Quake Sends Oil Below $100 for First Time all Month
- Posted on March 11, 2011 at 9:05am by
Jonathon M. Seidl
- Print »
- Email »
CNBC
NEW YORK (The Blaze/AP) — Stock futures are falling as investors try to assess the economic fallout from the largest earthquake in Japan’s history.
The quake struck toward the end of the Asian trading session. Tsunami alerts were issued for areas as far away as Hawaii and the mainland U.S. West coast.
Oil prices dipped below $100 for the first time this month. The quake is likely to cut short-term demand for crude from Japan, which is the world’s third biggest oil consumer.
So far, a Saudi Arabian “Day of Rage” set for Friday has not materialized, which may also be holding oil prices lower than expected.
Before the market opens, a government report on U.S. retail sales in February will give traders a sense of consumer demand.
Ahead of the bell, Dow Jones industrial average futures are down 38, or 0.3 percent, at 11,882. S&P 500 futures are down 2.2, or 0.2 percent, at 1,287. Nasdaq 100 futures are down 5.5, or 0.2 percent, at 2,275.
Popular Stories
Paper Details Obama Admin’s Alleged Secret Note Sent to Iran: If Israel Attacks, We Won’t Get Involved 577 Comments
‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 404 Comments
This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 403 Comments
Roseanne Barr: Most Billionaires ‘Violent Pedophiles’ & ‘Heartless’ Cocaine Addicts 372 Comments
President Obama Issues Major ‘Green Energy’ Executive Order 351 Comments
Faith
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 403 Comments
Pakistani Muslim Cleric Accused of Framing Disabled Christian Girl in Koran-Burning Case Read More- ‘Made Up Religion’: TV Historian Enrages Muslims, Receives Threats After Producing UK Documentary Questioning Islam’s Beginnings 404 Comments
Meet the Controversial German Imam Accused of Brutally Beating His Wife & Pushing Sharia Law Read More
‘Self-Proclaimed Messiah’ & Unification Church Leader the Rev. Sun Myung Moon Has Died — Here’s His Life Story Read More
Business
- President Obama Issues Major ‘Green Energy’ Executive Order 351 Comments
- Germany’s Upcoming Court Ruling Will be Huge for the EU Read More
Ford Looks to Beat Toyota for Best-Selling Car in 2012 With This Model 150 Comments
Bernanke & QE3: Here’s What You Need to Know Read More- ‘Extortion’: Why Did the Labor Department ‘Drop the Hammer’ on Oregon Farmers? 302 Comments
Technology
- This Is the Creationists‘ Response to Scientist Bill Nye’s Viral Pro-Evolution Video Claiming They Harm Children 403 Comments
‘TaserDrone’: Hackers Weaponize Quadcopter With Actual ‘Shocking’ Technology Read More
Ever Heard of the Wild ‘Burning Man’ Festival in the Middle of the Nev. Desert? Here’s Your Primer Read More
Stanford Develops Technology ‘Better Than Steroids’ for Athlete Recovery Read More
Have You Pretended to Know What ‘the Cloud’ Is? You’re Not Alone Read More
Submitting your tip... please wait!
Comments (65)
Richard M
Posted on March 11, 2011 at 12:09pmJust Google “Lindsay Williams the Oil Non-Crises”. Here’s a book about how the oil companies know they are sitting on huge, vast oil reserves right here in America, but, they’re waiting for oil to hit $150 to $200/barrel, so they can squeeze the American public. And this was all planned years ago, when Williams worked as a priest for workers on the Alaska Pipeline. You want to talk about terrorists and threats to our economy! We need to have Lindsay Williams appear before a congressional panel and have this investigated. Remember, corporations and especially the big oil companies, have no allegiance to the U.S.A., their only concern is profits. It‘s my understanding the big oil companies are responsible for the ’environmental movement’. Hummmm, wonder why that happened. Oh, I guess so we Americans would have to keep depending on the Middle East for our oil — and then when the Middle East explodes, and goes down the tubes, and oil is at $150-200/barrel, then, we’ll start drilling here in America so the oil companies can suck the life-blood out of us Americans. The people that are running these oil companies need to be held accountable, and tried for treason and violations of RICO statutes!!! That’s my remedy — anybody got a better idea?
Report Post »BruceB
Posted on March 11, 2011 at 12:06pmIt‘s Soros’s, Obummer,MSM Muke Mooore,big oil fault. They are all in bed together. Jesse Jackson should demand a congressional investigation.
