Oil below $97 as traders eye Greek debt talks

...and at the pump, prices continue to rise. High energy prices are killing the American public and the media is unusaly quite about it.

went to work this morning at 5 am gas was 3.28 came home at noon gas was 3.49 whats with that. gas killing us.

Winter has been warm this year so they continue to rape us at the pump. These crooks will stop at nothing to be rich and screw everyone else.

Gas will continue to rise across the Country for the forseeable future. Refiners are now producing gasoline and diesel fuel with the more expensive crude purchased after it began to rise in October. Up until about the end of the year they had been refining what was purchased in August and Sept at prices in the 80's. The end of Sept brought oil for delivery in October and later. This crude was escalating in price back into the 90+ range. Oil has now been in the 90+ range for the past 4 months, with several weeks at or over 100.00. RBOB gasoline futures traded at 2.90 today. Add anywhere from 60 cents to over a dollar in taxes depending what State you live in. Gas prices will be at or near 3.70 by the end of March in some parts of the Country and well over 4.00 in others. Gas will continue to rise until early summer and should peak at or just over 4.00 a gallon in the areas that typically have the cheapest gas prices. The areas that typically have the highest prices will see it at or near 5.00 a gallon and perhaps even higher depending on what oil prices do. Whatever the case, consumer spending will come to a grinding halt when the producers feel the pinch of higher fuel costs and production costs and pass them along full force to the consumer. Faced with feeding the family and providing shelter, however basic it might be, will trump all other purchases. New TV's, computers, clothing, cars and homes will be moved to the back burner because there will be no spare money to purchase anything other than bare necessities. In turn, there will be production slowdowns that will force more mass layoffs. the unemployment rate will soon be back over 9% with 10% a very distinct possibility by the end of the summer or by election day in November. Make sure your assetsd are liquid enough to get them out of the market quickly and into a fixed rate account in order to protect yourself. The market will have a major correction sometime this year. I honestly look for trading to be suspended on more than one occasion because of 500+ point drops in a day. 2012 is going to be a rough ride. We will be lucky to avoid falling into the 2nd Great Depression before years end. At the very least we will sink further into recession than we already are. We are NOT in a recovery as many optimists and the deplorable happy faced media would have you believe day after day. The good news is only what they are told to print with absolutely nothing to back any of it up. Unemployment is down yet 2 small examples such as 2100 Boeing jobs in Wichita are going away and 13,000 American Airlines employees are getting pink-slipped. Brace yourselves and be prepared to act quickly. There's a storm brewing and it's gonna get ugly.

im curious as to why there is no talk from any candidate in the presidential race that doesnt talk more energy prices. energy prices are crushing consumers. wether it be heating oil, gas, electric. seems the only thing thats gone down to even some degree is natural gas cause we have enough to last us the next 200 years. and we probably have near close to that left in crude yet to be extracted from the ground around the globe. if oil could come down to allow gas nationwide to get back below the $3.00 mark i think alor of people would be pumping much more cash into the economy. i know plenty of people that do less than they used to cause they have to put more into their cars. and they dont drive suv's or huge trucks either.

Gas rose and oil is down, these crooked companies don't have a reason to raise oil because of the mild winter so they continue to rape us at the pump with brent crude.

Why do we have our own OIL but have to buy it from another country?Where is OUR OIL going ? Why do we SELL OUR OIL to someone else then have to BUY it back?

What dose greece have to do with OIL prices?They'll say & do anything to jump the price of OIL up.

My,My,My, How 8hrs time makes such a difference. From how oil prices are below $97.00 to they may go to $160.00, back to $97.00 again. Maybe the media should slow down a little and stop trying to make "Barry O" look like he is saving us all.

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Wall St's continued greed and avarice has manipulated oil up to $100 a barrel. This is an enormous threat to the world’s economy! If you don't know it; listen up! Oil refineries all over the world are shutting down! Refineries in Hawaii, St Croix, Houston, Philly, Delaware, other places in the US, and Europe are shutting down! They’re shutting down for three reasons (1) The price of oil is too high. A refiner’s margins are so small at these high prices, not only can they not make money, most refineries have lost money. (Thanks speculators on Wall St!) (2) There is a glut of oil and distillates and no place left to store it. It’s been this way for a while (3 years). Some refineries are turning into oil storage facilities. They can make more money from renting tanks to banks and hedge funds than they can make by producing product. (3) Due to the European oil embargo on Iran, Iran is selling oil at a heavily discounted rate to Asian refineries who will sell refined products to us cheaper than American refineries. Bottom line; WE ARE SO SCREWED!!! If we aren’t drawn in to a war with Iran that affects the Strait of Hormuz , the bottleneck that much of the worlds oil has to pass through, then we’ll be affected by the refineries shutting down. Eventually, as our economies improve there will be terrible shortages of product. It takes time for refineries to come back on line. Expect shortages to skyrocket oil and distillates to the sky. Repeal the Commodities Modernization Act of 2000 and the Financial Modernization Act of 1999 and get speculators out of the Commodities markets!!!