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Oil prices fall after warning from World Bank

Yahoo News -- A strong warning from the World Bank that growth in Asia may slow further dragged the price of oil Monday to its lowest close in two months.

The World Bank signaled a "more pronounced slowdown" in China, and cut its growth forecast for Asia.

Red-hot growth in emerging markets like China/India helped boost oil consumption coming out of the global recession.

Benchmark crude fell 55 cents to close at $89.33 in NY. The contract hasn't closed lower since Aug 2.

Pump prices remain high. The national average for gasoline rose 3 cents over the weekend to $3.818 a gallon. But Californians are now paying an average of $4.668 a gallon,

In response, Gov. Brown ordered cheaper winter-blend gas sold 3 weeks early. And Sen. Dianne Feinstein has called for a federal investigation.

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Submitted Oct 09, 2012 By: MidNJ

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PDQBlues Champion Author San Diego Posts:7,059 Points:1,445,400 Joined:Jan 2009	Message Posted: Oct 9, 2012 7:28:50 PM Ignore PDQBlues Report Abuse I'm looking forward when gas prices fall again.
brbaritone Champion Author Virginia Posts:2,061 Points:1,695,295 Joined:Jan 2007	Message Posted: Oct 9, 2012 6:02:10 PM Ignore brbaritone Report Abuse Given the excess supply and weak demand, oil should be at it's lowest in two years, not two months.
MsCris04 Rookie Author California Posts:2 Points:2,315 Joined:Oct 2012	Message Posted: Oct 9, 2012 8:36:22 AM Ignore MsCris04 Report Abuse Lets hope it happens sometime soon.
Zeke33 Champion Author New Hampshire Posts:5,564 Points:1,613,905 Joined:Sep 2005	Message Posted: Oct 9, 2012 8:27:34 AM Ignore Zeke33 Report Abuse More of the same.
WalkingWV Champion Author West Virginia Posts:3,696 Points:777,870 Joined:May 2008	Message Posted: Oct 9, 2012 6:47:37 AM Ignore WalkingWV Report Abuse Too bad we won't see it at the pumps.
investmentdr Champion Author Cleveland Posts:4,014 Points:1,452,125 Joined:Sep 2008	Message Posted: Oct 9, 2012 6:33:25 AM Ignore investmentdr Report Abuse oil and gasoline are separate markets
tankerCA Champion Author Chico Posts:2,566 Points:353,040 Joined:Mar 2011	Message Posted: Oct 9, 2012 6:07:57 AM Ignore tankerCA Report Abuse I keep hearing how gas prices are falling, but I fail to actually see it.
ss70 Champion Author Detroit Posts:9,639 Points:1,867,175 Joined:Sep 2005	Message Posted: Oct 9, 2012 6:01:55 AM Ignore ss70 Report Abuse Drama and more Drama. Directed by US oil industry
drpepperTX Champion Author Texas Posts:8,929 Points:750,035 Joined:Apr 2011	Message Posted: Oct 9, 2012 5:46:06 AM Ignore drpepperTX Report Abuse BRENT CRUDE FUTR (USD/BBL.) 113.35 +1.53 (1.36%) 08:33
WalRus49 Champion Author Boston Posts:4,060 Points:865,940 Joined:Nov 2010	Message Posted: Oct 9, 2012 5:23:01 AM Ignore WalRus49 Report Abuse More organized mayhem and pillage....................
Night Owl Champion Author Toronto Posts:7,540 Points:1,784,650 Joined:Jul 2004	Message Posted: Oct 9, 2012 5:01:48 AM Ignore Night Owl Report Abuse Greedy oil speculators have raised oil prices so high that world economies still cannot recover.
gs7101 Champion Author San Antonio Posts:5,508 Points:387,245 Joined:Jun 2009	Message Posted: Oct 9, 2012 5:00:57 AM Ignore gs7101 Report Abuse Too bad oil prices never drop as fast as they rise!
sabre75 Champion Author Florida Posts:1,663 Points:340,395 Joined:May 2012	Message Posted: Oct 9, 2012 4:43:04 AM Ignore sabre75 Report Abuse Something is not right here. lower barrel but high gas..??
doeslayersr Champion Author Illinois Posts:9,093 Points:869,080 Joined:Dec 2010	Message Posted: Oct 9, 2012 3:57:24 AM Ignore doeslayersr Report Abuse Needs to plunge to at least $60 a barrel.
