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One day it's Greece, the next day it's Spain: oil tumbles

GasBuddy Blog -- Crude oil is set to take a beating, nay, is already taking a beating, as traders get jittery looking at Spain's debt issues. A few weeks ago we might have cited Greece's outlook for the lapse in prices, but today, and in recent days, Spain is becoming the target of new concern.

Increasing economic activity promotes higher crude oil and gasoline prices. Why? We use more of the stuff when the economy is good. With the situation in the European Union, the massive debt, the insanely low retirement age with massive pensions, the shorter work week- the debt is mounting. And it certainly could impact the United States, especially as this country continues to increase its debt burden by doing many of the same things- overspending. And while...

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Submitted Jul 23, 2012 By: PD

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BANKIS2 Champion Author Phoenix Posts:4,410 Points:942,230 Joined:Aug 2010	Message Posted: Jul 24, 2012 7:29:50 AM Ignore BANKIS2 Report Abuse Hm
Wierbe Champion Author Cincinnati Posts:3,892 Points:1,146,815 Joined:Apr 2006	Message Posted: Jul 24, 2012 7:29:45 AM Ignore Wierbe Report Abuse Soon they will rediscover America and uncover our debt issue.
racerdj Champion Author Indianapolis Posts:9,945 Points:2,083,825 Joined:Jun 2003	Message Posted: Jul 24, 2012 7:29:39 AM Ignore racerdj Report Abuse We're next if we don't get our act together!
fenster66 Champion Author Pittsburgh Posts:3,485 Points:700,815 Joined:May 2011	Message Posted: Jul 24, 2012 7:28:05 AM Ignore fenster66 Report Abuse prices are still going up at the pump....
porotito Champion Author Houston Posts:2,239 Points:604,615 Joined:Dec 2010	Message Posted: Jul 24, 2012 7:28:04 AM Ignore porotito Report Abuse Kalispera!
SUNOIL Champion Author Toledo Posts:5,380 Points:1,951,980 Joined:Jul 2007	Message Posted: Jul 24, 2012 7:27:43 AM Ignore SUNOIL Report Abuse Anything goes.
Gas_Less2012 Rookie Author Louisiana Posts:42 Points:58,615 Joined:Jun 2012	Message Posted: Jul 24, 2012 7:27:22 AM Ignore Gas_Less2012 Report Abuse All of the increase gets passed on to the consumer but only a portion of the decrease.
mnbeancounter Champion Author Minnesota Posts:4,971 Points:1,090,595 Joined:Oct 2009	Message Posted: Jul 24, 2012 7:26:57 AM Ignore mnbeancounter Report Abuse food for the speculators
SmokeFan14 Champion Author St. Louis Posts:2,135 Points:1,109,780 Joined:Oct 2008	Message Posted: Jul 24, 2012 7:26:46 AM Ignore SmokeFan14 Report Abuse But gas prices won't. Only winner here is big oil.
photobuddy Champion Author Washington Posts:1,620 Points:370,255 Joined:Feb 2012	Message Posted: Jul 24, 2012 7:26:10 AM Ignore photobuddy Report Abuse It always amazes me how quick the oil companies put the price up as crude rises in price and then they tell you about their high price stock as the price of crude drops. They gain no matter way which way the price of fuel goes. Wish my company could control prices like this.
I10Express Champion Author San Antonio Posts:8,811 Points:1,667,670 Joined:Nov 2008	Message Posted: Jul 24, 2012 7:25:14 AM Ignore I10Express Report Abuse The commodity speculators love drama. It's how they justify screwing the consumer.
traumer Champion Author Twin Cities Posts:5,509 Points:1,365,175 Joined:Aug 2006	Message Posted: Jul 24, 2012 7:25:08 AM Ignore traumer Report Abuse Nothing we can do but pay baby pay!
Dennisjk Champion Author Detroit Posts:6,571 Points:1,949,775 Joined:Apr 2006	Message Posted: Jul 24, 2012 7:24:53 AM Ignore Dennisjk Report Abuse $88 isn't a beating.
ysmc Champion Author Providence Posts:10,698 Points:2,046,020 Joined:Apr 2007	Message Posted: Jul 24, 2012 7:24:43 AM Ignore ysmc Report Abuse propaganda
Jizme Champion Author Lincoln Posts:10,020 Points:2,933,155 Joined:Oct 2004	Message Posted: Jul 24, 2012 7:24:26 AM Ignore Jizme Report Abuse I won't complain if oil prices go down.
my2002m Champion Author Tulsa Posts:6,213 Points:1,697,980 Joined:Jul 2008	Message Posted: Jul 24, 2012 7:24:23 AM Ignore my2002m Report Abuse More old news.
