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    Oil prices tumble on European debt concern

    NEW YORK (AP) — Oil prices fell Friday with a critical bailout plan for Greece's economy in limbo, again raising the specter of bank failures and reduced oil petroleum in Europe. Here's how energy contracts traded.

    On the New York Mercantile Exchange:

    Benchmark crude fell by $1.17 to finish at $98.67 per barrel.

    Gasoline lost 3.79 cents to end at $2.9749 per gallon.

    Heating oil fell 2.64 cents to finish at $3.1821 per gallon.

    Natural gas was unchanged at $2.477 per 1,000 cubic feet.

    On the ICE Futures exchange in London:

    Brent crude fell $1.28 to end at $117.31 per barrel.

     

    9 comments

    • Greeter Lorrie  •  Phoenix, Arizona  •  3 mths ago
      A 1-2% drop is not a tumble . 10-20% would be a welcome tumble . Oil has traded in a very narrow range for a year now . I have to wonder what is propping up the price and holding it in this tight range .
    • Big D  •  Allentown, Pennsylvania  •  3 mths ago
      Oil speculators artificially prop up the price of crude at the oil companies beckoning. Eliminate speculation and the price will drop, then how in the world will Exxon justify $4/gallon?
    • homealone26  •  Stamford, Connecticut  •  3 mths ago
      We need gas to be at 2009 levels .. Just to be realistic ....
    • Leo Batfish  •  Elmhurst, Illinois  •  3 mths ago
      In a nut shell ........... Greed...
    • Cliff  •  3 mths ago
      Oil prices going down, Gas prices going up! American greed at work, the government needs to step in and control the price of gas instead of letting the gas companies sell their gas at what ever they want to. Come on Mr. Obama help out our economy.
      • Charles 3 mths ago
        What an idiot!
      • William Fewox 3 mths ago
        ...actually, that's not the Gas companies. It's the government. They jack up taxes and tariffs on gas once the holidays end.
      • Scortch Dearth 3 mths ago
        Fewox, you're either a liar or an idiot.
        As for gas prices, they are more linked to how much oil is being refined...our refineries are only operating at about 80% capacity. Let's face it, the dollar does not buy what it used to, even if you are not being given a raise or seeing better interest on your money, as you would expect during a normal time of inflation.
        You are witnessing an inflationary depression...the same thing that afflicted Germany in the 30's, but not as harsh.
    • jamey  •  Doylestown, Pennsylvania  •  3 mths ago
      ah yes our nutless pres not doing a #$%$ thing except worrying about birth control & obamacare this pres is the biggest joke i've ever seen.
    • TheNightFlier  •  3 mths ago
      We need an energy policy.
    • dr know  •  3 mths ago
      i want to own a new boss mustang or chevy camaro
    • m.r  •  3 mths ago
      What no moral hazard for EU banks ... Greece defaults ... banks foreclose ... that's market capitalism. If banks can foreclose on private homeowners then ... let bankruptcy laws apply to governments. Stakeholders get 33 - 35 cents on their one dollar investment ... with a TARP sweetener.
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