JohnofGB Champion Author Flint Posts:5,410 Points:1,094,225 Joined:Feb 2010	Message Posted: Oct 9, 2012 3:21:39 AM Ignore JohnofGB Report Abuse Crude falls but gasoline prices stay high. Whats wrong with this picture?
BBopp Champion Author Dayton Posts:6,824 Points:1,935,430 Joined:Dec 2006	Message Posted: Oct 9, 2012 1:56:39 AM Ignore BBopp Report Abuse Ah that explains the recent few cents decrease in pump prices.
KE4YBZ All-Star Author Knoxville Posts:578 Points:556,310 Joined:May 2011	Message Posted: Oct 9, 2012 1:00:08 AM Ignore KE4YBZ Report Abuse Prices are going UP here in eastern TN. This, even though crude prices have been - Dropping?!
flyank Veteran Author Miami Posts:358 Points:267,150 Joined:Jun 2009	Message Posted: Oct 9, 2012 12:43:29 AM Ignore flyank Report Abuse All that and earthquakes too. No thanks.
SBlouch Champion Author San Antonio Posts:8,719 Points:1,856,320 Joined:Apr 2007	Message Posted: Oct 9, 2012 12:23:49 AM Ignore SBlouch Report Abuse Gee, if the World Bank has this much power from just giving a warning, wonder why it waited this long to act.
RockCity Champion Author Denver Posts:7,895 Points:1,424,935 Joined:Mar 2009	Message Posted: Oct 9, 2012 12:16:58 AM Ignore RockCity Report Abuse It seems california is the lead dog, and we will get similar pricing shortly and all we do is trash the people that try to hold the energy and car companies feet to the fire, perhaps.
comprof Champion Author Houston Posts:6,844 Points:1,353,825 Joined:Jul 2009	Message Posted: Oct 9, 2012 12:09:52 AM Ignore comprof Report Abuse But food prices keep rising. A much bigger problem.
Kia4now Sophomore Author Orange County Posts:238 Points:103,340 Joined:Jun 2012	Message Posted: Oct 8, 2012 11:56:31 PM Ignore Kia4now Report Abuse If I could, I'd get out of California. Tired of the BS!
thirstyauto Champion Author Milwaukee Posts:14,691 Points:1,616,720 Joined:Nov 2008	Message Posted: Oct 8, 2012 11:49:37 PM Ignore thirstyauto Report Abuse Something's not right here!
Settjec Champion Author Little Rock Posts:1,964 Points:685,570 Joined:May 2010	Message Posted: Oct 8, 2012 11:47:46 PM Ignore Settjec Report Abuse Feinstein needs to go .... all she is is a leach. Money sucking leach
MDTDriver Champion Author California Posts:9,714 Points:2,152,695 Joined:Jul 2006	Message Posted: Oct 8, 2012 11:46:20 PM Ignore MDTDriver Report Abuse I can hardly wait!
Retowered Champion Author Colorado Posts:8,562 Points:2,682,490 Joined:May 2004	Message Posted: Oct 8, 2012 11:42:28 PM Ignore Retowered Report Abuse Our price here is $3.94, But it would be nice if it would go down.
q2 Champion Author Alberta Posts:2,019 Points:377,070 Joined:Nov 2008	Message Posted: Oct 8, 2012 11:42:05 PM Ignore q2 Report Abuse Trouble ahead
downstream Champion Author Little Rock Posts:1,106 Points:1,389,380 Joined:Mar 2006	Message Posted: Oct 8, 2012 11:40:29 PM Ignore downstream Report Abuse oh great, another govt investigation, that's always worked before...
BJWI Champion Author Milwaukee Posts:6,394 Points:733,400 Joined:May 2011	Message Posted: Oct 8, 2012 11:38:57 PM Ignore BJWI Report Abuse Go figure, you need someone like the World Bank to say, the high cost of oil and gas is hurting economic growth and consumer consumption/spending. What is surprising is big oil and speculators caring enough to reduce prices (especially since supply and demand is no longer driving the market prices).
DavidsChallenge All-Star Author Louisville Posts:635 Points:125,805 Joined:Aug 2012	Message Posted: Oct 8, 2012 11:38:12 PM Ignore DavidsChallenge Report Abuse Now build more new refineries and the price will come down.
srchr Champion Author San Jose Posts:7,238 Points:1,617,125 Joined:Apr 2008	Message Posted: Oct 8, 2012 11:35:07 PM Ignore srchr Report Abuse must really be a glut
