ignore GasaHawg Report Abuse
	The bubble is not dead yet! If you notice today crude is having a price increase, thanks to the bailout. The price decrease in temporary.
tigeriz Veteran Author Maine Posts:302 Points:73,145 Joined:Aug 2008	Message Posted: 10/13/2008 8:35:50 AM	Ignore tigeriz Report Abuse
	down to $2.89 up here.
duriarte All-Star Author Utah Posts:734 Points:154,040 Joined:May 2008	Message Posted: 10/13/2008 8:22:33 AM	Ignore duriarte Report Abuse
	I think we are all going to get whacked in one way or the other.
Don20 Champion Author Oklahoma City Posts:1,520 Points:1,012,795 Joined:Mar 2005	Message Posted: 10/13/2008 7:38:59 AM	Ignore Don20 Report Abuse
	In case you have not noticed, all stocks have been WHACKED as they like to say. Also the Savings account has been WHACKED. The next whack is at the grocery store and anything else that you have to buy..
NissanGirl Veteran Author Oregon Posts:302 Points:165,990 Joined:Jan 2008	Message Posted: 10/13/2008 7:38:16 AM	Ignore NissanGirl Report Abuse
	You've got it right, tbybee.
iluna All-Star Author Colorado Springs Posts:502 Points:86,575 Joined:Jun 2007	Message Posted: 10/13/2008 7:29:08 AM	Ignore iluna Report Abuse
	Tbybee hit right on the head. Now if the oil companies & their Washignton cronies can remember that, we might be ok until a viable, renewable, non-food based alternative is "discovered" for our use.
brutus Champion Author Alberta Posts:1,752 Points:936,605 Joined:Feb 2003	Message Posted: 10/13/2008 7:28:38 AM	Ignore brutus Report Abuse
	So have our savings.
eagleeye2008 All-Star Author Wisconsin Posts:506 Points:109,090 Joined:Jul 2008	Message Posted: 10/13/2008 7:28:27 AM	Ignore eagleeye2008 Report Abuse
	SCREW THE "STOCKS",,I/ WE==== DIDN'T DO IT !!!!!
walker1 Champion Author Ohio Posts:1,069 Points:770,940 Joined:Mar 2006	Message Posted: 10/13/2008 7:28:23 AM	Ignore walker1 Report Abuse
	Down more
SeerLV All-Star Author Las Vegas Posts:532 Points:131,040 Joined:Jun 2008	Message Posted: 10/13/2008 7:22:47 AM	Ignore SeerLV Report Abuse
	If we start drilling now then it will still be a decade or so before we see any oil. We should conserve now while we drill to get the best of both. Lower demand = lower price sooner
MajorSteve Veteran Author Oklahoma City Posts:495 Points:236,620 Joined:Sep 2006	Message Posted: 10/13/2008 7:21:10 AM	Ignore MajorSteve Report Abuse
	DOwn it goes and it needs to drop more
JPGKC Champion Author Tampa Posts:3,159 Points:571,075 Joined:Sep 2006	Message Posted: 10/13/2008 7:19:57 AM	Ignore JPGKC Report Abuse
	DRILL NOW...
mplato Champion Author Columbia Posts:1,292 Points:425,230 Joined:Jun 2004	Message Posted: 10/13/2008 7:17:51 AM	Ignore mplato Report Abuse
	so has every other sector on the market....whats news about this?Vote Palin and let's get this down to drilling!!! Drill Here... Drill Now... Pay Less!!!
tbybee Veteran Author Omaha Posts:292 Points:107,625 Joined:Apr 2008	Message Posted: 10/13/2008 7:15:52 AM	Ignore tbybee Report Abuse
	Classic example of overpricing a product and people deciding they can live without it.
sailormon All-Star Author Michigan Posts:639 Points:204,130 Joined:Jul 2007	Message Posted: 10/13/2008 7:14:18 AM	Ignore sailormon Report Abuse
	Energy stocks whacked?! Heck, all stocks have bee whacked as of late!!
w4kh Champion Author Riverside Posts:3,655 Points:639,970 Joined:May 2004	Message Posted: 10/13/2008 7:12:31 AM	Ignore w4kh Report Abuse
	The enrgy stocks may have been whacked, but the PROFITS will still be high, and the executive SALARIES? OUTRAGEOUS!