Report Post »sbenard
Posted on March 11, 2011 at 11:30amIt didn’t last long. Crude oil is back above $100, but the trend is now down.
There is a lag time between crude oil and gas prices, usually 2-3 weeks. If you think that’s bad, the lag time between agriculture futures and food prices is 9-12 months. We have only BEGUN to see the food price increases that began to hit the market last June. Just wait until this summer!
Got food? I hope so. You’re gonna need it!
Report Post »sWampy
Posted on March 11, 2011 at 11:40amThere is no lag time when oil goes up, only a lag when it goes down. They raise prices on rumors it may go up, when it actually goes down they say we have to wait and see if it stays down. That isn’t how free markets work, oil/gas is no free market, until the morons in this nation wake up realize that and demand something be done with a single voice, we are all screwed.
Report Post »NHwinter
Posted on March 11, 2011 at 11:14amI agree with you -Miles from Nowhere. Everything about the liberals/progressives is depressing, angry, and horribly misguided. We need straight talking people in charge of this country like Col. Allen West.
Report Post »BMMiller1975
Posted on March 11, 2011 at 11:00amThe bulk of the oil stocks sit in the hands of a small number of uber-wealthy, who caused the fall in prices by doing a massive sell off. Now they’ll let it drop a little more and then buy it back so that you begin to see prices rise again. At least, that’s my take on things. I could be wrong.
Report Post »NePlus
Posted on March 12, 2011 at 6:39pmI believe you will find that the ‘uber-wealthy‘ who are doing the ’massive sell off’ are, in fact, Japanese financial institutions and investors. Historically speaking, they are a very patriotic group who bring their investment yen home in times of trouble. And yes, the price of oil will go back up.
I suggest you look into throwing a few dollars at the speculative trade of oil. I mean, why complain about it? Are you complaining about the rise in gold and silver or buying on the dips?
Report Post »miles from nowhere
Posted on March 11, 2011 at 11:00amThe only problem in our country is the far left extremist, They want to control ecery damn this country, it is far pass time to move these idiots out of the way, so this country can progress and grow. I would like to see my children have a future, a life they can enjoy. There is no joy in the future of a liberal, just hate and depression.
Report Post »Evileye
Posted on March 11, 2011 at 10:48amSorry for the bad grammar this upset me
Report Post »Evileye
Posted on March 11, 2011 at 10:38amI would love to see these speculator get screwed big time.
Report Post »Several dollar a barrel for oil is due to speculation.
It grieves me dearly to watch some guy trying to drive to work and pay threw the nose.
While a wall street ass will get a fed bail out if he screws up,paid for by the sucker that fellow that he just socked it to
loadingmyclips
Posted on March 11, 2011 at 10:56pmEvilEye is right, had to read two or three times, but why are we subjected to the greed of the oil companies. Are these companies owned/run by thearabs??
Report Post »sWampy
Posted on March 11, 2011 at 10:14amWhat you be gas prices won’t fall!!!
Why is gas $3.50 now with oil $100 a barrel, when it was only $2.50 last time oil was $100 a barrel and only got to $3.30 when oil peaked out at $150. This is the question the news should be running 24/7 and that we can make synthetic oil for $20 a barrel from garbage we grind up/bury/burn currently.
Report Post »NePlus
Posted on March 12, 2011 at 6:31pmCool! Sounds like you should go into business making synthetic oil. You know, speculate on the results of your investment.
Report Post »LadyIzShy
Posted on March 11, 2011 at 10:14amthis will be a short term drop.. today is the 11th, wasnt this the day they were planning trouble in saudi? I doubt we will hear anything yet but as tragic as this is and it is AWFUL, keep your eye on the rest of the news.. watch the other hand so to speak
Report Post »OurFoundingFather
Posted on March 11, 2011 at 10:13am… in other news … an unidentified species of frog – reported to have evolved from the Bufonidae family – has been spotted on a small island off the coast of Thailand passing gas … speculators now anticipate a sharp drop in crude in the coming weeks … WTF! Drill buddy drill.
Report Post »GIDEON612
Posted on March 11, 2011 at 10:13amAs GRANDMAOF5 said it is sad that it takes a tragic event for something like this to happen but even more tragic is that the heart of the progressives love anything that lowers population.
Report Post »Then of course there will be those quick to blame God. Yes, earthquakes will and have increased, as Jesus said they would, but God gets enough bashing by the left. For that matter look at insurance practices. Making claims as an act of God.
Before rushing to judgment on these issues perhaps one should ask God before talking about Him.
