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Oil and gas prices look like they’ve peaked

Market Watch -- NEW YORK — Remember just a few short weeks ago, when the media were speculating about how high gasoline prices could go? I know—I wrote a story like that myself.
In early March, gasoline prices hit $3.94 a gallon, and topped the magic $4.00 mark in California and other states. That was based on a jump in Brent crude oil prices to $128 a barrel.

Some of it was due to a growing U.S. economy and some logistical issues. But the main reason was fear of either an Israeli air strike to destroy Iran’s nuclear facilities or Iranian military action to break sanctions from the international community.

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Submitted May 04, 2012 By: fordfreak

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honda0105 Champion Author Tallahassee Posts:18,834 Points:1,638,195 Joined:Nov 2008	Message Posted: May 8, 2012 5:39:33 AM Ignore honda0105 Report Abuse I won't hold my breath.
SavingInNC Champion Author North Carolina Posts:5,929 Points:1,119,215 Joined:Oct 2006	Message Posted: May 7, 2012 6:01:32 AM Ignore SavingInNC Report Abuse I hope so
honda0105 Champion Author Tallahassee Posts:18,834 Points:1,638,195 Joined:Nov 2008	Message Posted: May 7, 2012 5:46:07 AM Ignore honda0105 Report Abuse time will tell. I will say that we probably see another hike sooner than later. Unfortunately.
clermont40miles Champion Author Cincinnati Posts:10,759 Points:1,800,570 Joined:Apr 2008	Message Posted: May 6, 2012 9:47:53 PM Ignore clermont40miles Report Abuse Not likely that prices have peaked. Unless election year trumps the speculators. May 7th the margin requirements are being increased so the speculators do not have the leverage they've had in the past. This has happened before but did not last long. Likely that will again be the case this time around. We are getting a break so enjoy it. I'll take high prices if it gets rid of BHO & Co. That is one method of political contribution that is well spent if it works!
feistyfella All-Star Author Detroit Posts:921 Points:213,495 Joined:Jun 2010	Message Posted: May 5, 2012 5:34:08 PM Ignore feistyfella Report Abuse Cousin Pooh-key
snerd All-Star Author Pennsylvania Posts:935 Points:663,450 Joined:May 2005	Message Posted: May 5, 2012 4:48:47 PM Ignore snerd Report Abuse They may have peaked, since the economy is in the tank...
gravityhurts Champion Author North Carolina Posts:4,234 Points:965,205 Joined:Sep 2008	Message Posted: May 5, 2012 6:34:49 AM Ignore gravityhurts Report Abuse Prices have recently shown signs of retreating here over the last week. But prices are still too high with oil trading for under $100.00.
52MPG Champion Author Dayton Posts:7,407 Points:1,770,380 Joined:Apr 2006	Message Posted: May 5, 2012 5:38:51 AM Ignore 52MPG Report Abuse Gas just jumped 20 cents. So much for the peaked theory.
5kvdave All-Star Author Los Angeles Posts:688 Points:350,000 Joined:May 2011	Message Posted: May 5, 2012 2:52:22 AM Ignore 5kvdave Report Abuse Ya right
speedys Champion Author Utah Posts:7,157 Points:2,586,585 Joined:Nov 2005	Message Posted: May 5, 2012 1:45:54 AM Ignore speedys Report Abuse I hope they have.
bvrbill Champion Author Eugene Posts:3,445 Points:546,325 Joined:Jul 2011	Message Posted: May 5, 2012 12:45:44 AM Ignore bvrbill Report Abuse I hope he is right. But, I'd not be surprised if prices continue to climb.
Colts13 Champion Author Indiana Posts:1,716 Points:573,210 Joined:Mar 2011	Message Posted: May 5, 2012 12:34:00 AM Ignore Colts13 Report Abuse Ok.
abacus44 Champion Author Toms River Posts:3,605 Points:774,765 Joined:Jan 2011	Message Posted: May 5, 2012 12:31:55 AM Ignore abacus44 Report Abuse OK
Buddy2264 Champion Author Tampa Posts:11,802 Points:2,388,645 Joined:Oct 2005	Message Posted: May 5, 2012 12:29:10 AM Ignore Buddy2264 Report Abuse Sure because for now we will not pay the higher prices and they know it. But they tested it and will keep it in the high $3.00 range for now.