Kthyme Champion Author Fort Worth Posts:2,664 Points:875,415 Joined:Apr 2006	Message Posted: 10/13/2008 7:11:55 AM	Ignore Kthyme Report Abuse
	Your exactly right 21597!!! Drill Here... Drill Now... Pay Less!!! ;)
cableman31 All-Star Author New York Posts:764 Points:428,820 Joined:May 2004	Message Posted: 10/13/2008 7:10:39 AM	Ignore cableman31 Report Abuse
	Keep going!!!
21597 All-Star Author Colorado Posts:636 Points:207,540 Joined:Sep 2005	Message Posted: 10/13/2008 7:10:29 AM	Ignore 21597 Report Abuse
	Remember the "drill here, drill now" bit? Democrats got worried. They thought that their refusal to exploit our own domestic oil reserves might cost them votes, so they rushed through a bill to open up some of our offshore sites and other federal lands to drilling. Now Pelosi's dog-washer Steny Hoyer is saying that as soon as Obama is elected they're going to re-institute the drilling ban.
cloud23465 Rookie Author Virginia Beach Posts:74 Points:58,055 Joined:Aug 2008	Message Posted: 10/13/2008 7:08:24 AM	Ignore cloud23465 Report Abuse
	Good. Hopefully this will help lower gas.
Dennis783 Champion Author Wisconsin Posts:5,598 Points:1,121,970 Joined:Sep 2005	Message Posted: 10/13/2008 7:08:20 AM	Ignore Dennis783 Report Abuse
	all stocks are down
bigwaverider Sophomore Author Orange County Posts:168 Points:51,230 Joined:Jun 2008	Message Posted: 10/13/2008 7:07:51 AM	Ignore bigwaverider Report Abuse
	They will recover only to quickly. May have been an opportunity to invest.
andyrew Sophomore Author Baltimore Posts:221 Points:72,045 Joined:Aug 2008	Message Posted: 10/13/2008 7:05:22 AM	Ignore andyrew Report Abuse
	it takes an event like this to get people to learn to conserve... to show them that theyre being incredibly wasteful. hopefully this will be a lifelong lesson and teach people that if they are more efficient in everything they do, the more they'll save, and there better off EVERYONE will be. but i wont hold my breath for that one.
amacquarrie Veteran Author Nevada Posts:328 Points:76,260 Joined:Jun 2008	Message Posted: 10/13/2008 7:04:33 AM	Ignore amacquarrie Report Abuse
	keep going down
fastfreddy38 All-Star Author Ontario Posts:851 Points:908,945 Joined:Aug 2005	Message Posted: 10/13/2008 7:02:54 AM	Ignore fastfreddy38 Report Abuse
	Right on!
PokerAce Champion Author Louisiana Posts:1,456 Points:294,430 Joined:Jan 2008	Message Posted: 10/13/2008 7:00:20 AM	Ignore PokerAce Report Abuse
	whack 'em harder !!!!! those greedy yahoos really didn't like conservation and less consumption is why .....
tomok Champion Author Portland Posts:9,600 Points:718,135 Joined:Aug 2006	Message Posted: 10/13/2008 6:59:16 AM	Ignore tomok Report Abuse
	Their stocks!.....OMG!.......HA!! What about their very recent and very high profits? --------------------- Produce more and many different alternative fuels (from NON food sources) to help reduce our OPEC oil consumption. Produce more renewable energy from solar, wind, tidal, thermal, hydro, etc. Support the electrical grid…..
ChiefDrake Sophomore Author Dallas Posts:102 Points:37,340 Joined:Aug 2008	Message Posted: 10/13/2008 6:59:04 AM	Ignore ChiefDrake Report Abuse
	That $11.5 billion should keep them running for about 2-3 yrs. Now's the time to invest in upgrades for refineries, and not suffer another IKE.
Chazzer Champion Author Nevada Posts:8,081 Points:1,729,685 Joined:May 2002	Message Posted: 10/13/2008 6:56:55 AM	Ignore Chazzer Report Abuse
	Everybody's been hit!
az26 Sophomore Author Miami Posts:133 Points:65,630 Joined:May 2008	Message Posted: 10/13/2008 6:56:29 AM	Ignore az26 Report Abuse
	hum!
21597 All-Star Author Colorado Posts:636 Points:207,540 Joined:Sep 2005	Message Posted: 10/13/2008 6:53:55 AM	Ignore 21597 Report Abuse
	Remember the "drill here, drill now" bit? Democrats got worried. They thought that their refusal to exploit our own domestic oil reserves might cost them votes, so they rushed through a bill to open up some of our offshore sites and other federal lands to drilling. Now Pelosi's dog-washer Steny Hoyer is saying that as soon as Obama is elected they're going to re-institute the drilling ban.