Pattondog
Posted on March 11, 2011 at 9:57amthe drop is only temporally, once the clean up resumes all the demand will be back up if not double as the the resources get rushed\imported for repairs on thier infrastructure.
theirs no such thing as infinite growth as their are only so many resources.
Report Post »FIAT money supply…couch cough paper
mjfitch
Posted on March 11, 2011 at 9:53am” Before the market opens, a government report on U.S. retail sales in February will give traders a sense of consumer demand.”
Report Post »((( Wall street speculator’s, price gouging & the narcissistic telepromter in chiefs moratorium in the gulf is basically this marxist administrations backdoor cap & trade wet dream.
chickenlittle
Posted on March 11, 2011 at 9:53amThese prices only reflect contracts for “futures” market contracts… no relation to what is at the refineries now. That is the big scam they used to use (three months from well to gas station) … now, as soon as oil goes up on the futures market, it goes up at the pump… and drifts down like a feather when it drops… get your profits early and long and never take even a chance at a loss… in other words, at the pump we‘re paying for what they think they’ll be being paying in a couple months. I’ve yet to see a real reporting of “who” actually sets gas prices, but they sure do keep in touch with each other.
mtclem
Posted on March 11, 2011 at 9:41amWe have got to get our energy OFF of the commodity’s market! This has nothing to do with supply and demand and everything to do with overseas investors and very rich people that dont like America (George Soros) running up the price to hurt us!
Report Post »sleazyhippo
Posted on March 11, 2011 at 10:07amIts not just George, there are actually one or two others that are making money over this. Probably 400 families. Minimum.
Report Post »natstew
Posted on March 11, 2011 at 10:15amDrill baby drill! in overdrive. Eff the greenie weenies.
Report Post »sWampy
Posted on March 11, 2011 at 10:32amTo bad the progressives in charge don’t give a damn about the peoples lives that they subjugate.
Report Post »An AmericanMom
Posted on March 11, 2011 at 9:37amSo sad….everyday oil spectators play with the market and play with people’s saving!
Report Post »dirtytricksjusttowin
Posted on March 11, 2011 at 10:06amDid you mean speculators? Just asking….respectfully.
Report Post »ClockKing
Posted on March 11, 2011 at 9:25amThe market is no longer logical. This makes absolutely no sense.
“The quake is likely to cut short-term demand for crude from Japan”
Wrong. If Japan needs to rebuild, they will need MORE crude, not less. Who the hell are these people who invest in this market? What planet do they live on?
Report Post »GayDem4Beck
Posted on March 11, 2011 at 9:58amThey’re from Bizarro World !!!
Report Post »sleazyhippo
Posted on March 11, 2011 at 10:05amIf their roads are ruined they will not be commuting by car, remember in Califo0rnia it took 9 months to make all the affected freeways “usable” again. But it’s true the prices are controlled by John Edwards and other Hedge Find owners, more than by Demand.
Report Post »DagneyT
Posted on March 11, 2011 at 9:24amYou’d think it would go up, not down! Maybe all the futures brokers are in Japan?!
Report Post »Grandmadar
Posted on March 11, 2011 at 9:23amMy nephew and family are there, but further south. They were shook up!
Report Post »poverty.sucks
Posted on March 11, 2011 at 9:23amGod sent?
natstew
Posted on March 11, 2011 at 10:13amEverything is, “God Sent”, if you believe in God.
Doesn’t mean we have to hide in trembling fear. God created everything so it‘s all God’s doing.
moreteaplease
Posted on March 11, 2011 at 9:22amWe most likely won’t see this at the pump.
Report Post »bassist237
Posted on March 11, 2011 at 9:16amWhat a catastrophe… those videos are just like the movies, and that’s not good.
SAYNOTOSOCIALISM
Posted on March 11, 2011 at 9:15amI bet gas prices don’t go down any…..
Report Post »VRW Conspirator
Posted on March 11, 2011 at 12:49pmthe general rule of thumb….
every $10 increase or decrease in oil per barrel… equals $0.15 at the pump…and you have to remember…they are buy OIL FUTURES….these prices are for oil that won’t be delivered until June/July….
so yeah…no price drop…this would have to continue for 2-3 months for gas prices to drop.. prices always rise faster then they drop….
Report Post »goatkid
Posted on March 11, 2011 at 9:07amhow the hell does this happen so quickly?
Report Post »Gonzo
Posted on March 11, 2011 at 9:12amYou can bet gas prices won’t fall that fast.
