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Why Oil Prices Will Keep Falling: Record Pumping

CNBC -- Oil prices, down about 30 percent since March, will likely stay under pressure for now based on record global production and softer demand.


West Texas intermediate (New York Mercantile Exchange: clcv1) was trading higher Friday, bouncing more than a percent off its Thursday close of $78.20 per barrel. Brent (Intercontinental Exchange Europe: LCOCV1), the international benchmark, rose back above $90 per barrel Friday.

Despite the blip, though, analysts see oil headed further down.

The reason? The world is now pumping 91.1 million barrels per day, the most ever. At the same time, global demand in May was 89.9 million barrels per day, the International Energy Administration reported.

OPEC production, at more than 31.5 million barrels in May, was also higher than normal, though OPEC l


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Submitted Jun 23, 2012 By: mastermariner
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Why Oil Prices Will Keep Falling: Record Pumping Back to Topics
REPLIES (newest first) Post a Reply
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GOBUTLER
Champion Author Indianapolis

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Message Posted: Jun 24, 2012 7:37:26 PM

Ok
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comprof
Champion Author Houston

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Message Posted: Jun 24, 2012 7:24:38 AM

Old news
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tomok
Champion Author Portland

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Message Posted: Jun 24, 2012 6:10:16 AM

Prices Will Keep Falling, Record Pumping? That's what she said!
What happened to that $5/gallon forecast for summer gasoline? Record global oil production! Less profits for those greedy Speculators, Manipulators and banks, better fuel prices for the consumer. Is the economy getting weaker and it can't stand all the profit taking going on? Is this an election year stunt for 'coming out of the closet' Barry, to ease the pain at the pump? How fast will the prices go up again? The price at the pump needs to go down to $2/gallon and help improve this very lousy, need more jobs, economy!
Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very safe and reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using other forms of less expensive transportation to lower your cost, if possible.
The price of fuel at the pump is too high!
12/22/2012!
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KAR120CSII
Champion Author Oregon

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Message Posted: Jun 24, 2012 2:07:18 AM

You don't say?
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carloco75
Champion Author Richmond

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Message Posted: Jun 24, 2012 1:46:25 AM

Ahhh...Now I understand...
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Blismo
Champion Author Arizona

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Message Posted: Jun 24, 2012 1:36:13 AM

nice
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goldrose1
Champion Author Cleveland

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Message Posted: Jun 24, 2012 1:15:48 AM

Time to enjoy some driving. Vacation? Maybe not.
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kgbellman
Champion Author Ann Arbor

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Message Posted: Jun 23, 2012 11:30:48 PM

Amazing that people are learning that lower demand with steady / higher supply = lower prices. I just wish the low demand wasn't because of bad economy.
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5kvdave
All-Star Author Los Angeles

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Message Posted: Jun 23, 2012 10:59:02 PM

STILL WAY TOO HIGH!!!!!!
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ED6
Champion Author Riverside

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Message Posted: Jun 23, 2012 10:58:12 PM

Over supply.
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MarkC08
All-Star Author Worcester

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Message Posted: Jun 23, 2012 10:57:50 PM

OK
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ScottE
Champion Author Orange County

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Message Posted: Jun 23, 2012 10:56:07 PM

Liers cheats and Politicians who don't regulate Speculators and Big oil execs will cheat us here soon enough.
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ED6
Champion Author Riverside

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Message Posted: Jun 23, 2012 10:55:07 PM

Keeping falling.
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dchiou
Champion Author San Jose

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Message Posted: Jun 23, 2012 10:55:06 PM

I don't foresee prices at the current rate.
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radiorumor
Champion Author Texas

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Message Posted: Jun 23, 2012 10:54:50 PM

I’m not going to ask why they are pumping more. I’ll just enjoy the lower price at the pump.
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goodbuy
Champion Author Michigan

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Message Posted: Jun 23, 2012 10:54:45 PM

Don't care why, just keep falling.
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YodaON
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Message Posted: Jun 23, 2012 10:49:14 PM

last month they said they would rise all summer to record levels
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Irish_Lacey
Sophomore Author Miami

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Message Posted: Jun 23, 2012 10:48:13 PM

only because it is an election year...
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bcok
Champion Author Los Angeles

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Message Posted: Jun 23, 2012 10:48:01 PM

Is it possssible for a downward trend for the long term? I think we all know it is not highly likely.
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beachmanglen
Champion Author Tampa