Egaser Veteran Author Atlanta Posts:409 Points:162,015 Joined:Apr 2006	Message Posted: 10/13/2008 6:52:55 AM	Ignore Egaser Report Abuse
	Buyer`s market.
UpSol7 Rookie Author Georgia Posts:21 Points:20,750 Joined:Sep 2008	Message Posted: 10/13/2008 6:51:41 AM	Ignore UpSol7 Report Abuse
	Let's see how long it takes for lower gas prices to make people forget [again] the need for alternatives.
rjoeh Champion Author Michigan Posts:1,151 Points:1,024,470 Joined:Jun 2004	Message Posted: 10/13/2008 6:47:57 AM	Ignore rjoeh Report Abuse
	that hurt... but time will reverse that situation.
Outie Champion Author New Brunswick Posts:1,174 Points:537,225 Joined:Oct 2005	Message Posted: 10/13/2008 6:47:17 AM	Ignore Outie Report Abuse
	When gas went way up it took away all of my leisure money. Now that oil is finally coming down it brings down the markets and my retirement fund with it. I just can't win anymore!!!
Gassie1 Champion Author Akron Posts:4,392 Points:563,885 Joined:Apr 2007	Message Posted: 10/13/2008 6:44:50 AM	Ignore Gassie1 Report Abuse
	Yes o.k.
Retowered All-Star Author Colorado Posts:996 Points:1,086,160 Joined:May 2004	Message Posted: 10/13/2008 6:43:21 AM	Ignore Retowered Report Abuse
	Yesterdays news.
lindseyb Veteran Author Pennsylvania Posts:332 Points:93,140 Joined:Apr 2008	Message Posted: 10/13/2008 6:43:12 AM	Ignore lindseyb Report Abuse
	whoo!
gasman50 Champion Author Portland Posts:1,314 Points:819,645 Joined:Nov 2005	Message Posted: 10/13/2008 6:42:58 AM	Ignore gasman50 Report Abuse
	Down baby, down
AC-302 Champion Author Los Angeles Posts:8,355 Points:1,315,405 Joined:Aug 2004	Message Posted: 10/13/2008 6:40:07 AM	Ignore AC-302 Report Abuse
	Glad to see the price of crude falling.
domer2 All-Star Author Gary Posts:867 Points:378,025 Joined:May 2007	Message Posted: 10/13/2008 6:39:22 AM	Ignore domer2 Report Abuse
	poor energy companies.
Crumbfel Champion Author Virginia Posts:4,316 Points:779,035 Joined:Aug 2006	Message Posted: 10/13/2008 6:35:56 AM	Ignore Crumbfel Report Abuse
	gotcha!
Mazdaman7Q Champion Author South Carolina Posts:3,731 Points:788,560 Joined:Jun 2006	Message Posted: 10/13/2008 6:34:35 AM	Ignore Mazdaman7Q Report Abuse
	with the way the economy the way it is, we need the cheapest gas possible
rvnvet70 Champion Author Michigan Posts:1,827 Points:988,300 Joined:Sep 2005	Message Posted: 10/13/2008 6:33:52 AM	Ignore rvnvet70 Report Abuse
	Poor speculators!
timwil Champion Author Arkansas Posts:2,246 Points:492,130 Joined:May 2007	Message Posted: 10/13/2008 6:31:35 AM	Ignore timwil Report Abuse
	ok
TBRR Veteran Author Jacksonville Posts:307 Points:82,325 Joined:Dec 2007	Message Posted: 10/13/2008 6:31:26 AM	Ignore TBRR Report Abuse
	well it is about time the stock market held a sale. it is a buyers market out there for those that know what they are doing. all stocks are now on sale. only the morons that sell are the ones that get hurt. if you can ride it out, you will make more $$ when it goes back up. oil stocks have been very inflated. drive smarter and conserve, don't feel sorry for OPEC.
Gas_Buzzer Champion Author South Carolina Posts:6,455 Points:1,104,350 Joined:Sep 2005	Message Posted: 10/13/2008 6:25:58 AM	Ignore Gas_Buzzer Report Abuse
	OKRifle, you certainly did not read the story before you made your comment. Way to show your ignorance.
Sentraholic Champion Author Maryland Posts:2,150 Points:506,465 Joined:Nov 2006	Message Posted: 10/13/2008 6:25:22 AM	Ignore Sentraholic Report Abuse
	I hope some of the same idiots who've done so much to wreck our economy by artificially inflating oil prices lose EVERYTHING. They deserve it.