Z06KY Champion Author Louisville Posts:5,129 Points:902,790 Joined:Nov 2010	Message Posted: Oct 8, 2012 11:31:25 PM Ignore Z06KY Report Abuse ok
SnickersDog Champion Author Denver Posts:3,268 Points:678,060 Joined:Feb 2011	Message Posted: Oct 8, 2012 11:30:09 PM Ignore SnickersDog Report Abuse Let it fall.
abk Champion Author Utah Posts:1,790 Points:654,025 Joined:Jan 2010	Message Posted: Oct 8, 2012 11:29:24 PM Ignore abk Report Abuse Politicians rarely respond with anything useful.
Tigercat88 Champion Author North Carolina Posts:3,182 Points:613,940 Joined:Jul 2011	Message Posted: Oct 8, 2012 11:28:58 PM Ignore Tigercat88 Report Abuse Prices will continue to rise with Obama still in Office.
vinroc31 Rookie Author Denver Posts:82 Points:145,020 Joined:Sep 2011	Message Posted: Oct 8, 2012 11:28:21 PM Ignore vinroc31 Report Abuse Someone is manipulating prices.
Jeff4U Champion Author Atlanta Posts:8,733 Points:1,849,445 Joined:Nov 2004	Message Posted: Oct 8, 2012 11:22:39 PM Ignore Jeff4U Report Abuse REPOST (exists 8 articles below this one)
gasandgoAL Champion Author Alabama Posts:7,136 Points:1,586,740 Joined:Sep 2008	Message Posted: Oct 8, 2012 11:22:24 PM Ignore gasandgoAL Report Abuse conserve
unicornIL Veteran Author Chicago Posts:446 Points:383,445 Joined:Jan 2012	Message Posted: Oct 8, 2012 11:21:23 PM Ignore unicornIL Report Abuse sure prices will drop, NOT!
jcurley Champion Author California Posts:7,881 Points:1,772,120 Joined:Dec 2007	Message Posted: Oct 8, 2012 11:16:33 PM Ignore jcurley Report Abuse In CA, we got hit by the perfect storm. Planned and unplanned maintenance, in between gas season, plus "free market" speculation and we end up with $5 a gallon gas.
texasvet Champion Author Texas Posts:3,823 Points:360,120 Joined:Jul 2009	Message Posted: Oct 8, 2012 11:10:40 PM Ignore texasvet Report Abuse pa79th - If you don't like the prices, then start supporting fracking and refinery construction in Pennsylvania
heydano67 Champion Author California Posts:1,651 Points:355,410 Joined:Feb 2012	Message Posted: Oct 8, 2012 11:10:25 PM Ignore heydano67 Report Abuse keep on falling
Bruno44 Champion Author Texas Posts:7,060 Points:1,765,270 Joined:Sep 2007	Message Posted: Oct 8, 2012 11:09:36 PM Ignore Bruno44 Report Abuse Might help in CA if they cut the taxes and cut regulations. [Edited by: Bruno44 at 10/9/2012 2:10:06 AM EST]
pa79th Champion Author Pennsylvania Posts:1,767 Points:1,213,925 Joined:Jun 2007	Message Posted: Oct 8, 2012 11:08:31 PM Ignore pa79th Report Abuse You can thank the greed driven futures price market for prices staying up!
furiousfowl Champion Author Riverside Posts:16,845 Points:2,747,230 Joined:May 2005	Message Posted: Oct 8, 2012 11:05:13 PM Ignore furiousfowl Report Abuse Drive less, pay less.
hpow Rookie Author Vancouver Posts:85 Points:18,850 Joined:Oct 2012	Message Posted: Oct 8, 2012 11:04:34 PM Ignore hpow Report Abuse fine
TBONE3 Champion Author Pennsylvania Posts:8,736 Points:1,974,700 Joined:Mar 2005	Message Posted: Oct 8, 2012 11:04:19 PM Ignore TBONE3 Report Abuse The cost of fuel is one area that can seriously hinder the economy and job growth in the US!
69Bonne Champion Author Gary Posts:1,140 Points:471,200 Joined:Sep 2005	Message Posted: Oct 8, 2012 11:00:43 PM Ignore 69Bonne Report Abuse About time someone calls for an investigation but I doubt if Feinstein will get far with it.
Road-Runner Champion Author Denver Posts:7,046 Points:1,905,165 Joined:May 2004	Message Posted: Oct 8, 2012 10:55:32 PM Ignore Road-Runner Report Abuse We sure could use some relief from the rapid inflation in the U.S. mostly the result of galloping fuel prices.
hubcapLA Champion Author Louisiana Posts:3,905 Points:940,435 Joined:Apr 2009	Message Posted: Oct 8, 2012 10:54:42 PM Ignore hubcapLA Report Abuse Sounds fitting to me and World Bank is complaining because it will drop the amount they make.