Sam1004 Champion Author Indianapolis Posts:1,111 Points:362,330 Joined:May 2004	Message Posted: Jul 24, 2012 7:24:12 AM Ignore Sam1004 Report Abuse It's to the point where the oil companies don't even try to justify their price fluctuations - so this is superfluous.
fltdoc Champion Author Oklahoma Posts:9,041 Points:1,582,445 Joined:Oct 2008	Message Posted: Jul 24, 2012 7:23:41 AM Ignore fltdoc Report Abuse So sad.
pper Champion Author Grand Rapids Posts:3,224 Points:697,570 Joined:May 2011	Message Posted: Jul 24, 2012 7:23:26 AM Ignore pper Report Abuse We only get a small part of the drop.
timbyus1 Champion Author Fort Worth Posts:2,103 Points:419,190 Joined:Mar 2012	Message Posted: Jul 24, 2012 7:20:59 AM Ignore timbyus1 Report Abuse read
wingryder92 Champion Author British Columbia Posts:6,100 Points:586,680 Joined:Apr 2011	Message Posted: Jul 24, 2012 7:20:49 AM Ignore wingryder92 Report Abuse Old news, but still we don't seem to do anything about it in America. Obama wants another stimulus Trillion spent.
amearly Champion Author Michigan Posts:12,255 Points:2,494,335 Joined:Jan 2006	Message Posted: Jul 24, 2012 7:19:53 AM Ignore amearly Report Abuse one day it a new post next day it's the same post.
Clits All-Star Author Louisiana Posts:866 Points:257,040 Joined:Mar 2005	Message Posted: Jul 24, 2012 7:19:50 AM Ignore Clits Report Abuse Fire the spectators.... We don't need them!
bigLtowing Champion Author Columbus Posts:2,974 Points:619,290 Joined:Aug 2011	Message Posted: Jul 24, 2012 7:19:45 AM Ignore bigLtowing Report Abuse ok
dm9667_23 Champion Author Pennsylvania Posts:1,294 Points:376,400 Joined:May 2008	Message Posted: Jul 24, 2012 7:18:30 AM Ignore dm9667_23 Report Abuse ok
clww Champion Author Virginia Posts:45,363 Points:1,561,300 Joined:Nov 2008	Message Posted: Jul 24, 2012 7:18:20 AM Ignore clww Report Abuse olds
montytexas Champion Author Houston Posts:3,013 Points:1,436,920 Joined:Jun 2006	Message Posted: Jul 24, 2012 7:18:14 AM Ignore montytexas Report Abuse Global recession ??
salog Champion Author Columbia Posts:7,730 Points:1,657,435 Joined:Oct 2006	Message Posted: Jul 24, 2012 7:18:14 AM Ignore salog Report Abuse Europe is one big Jinga puzzle; and soon the key piece will be pulled.
Glock26 Champion Author Dayton Posts:1,654 Points:658,135 Joined:Mar 2011	Message Posted: Jul 24, 2012 7:17:41 AM Ignore Glock26 Report Abuse Old new!!!
MBAcura Champion Author Orlando Posts:2,385 Points:690,490 Joined:Apr 2011	Message Posted: Jul 24, 2012 7:17:32 AM Ignore MBAcura Report Abuse This is a blog entry.
thuathienhue Champion Author Michigan Posts:3,584 Points:659,915 Joined:Jul 2011	Message Posted: Jul 24, 2012 7:16:45 AM Ignore thuathienhue Report Abuse My Oh My.
flyfast Champion Author Kansas City Posts:9,391 Points:1,853,695 Joined:Jan 2008	Message Posted: Jul 24, 2012 7:16:34 AM Ignore flyfast Report Abuse ok
ChristinaCricke Champion Author New Jersey Posts:3,885 Points:795,275 Joined:Mar 2011	Message Posted: Jul 24, 2012 7:15:53 AM Ignore ChristinaCricke Report Abuse WHAT A MESS!
Daddy16 Veteran Author Fort Wayne Posts:320 Points:97,890 Joined:May 2011	Message Posted: Jul 24, 2012 7:15:44 AM Ignore Daddy16 Report Abuse and the beat goes on....
lkozark Champion Author Missouri Posts:5,235 Points:1,391,910 Joined:Jul 2007	Message Posted: Jul 24, 2012 7:15:42 AM Ignore lkozark Report Abuse Repeat from yesterday.