sammy518 Champion Author Austin Posts:2,589 Points:539,790 Joined:Dec 2010	Message Posted: May 5, 2012 12:28:09 AM Ignore sammy518 Report Abuse sure
frostyWV Champion Author West Virginia Posts:2,339 Points:519,235 Joined:May 2011	Message Posted: May 5, 2012 12:27:28 AM Ignore frostyWV Report Abuse good
DEG Champion Author Las Vegas Posts:17,750 Points:3,520,455 Joined:Jul 2003	Message Posted: May 5, 2012 12:25:35 AM Ignore DEG Report Abuse Don't count on it. Memorial Day is just around the corner and prices generally shoot up a couple of weeks before a holiday.
joel27nc Champion Author Raleigh Posts:10,677 Points:1,886,070 Joined:Mar 2008	Message Posted: May 5, 2012 12:25:32 AM Ignore joel27nc Report Abuse It is one big game.
yonasb Champion Author Houston Posts:3,463 Points:758,000 Joined:Apr 2011	Message Posted: May 5, 2012 12:25:07 AM Ignore yonasb Report Abuse Good
WIPACKERFAN Champion Author Chicago Posts:8,944 Points:1,871,150 Joined:Aug 2005	Message Posted: May 5, 2012 12:23:54 AM Ignore WIPACKERFAN Report Abuse They are way to high.
Dodge_Me Champion Author Atlanta Posts:2,214 Points:576,480 Joined:Mar 2006	Message Posted: May 5, 2012 12:23:14 AM Ignore Dodge_Me Report Abuse How can they say that, it will always go up and down
Gas Thirsty Champion Author Los Angeles Posts:4,937 Points:3,253,395 Joined:Mar 2003	Message Posted: May 5, 2012 12:22:51 AM Ignore Gas Thirsty Report Abuse Peaked? I doubt it. Prices are going back up in So. Cal.
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: May 5, 2012 12:20:41 AM Ignore tedjm1 Report Abuse Th US is poised for a recession.
benjy Champion Author Chicago Posts:8,710 Points:1,815,275 Joined:Nov 2003	Message Posted: May 5, 2012 12:20:40 AM Ignore benjy Report Abuse hope so...
jackson661 Champion Author Columbus Posts:3,831 Points:1,502,200 Joined:May 2006	Message Posted: May 5, 2012 12:19:58 AM Ignore jackson661 Report Abuse I will take the optimistic view all the time.
1fulltank Champion Author Buffalo Posts:8,041 Points:1,571,970 Joined:Nov 2008	Message Posted: May 5, 2012 12:19:34 AM Ignore 1fulltank Report Abuse Old article.
Cashless Champion Author Akron Posts:3,660 Points:762,005 Joined:Apr 2011	Message Posted: May 5, 2012 12:18:29 AM Ignore Cashless Report Abuse Let's hope so!
Godozo All-Star Author Gary Posts:723 Points:582,340 Joined:Dec 2010	Message Posted: May 5, 2012 12:17:00 AM Ignore Godozo Report Abuse Well, I heard crude prices drop below $100 after a long time over it. I've also watched a full-fledged gas war around $3.60 last for two days (average prices in NW Indiana are around $4.10). And a local Real Estate Saturday Talk Show keeps saying prices are around $.50 above where they should be. If prices start to drop off despite the switch to Summer Fuel, I'll believe it.
celtic14 Champion Author Florida Posts:1,336 Points:2,154,905 Joined:Nov 2005	Message Posted: May 5, 2012 12:16:59 AM Ignore celtic14 Report Abuse Note the 1st sentence in the article. The lamestream media constitute one of the best contrary indicators in the financial world. They are almost always wrong. Back in 1982 one of the newsmagazines had a cover story titled "The Death of Equities" -- just before a massive bull market commenced. So an article on oil zooming higher actually means "oil has peaked." When these pundits say a bear market is here to stay, buy with both hands. When they talk up a bull market, sell and get out (or for real profits, go short or buy put options).
ds531 Champion Author Texas Posts:3,022 Points:620,430 Joined:Sep 2011	Message Posted: May 5, 2012 12:16:06 AM Ignore ds531 Report Abuse OK
Bigwaynef Champion Author South Carolina Posts:11,681 Points:2,109,410 Joined:Dec 2006	Message Posted: May 5, 2012 12:15:12 AM Ignore Bigwaynef Report Abuse Goes up a whole lot faster than it goes down...
jdc17327 Champion Author Pennsylvania Posts:2,582 Points:199,730 Joined:May 2009	Message Posted: May 5, 2012 12:14:57 AM Ignore jdc17327 Report Abuse okay...great!
