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Oil prices down as US demonstrates ample supplies amid signs of moderate economic growth

foxnews -- Oil prices were slightly lower Thursday as reports of a moderately improving U.S. economy, which suggests increased fuel consumption, were neutralized by growing crude supplies.

Benchmark oil for April delivery was down 12 cents to $90.31 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 39 cents to close at $90.43 per barrel on the Nymex on Wednesday.

The death on Tuesday of President Hugo Chavez of Venezuela, which sits on the world's second-largest oil reserves, has had little immediate effect on the price of oil so far.

Chavez oversaw a decline in oil production during his 14 years as the leader of Venezuela. Traders are anxious to see if the new government invites foreign investment in Venezuela's oil industry and is

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Submitted Mar 07, 2013 By: aservant

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sydb7 Champion Author Atlanta Posts:3,657 Points:1,941,890 Joined:Mar 2003	Message Posted: Mar 9, 2013 4:35:44 AM Ignore sydb7 Report Abuse Who wants to buy overpriced gasoline?
jtravis711 Sophomore Author Orange County Posts:174 Points:214,615 Joined:Feb 2011	Message Posted: Mar 8, 2013 10:38:56 AM Ignore jtravis711 Report Abuse Combine more US production, conversion to natural gas in large equipment and trucks, more refining capacity and more development in producing cheaper electricy and we could be on our way to energy independence.
rrs517 Champion Author Colorado Posts:1,065 Points:372,180 Joined:Apr 2006	Message Posted: Mar 8, 2013 7:59:21 AM Ignore rrs517 Report Abuse Moderate economic growth? Does this guy live under a rock?
tomok Champion Author Portland Posts:33,600 Points:2,373,210 Joined:Aug 2006	Message Posted: Mar 8, 2013 2:26:36 AM Ignore tomok Report Abuse Oil prices down as US demonstrates ample supplies amid signs of moderate economic growth. But, fuel prices at the pump will not go down anytime soon with this crappy economy. Big Oil and Big Gas sells fuel and natural gas on the world market for higher prices. The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! The price at the pump needs to go down to $2/gallon - $3, $3.50/gallon or *$4.00 is Not the new low! More Refineries are Not the answer, Stop exporting fuel is! Take care of the domestic fuel market first before exporting and selling our fuel or oil! 'Coming out of the closet' Sneeky's lousy, smoke and mirrors, lack of jobs, dog and pony show and in the crapper economy, the jobs are Not here. Sneeky's economy is not improving but continues to hurt the population and the job numbers continue to be down! Drive vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money.
jethro5000 Champion Author Kentucky Posts:2,018 Points:418,935 Joined:Jun 2005	Message Posted: Mar 8, 2013 1:36:22 AM Ignore jethro5000 Report Abuse Good news
bcok Champion Author Los Angeles Posts:2,181 Points:1,555,520 Joined:Oct 2005	Message Posted: Mar 8, 2013 1:22:25 AM Ignore bcok Report Abuse prices dropping but not fast enough.
lesndave Champion Author Texas Posts:3,173 Points:728,630 Joined:May 2011	Message Posted: Mar 8, 2013 12:21:15 AM Ignore lesndave Report Abuse Please tell me where the gas prices are down...!..!...!!
boatfloyd Champion Author Jacksonville Posts:1,858 Points:415,675 Joined:Mar 2012	Message Posted: Mar 8, 2013 12:10:29 AM Ignore boatfloyd Report Abuse Oil price rises as US economy seen strengthening
ClassicWheeler All-Star Author Montgomery Posts:790 Points:336,350 Joined:Apr 2012	Message Posted: Mar 8, 2013 12:09:31 AM Ignore ClassicWheeler Report Abuse We still have higher prices than we are suppose to have. Way too high!
regout Champion Author Quebec Posts:3,095 Points:860,405 Joined:May 2010	Message Posted: Mar 8, 2013 12:08:59 AM Ignore regout Report Abuse For how long?
silverfox63 Champion Author Michigan Posts:8,247 Points:1,636,490 Joined:Oct 2008	Message Posted: Mar 8, 2013 12:08:29 AM Ignore silverfox63 Report Abuse Old and stale news.
unicornpmb Champion Author Buffalo Posts:8,631 Points:1,657,215 Joined:Sep 2005	Message Posted: Mar 8, 2013 12:08:16 AM Ignore unicornpmb Report Abuse Only thing is my savings.
KrsnaDragon Champion Author Montreal Posts:2,547 Points:559,000 Joined:Nov 2011	Message Posted: Mar 8, 2013 12:07:00 AM Ignore KrsnaDragon Report Abuse I honestly don't know what to make of some of these news articles.
sawdust1825 All-Star Author Illinois Posts:985 Points:464,355 Joined:Sep 2011	Message Posted: Mar 8, 2013 12:06:37 AM Ignore sawdust1825 Report Abuse I am surprised the pump price didn't jump after this news.
