Reuters: Oil Down Nears $43, Gasoline Prices Slide

[GRClarkesq]

Wednesday August 25, 2:52 PM EDT

By Andrew Mitchell

LONDON (Reuters) - Oil prices fell nearly $2 to just over $43 on Wednesday, dragged down by heavy losses in U.S. gasoline futures after summer driving demand failed to meet expectations.

U.S. light crude ended down $1.66 at $43.55 a barrel after falling to its lowest level of $43.22 in 11 sessions.

London Brent last traded down $1.62 at $40.70 a barrel.

Prices are now down nearly $6 from record highs last week.

Sellers overwhelmed the market after the U.S. Energy Information Administration said U.S. gasoline stocks were unchanged at 205.7 million barrels last week, near the upper end of their five-year average.

http://finance.myway.com/ht/nw/bus/20040825/hlm_bus-n2w361963.html

[whistle]

1. So, is anyone still not convinced that oil prices are totally controlled..

...by the big oil companies?:wtf: Market forces my ass!

[phantom power]

2. interesting, I recall everyone predicting...

that summer driving would not be affected by gasoline prices. Either that was a bunch of hooey, or something else affected them, like maybe the fact that the economy is reducing our expendable income.

[Tempest]

Gas is up $.06 in Bakersfield, CA in the last two days.

[kestrel91316]

4. Up in Los Angeles 7 cents in 2 days. n/t

[theoceansnerves]

5. i think they are futures

this always confuses me too, but i'm pretty sure the numbers are always from the futures market, which would affect prices a month? two months? from now.

[RebelOne]

6. Gas up 3 to 6 cents in Georgia the last couple of days.