Report Post »JJ Coolay
Posted on March 11, 2011 at 9:14amThe rise and drop? It’s a joke!
Report Post »grandmaof5
Posted on March 11, 2011 at 9:27amI’m glad to hear the price is down but it is a shame it took a tragedy with so much devastation and death to cause this to happen. Obviously we were being played.
Report Post »tobywil2
Posted on March 11, 2011 at 9:47am“MID-EAST PEACE AND THE PRICE OF OIL”
Oil prices are soaring today in response to another crisis in the Mid-East. This article, written in 2009, contains the solution to the problem. If these recommendations had been implemented when this article was written, there would be no problem today and we would be enjoying $20.00 per barrel oil.
Click on the link below to understand the energy problem and solution.
Report Post »http://commonsense21c.com/files/CE-1-5-09.pdf
Shellback
Posted on March 11, 2011 at 9:54amI agree with Gonzo. The gas prices here haven’t budge a bit down. When the news of Kadaffi duck was burning his oil fields, of which we don’t get any of that oil, the prices were going up before the ink had dried on the paper.
Report Post »My-Hero-is-Allen West
Posted on March 11, 2011 at 10:09amIt is all smoke and mirrors. It’s a game that is played with our lives every day. What we all better be worrying about is that oil continues to trade on the dollar. Should that stop can you say $5-$7 per gal regardless of the supply.
We better all be getting ready for the hard times coming!
Report Post »mike_trivisonno
Posted on March 11, 2011 at 10:25amIt happens because the Oil Industry is a gigantic scam.
Report Post »Stoic one
Posted on March 11, 2011 at 11:01amcomputerized trading.
Report Post »Beckofile
Posted on March 11, 2011 at 11:24amCan you imagine having a coal or nuclear fired car (aka Electric) in Japan right now. No driving for some days or weeks????
Report Post »APatriotFirst
Posted on March 11, 2011 at 11:25amCan you say………. MANIPULATION
Report Post »skinnydipinacid
Posted on March 11, 2011 at 11:27amHas Obama and his fawning legion of liberals tried claiming credit for this yet?
Report Post »walkwithme1966
Posted on March 11, 2011 at 11:34amI certainly don’t understand this – if anything it should have made the cost of oil go up.. But the wave do wipe a lot of cars off the map of Japan. I have never understand how oil prices can be felt so immediately! http://wp.me/pYLB7-Jm
Report Post »Snowleopard {gallery of cat folks}
Posted on March 11, 2011 at 12:24pmMaybe this quake has snapped some compasion and common sense back into the world; reminds us that nature is beyond human control and events are unpredictable such as the quake.
God be with the survivors in Japan, and comfort the families of those injured and lost.
Report Post »restorehope
Posted on March 11, 2011 at 1:37pmSadly, this fluctuation of oil pricing will never be under our control here in America because we are the needy, not the supplier. All we can hope for is to find some leverage to keep prices from sky-rocketing. That is why we should be drilling off our shores to show oil suppliers that we have serious intent to get our own oil. Only then will they back down and lower prices to keep us happy. Plus we will be creating more jobs for Americans and stimulating our own economy, not someone else’s economy.
Report Post »Think4yourself
Posted on March 11, 2011 at 1:54pmGas prices won‘t really drop until people know we don’t have to rely foriegn. Read this short article and you will see that this problem was taken care of in 2008 it just got ruined when Obama took office. http://www.unsalvageable.org/drilling-ban.html
Report Post »oldoldtimer
Posted on March 11, 2011 at 4:02pmWe are being scammed. Most oil is under contract. Very little is actually on the commodities market. That speculators pool is what drive gas prices not the delivered contract price. That is why oil company profits jump so much when traded oil goes up in price. Buy at one price(contract) and sell gas at the trade price of oil.
Report Post »oldoldtimer
Posted on March 11, 2011 at 4:06pmImusat also mention the effect of the Fed inflating haydes out odf the dollar which is also driving up the price even if all other factrs remain unchanged. As long as the fed keeps printing money oil will continue to increase in price even though the value of the oil remains the same in terms of ounces of gold per barrel. Increases in dollars per ounce of gold is nothing more than a reflection of the dollar being devalued. INFLATION!
Report Post »tubesing.david
Posted on March 11, 2011 at 10:37pmMarkets react almost instantly.
This is why a free market is the most efficient.
Report Post »Kookaburra
Posted on March 13, 2011 at 5:44pmAll the ragheads sit at round table smokin’ peacepipe with Illuminati and decide what the price will be daily. That’s how.
Report Post »