Oil tumbles below $130

[FUZO]

TweetNEW YORK - Oil prices fell below $130 a barrel for the first time in more than a month Thursday, as a dramatic slide entered a third day along with a sharp sell-off in natural gas.



The declines accelerated amid growing concerns about the weakening U.S. economy.

"The entire buillish scenario ... is starting to crack," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.

Light, sweet crude for August delivery dropped $5.31 to settle at $129.29 a barrel on the New York Mercantile Exchange. Prices have fallen more than $15 in just the past three days.

Natural gas futures for August delivery fell more than 8 percent Thursday, marking their biggest one-day drop in nearly a year, according to Nathan Golz, researcher at Wachovia Securities in St. Louis. Prices for the key heating, cooking and power generation fuel have tumbled more than 20 percent since their peak before the Fourth of July, and are now trading at their lowest point since April.



$129.29

[Scalleywag]

TweetOnly problem is that the oil companies have figured out that we'll pay $4 a gallon for gas so we'll never see the adjustment.

[trip]

TweetWE ARE SETTING UP A DIPLOMATIC POST IN TEHRAN IRAN

WITHOUT PRE-CONIDITIONS

THIS IS THE FIRST TIME IN 30 YEARS

THIS IS BIGGER THAN HUGE, THIS IS OVER DA TOP GUARANGUAN

I APPLAUD MR. BUSH, GOOD JOB BIG GUY, EXCELLENT JOB, THAT ONE IS FOR THE GIPPPER

[trip]

TweetWE GOT A MINIMUM OF 30 DOLLAR WAR PREMIUM ON A BEARL OF EARL

WITH NO COMING ISREAL IRAN US WAR

WITH TALKING RATHER THAN DIENG

THE RISK REWARD FOR OWNING OIL IS DROPPING LIKE A ROCK

[FUZO]

TweetAND MCCAIN WILL BE PRESIDENT

[trip]

Tweetit sure as heck helps him i'll give ya dat

[Dzone]

TweetYup, bravo to bush for lifting pres restrictions on drilling...just when I was starting to think he was totally worthless...LOL...The time for our "National Oil/Gas Production Authority" is today!

[2-Swole]

Tweetyea i hope this is a sign of good things to come...ill be crossing my fingers!!!

[firstenrgy]

TweetGreat, the speculators are being tossed from the market. Something that had an inevitiable end. Oil prices will tumble further once this president proposes energy tax credits for wind and solar and he will. The Dem congress will go crazy because they want to tax there way out of the problem. They would prefer to promise me my hapiness stamps, the dept of hapniness, oil and gas stamps, well being stamps....