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Message Posted: Jun 23, 2012 10:46:06 PM

China's slowdown has a significant effect on world prices, as they are not buying as much oil.
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straz
Champion Author Pennsylvania

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Message Posted: Jun 23, 2012 10:45:58 PM

keep going
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firefly09
Champion Author San Diego

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Message Posted: Jun 23, 2012 10:44:50 PM

Prices need to be a lot lower.
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dancygreen
Champion Author Twin Cities

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Message Posted: Jun 23, 2012 10:44:50 PM

yeah sure
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3mta3
Champion Author Michigan

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Message Posted: Jun 23, 2012 10:44:05 PM

Good, now prices will do nothing but go down!
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GLM4205
Champion Author Toledo

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Message Posted: Jun 23, 2012 10:44:05 PM

The terrible world economic situation also contributes to this pricing too. Obviously the speculators are not being bullish on oil at this time.
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nimpy
Champion Author Indianapolis

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Message Posted: Jun 23, 2012 10:43:28 PM

I agree the speculators will screw things up
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silverfoxv65
Champion Author Michigan

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Message Posted: Jun 23, 2012 10:42:09 PM

Yea well i am sure the speculators will screw that up.
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DarthDadJr
Champion Author Virginia

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Message Posted: Jun 23, 2012 10:41:36 PM

It's nice...as long as it lasts.
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kulwicki7
All-Star Author Virginia

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Message Posted: Jun 23, 2012 10:39:47 PM

ok
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bonzoonfmb
Champion Author Florida

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Message Posted: Jun 23, 2012 10:39:12 PM

Gas prices still too high.
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abcdMA
Champion Author Worcester

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Message Posted: Jun 23, 2012 10:37:28 PM

so oil is governed by supply and demand
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AnObserver
Champion Author New Jersey

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Message Posted: Jun 23, 2012 10:37:05 PM

Sounds good to me
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crewsing
Veteran Author Virginia

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Message Posted: Jun 23, 2012 10:36:49 PM

hip hip hooray!
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tampacrvdriver
Champion Author Tampa

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Message Posted: Jun 23, 2012 10:36:04 PM

good
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gilfarm
Champion Author Alabama

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Message Posted: Jun 23, 2012 10:33:33 PM

Come on down!
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BoerneWatch
Champion Author San Antonio

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Message Posted: Jun 23, 2012 10:33:06 PM

What happened to peak oil being 87 million barrels per day?

Seems like peak oil eventually goes up with the price of oil.

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jcpatriots
Champion Author Massachusetts

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Message Posted: Jun 23, 2012 10:32:17 PM

Can't wait for those prices to keep plummeting. :D
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calripken_8
Champion Author Virginia

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Message Posted: Jun 23, 2012 10:31:54 PM

I want it under $2/gallon
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mobil1MN
All-Star Author Minnesota

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Message Posted: Jun 23, 2012 10:31:50 PM

ok
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mstearno
Champion Author Dayton

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Message Posted: Jun 23, 2012 10:30:31 PM

supply and demand?
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livedream
Champion Author Michigan

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Message Posted: Jun 23, 2012 10:30:23 PM

This is a good thing for us.
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sdchris
Champion Author San Diego

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Message Posted: Jun 23, 2012 10:30:01 PM

ok
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menagerie1013
Champion Author San Diego

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Message Posted: Jun 23, 2012 10:30:01 PM

I'll be happy if prices continue to drop.
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danlanman
Champion Author North Carolina

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Message Posted: Jun 23, 2012 10:29:29 PM

keep going lower
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ROSYMI
Champion Author Michigan

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Message Posted: Jun 23, 2012 10:29:07 PM

you would think the gas would go down more
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philthethrill
Champion Author Hamilton

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Message Posted: Jun 23, 2012 10:26:17 PM

drop the pump prices
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DutchTreatMI
Champion Author Grand Rapids

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Message Posted: Jun 23, 2012 10:25:02 PM

With as much as oil has dropped per barrel the price at the pump should be quite a bit lower.
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Zeke33
Champion Author New Hampshire

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Message Posted: Jun 23, 2012 10:21:13 PM

The terrible world economic situation also contributes to this pricing too. Obviously the speculators are not being bullish on oil at this time.
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drobbbb
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Message Posted: Jun 23, 2012 10:17:32 PM

ok
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Taurus1
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Message Posted: Jun 23, 2012 10:15:31 PM

ok
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