NatureBoyKY Champion Author Kentucky Posts:3,434 Points:1,310,405 Joined:Jan 2008	Message Posted: Jul 24, 2012 7:15:41 AM Ignore NatureBoyKY Report Abuse As long as oil tumbles who gives a shit which European country's troubles cause it?
WestMichigan Champion Author Grand Rapids Posts:2,570 Points:577,665 Joined:Mar 2011	Message Posted: Jul 24, 2012 7:15:36 AM Ignore WestMichigan Report Abuse tumbles back to where it was last week
checkum Champion Author St. Louis Posts:7,734 Points:1,500,040 Joined:Jan 2008	Message Posted: Jul 24, 2012 7:15:34 AM Ignore checkum Report Abuse goes to show you how fake the price of gas and oil is
tribill Champion Author Twin Cities Posts:3,342 Points:2,361,110 Joined:Feb 2006	Message Posted: Jul 24, 2012 7:14:24 AM Ignore tribill Report Abuse Whatever...
danlanman Champion Author North Carolina Posts:3,467 Points:749,935 Joined:May 2011	Message Posted: Jul 24, 2012 7:12:48 AM Ignore danlanman Report Abuse not good for the world economy, but good that oil prices are falling
jrschl Champion Author Louisville Posts:3,107 Points:708,465 Joined:Jun 2011	Message Posted: Jul 24, 2012 7:12:16 AM Ignore jrschl Report Abuse Tumble is a relative term. Obviously this author and I aren't on the same playing field.
Point__man Champion Author Raleigh Posts:4,477 Points:905,395 Joined:Oct 2010	Message Posted: Jul 24, 2012 7:12:01 AM Ignore Point__man Report Abuse Similar situations in east Europe and in Africa have been going on for ages; why all this hullaballoo now about Greece and Italy and Spain and France ?
maxcap59 Champion Author Texas Posts:2,880 Points:610,420 Joined:Apr 2011	Message Posted: Jul 24, 2012 7:10:29 AM Ignore maxcap59 Report Abuse Oil has fallen $3/bbl this week? Good, though that drop needs to be more like $40-$50/bbl.
RockCity Champion Author Denver Posts:8,055 Points:1,454,810 Joined:Mar 2009	Message Posted: Jul 24, 2012 7:09:48 AM Ignore RockCity Report Abuse Let 'em eat cake, perhaps.
Gman2011MI Champion Author Michigan Posts:2,065 Points:432,810 Joined:Apr 2011	Message Posted: Jul 24, 2012 7:08:58 AM Ignore Gman2011MI Report Abuse THe US is goning to be next period!!!!!!!!!!!!!! if we dont' pay our deficit off China will take over..........
RichardoB Champion Author Fayetteville Posts:8,142 Points:2,030,135 Joined:Jun 2007	Message Posted: Jul 24, 2012 7:08:49 AM Ignore RichardoB Report Abuse Oil hasn't tumbled.
bbreff Champion Author Atlanta Posts:9,988 Points:2,596,115 Joined:Jun 2005	Message Posted: Jul 24, 2012 7:08:32 AM Ignore bbreff Report Abuse It Italy next?
savannahoaks Champion Author Rockford Posts:2,837 Points:662,935 Joined:Mar 2011	Message Posted: Jul 24, 2012 7:07:45 AM Ignore savannahoaks Report Abuse Increasing economic activity also is what pays for all those perks and is the only way out along with cutting spending.
Beboper Champion Author Virginia Posts:8,868 Points:2,191,490 Joined:Oct 2005	Message Posted: Jul 24, 2012 7:07:23 AM Ignore Beboper Report Abuse never ends
beohbeNJ Champion Author New Jersey Posts:2,165 Points:558,040 Joined:Sep 2011	Message Posted: Jul 24, 2012 7:06:53 AM Ignore beohbeNJ Report Abuse The USA is going to be next if we don't vote Obama out!
ratboy1968 Champion Author Montreal Posts:2,757 Points:576,725 Joined:Oct 2011	Message Posted: Jul 24, 2012 7:06:42 AM Ignore ratboy1968 Report Abuse ok
checkitnow Champion Author Atlanta Posts:2,131 Points:595,725 Joined:Aug 2010	Message Posted: Jul 24, 2012 7:05:56 AM Ignore checkitnow Report Abuse the world is in for a reckoning if our spendthrift ways are not curtailed