crreed1 Champion Author West Virginia Posts:2,105 Points:2,551,690 Joined:May 2005	Message Posted: May 5, 2012 12:13:53 AM Ignore crreed1 Report Abuse prices can go back up real fast
bobdec Champion Author Miami Posts:9,104 Points:1,797,520 Joined:May 2008	Message Posted: May 5, 2012 12:12:14 AM Ignore bobdec Report Abuse Just for now
chuckwthompson Champion Author Charlotte Posts:3,895 Points:604,885 Joined:Sep 2011	Message Posted: May 5, 2012 12:11:14 AM Ignore chuckwthompson Report Abuse Yeah, right! I only bet on three things...(1) Sunrise. (2) Sunset. (3) And the price of gas will continue to go up!
Rooster922 Champion Author Wilmington Posts:3,930 Points:683,770 Joined:Jan 2009	Message Posted: May 5, 2012 12:11:12 AM Ignore Rooster922 Report Abuse Good so far.
Blue48 Champion Author Illinois Posts:7,450 Points:1,666,620 Joined:Feb 2007	Message Posted: May 5, 2012 12:09:47 AM Ignore Blue48 Report Abuse DON'T GET TO EXCITED....CERTAIN THINGS CAN STILL HAPPEN
ChristinaCricke Champion Author New Jersey Posts:3,885 Points:795,275 Joined:Mar 2011	Message Posted: May 5, 2012 12:09:43 AM Ignore ChristinaCricke Report Abuse I doubt it.........
Blue_Cruzer Champion Author Lexington Posts:7,660 Points:1,697,285 Joined:Mar 2007	Message Posted: May 5, 2012 12:08:58 AM Ignore Blue_Cruzer Report Abuse Still to high.
big_mac64 Champion Author Tennessee Posts:10,600 Points:1,490,130 Joined:May 2005	Message Posted: May 5, 2012 12:08:24 AM Ignore big_mac64 Report Abuse that's been the problem all along...speculating!
radiorumor Champion Author Texas Posts:2,951 Points:781,540 Joined:Feb 2011	Message Posted: May 5, 2012 12:08:04 AM Ignore radiorumor Report Abuse Didn’t I hear today that oil is below $100 a barrel? The dropping price at the gas pump is sluggish
HEBster Champion Author Kentucky Posts:8,932 Points:2,401,830 Joined:May 2006	Message Posted: May 5, 2012 12:07:26 AM Ignore HEBster Report Abuse Dropping but...long way to go & summer' coming!
us4usa Champion Author Missouri Posts:6,125 Points:1,138,560 Joined:May 2008	Message Posted: May 5, 2012 12:07:09 AM Ignore us4usa Report Abuse Now that we are all happy with these low gas prices???
miser709 Champion Author Grand Rapids Posts:1,268 Points:1,094,825 Joined:Mar 2004	Message Posted: May 5, 2012 12:07:07 AM Ignore miser709 Report Abuse NOT!
jem069 Champion Author Detroit Posts:2,684 Points:715,755 Joined:Jan 2011	Message Posted: May 5, 2012 12:05:09 AM Ignore jem069 Report Abuse Ok
TheSicilian Champion Author Jacksonville Posts:5,519 Points:1,498,200 Joined:Feb 2009	Message Posted: May 5, 2012 12:04:33 AM Ignore TheSicilian Report Abuse we will see
regout Champion Author Quebec Posts:3,100 Points:861,380 Joined:May 2010	Message Posted: May 5, 2012 12:03:48 AM Ignore regout Report Abuse Not sure about that.
Toppers Champion Author Atlanta Posts:9,157 Points:2,499,370 Joined:Mar 2005	Message Posted: May 5, 2012 12:03:41 AM Ignore Toppers Report Abuse Dropping in the ATL but still in the mid $3's...
pastorpaulcg Champion Author Virginia Posts:3,615 Points:775,785 Joined:Dec 2010	Message Posted: May 5, 2012 12:02:56 AM Ignore pastorpaulcg Report Abuse Amazing how election nears, gas drops
knot2swift Champion Author Calgary Posts:4,511 Points:718,710 Joined:Nov 2009	Message Posted: May 5, 2012 12:00:25 AM Ignore knot2swift Report Abuse Aren't election years wonderful? Maybe we should have elections every 2 years. That way we guarantee good government 50% of the time.