1fulltank Champion Author Buffalo Posts:8,041 Points:1,571,970 Joined:Nov 2008	Message Posted: Mar 8, 2013 12:06:08 AM Ignore 1fulltank Report Abuse Oil may be down, but gas is not.
Tsunamiron Champion Author Jacksonville Posts:1,569 Points:585,425 Joined:Mar 2011	Message Posted: Mar 8, 2013 12:05:20 AM Ignore Tsunamiron Report Abuse Down? I paid $3.12 per gallon in January. Two months later I am paying $3.72 per gallon. Prices are down? I am paying an average of 1 cent more per day.
Chadgas Champion Author Missouri Posts:1,118 Points:2,202,400 Joined:Feb 2006	Message Posted: Mar 8, 2013 12:04:58 AM Ignore Chadgas Report Abuse If you say so.
jrschl Champion Author Louisville Posts:3,107 Points:708,765 Joined:Jun 2011	Message Posted: Mar 8, 2013 12:04:04 AM Ignore jrschl Report Abuse I love how the article below this one says process are up.
jetskijerry Champion Author North Carolina Posts:4,036 Points:799,970 Joined:Mar 2011	Message Posted: Mar 8, 2013 12:02:08 AM Ignore jetskijerry Report Abuse one article says down, the very next one up...
jtfftj Champion Author New Hampshire Posts:2,214 Points:1,273,840 Joined:Sep 2005	Message Posted: Mar 8, 2013 12:01:21 AM Ignore jtfftj Report Abuse This is a joke from a Saturday Night Live skit, right????
sjhman Veteran Author Atlanta Posts:416 Points:298,740 Joined:Sep 2008	Message Posted: Mar 8, 2013 12:00:49 AM Ignore sjhman Report Abuse Here we go, let's keep 'em moving!
Vette1967 Champion Author Albany Posts:6,107 Points:1,303,700 Joined:Jun 2009	Message Posted: Mar 7, 2013 11:58:54 PM Ignore Vette1967 Report Abuse Got to go down a lot more.
69Bonne Champion Author Gary Posts:1,261 Points:494,120 Joined:Sep 2005	Message Posted: Mar 7, 2013 11:58:48 PM Ignore 69Bonne Report Abuse Good, now let's get gas prices down significantly
prassu2012 All-Star Author Illinois Posts:815 Points:176,375 Joined:Dec 2012	Message Posted: Mar 7, 2013 11:56:40 PM Ignore prassu2012 Report Abuse not sure
SparkieMi Champion Author Kalamazoo Posts:3,400 Points:615,595 Joined:Sep 2011	Message Posted: Mar 7, 2013 11:54:40 PM Ignore SparkieMi Report Abuse Need to build more more refiners!!!
grt197 All-Star Author Illinois Posts:712 Points:153,265 Joined:Jan 2013	Message Posted: Mar 7, 2013 11:54:12 PM Ignore grt197 Report Abuse not sure
lasriog Sophomore Author Texas Posts:151 Points:355,845 Joined:Jan 2012	Message Posted: Mar 7, 2013 11:53:33 PM Ignore lasriog Report Abuse One article says oil prices up the other says price is down
bvrbill Champion Author Eugene Posts:3,440 Points:546,000 Joined:Jul 2011	Message Posted: Mar 7, 2013 11:48:27 PM Ignore bvrbill Report Abuse Prices still rising at the pump, here.
yonasb Champion Author Houston Posts:3,463 Points:758,000 Joined:Apr 2011	Message Posted: Mar 7, 2013 11:47:56 PM Ignore yonasb Report Abuse more refiners would solve it
skybiker Champion Author South Carolina Posts:7,408 Points:1,586,615 Joined:Jul 2008	Message Posted: Mar 7, 2013 11:47:13 PM Ignore skybiker Report Abuse No drop in prices here inSC...
clermont40miles Champion Author Cincinnati Posts:10,754 Points:1,800,345 Joined:Apr 2008	Message Posted: Mar 7, 2013 11:46:20 PM Ignore clermont40miles Report Abuse The speculator driven run up in prices has fizzled as reality intrudes. Needs to drop another $10 per barrel, minimum.
OGW Champion Author London Posts:5,446 Points:1,558,085 Joined:Sep 2005	Message Posted: Mar 7, 2013 11:46:01 PM Ignore OGW Report Abuse not for long, oil prices rose again today!
wayoung56 Champion Author Alabama Posts:2,920 Points:845,010 Joined:Oct 2006	Message Posted: Mar 7, 2013 11:45:49 PM Ignore wayoung56 Report Abuse Good!!!
camel1 Champion Author Minnesota Posts:8,410 Points:2,294,315 Joined:Jul 2006	Message Posted: Mar 7, 2013 11:44:55 PM Ignore camel1 Report Abuse good
KhelbenArunson Champion Author Michigan Posts:4,586 Points:745,565 Joined:Apr 2008	Message Posted: Mar 7, 2013 11:39:46 PM Ignore KhelbenArunson Report Abuse good.
Is246 Champion Author Albuquerque Posts:1,044 Points:443,535 Joined:Apr 2011	Message Posted: Mar 7, 2013 11:39:39 PM Ignore Is246 Report Abuse Not here, prices still going up.
weenoo215 Veteran Author Illinois Posts:439 Points:49,760 Joined:Jan 2013	Message Posted: Mar 7, 2013 11:36:50 PM Ignore weenoo215 Report Abuse ok
F34RL3SSNIT3 Veteran Author Austin Posts:412 Points:90,465 Joined:Mar 2013	Message Posted: Mar 7, 2013 11:36:41 PM Ignore F34RL3SSNIT3 Report Abuse okay
preacherjohn Champion Author Modesto Posts:4,100 Points:1,944,265 Joined:May 2006	Message Posted: Mar 7, 2013 11:36:05 PM Ignore preacherjohn Report Abuse Hoo-Humm..
gasmack Champion Author Ventura Posts:1,752 Points:679,840 Joined:Feb 2011	Message Posted: Mar 7, 2013 11:34:34 PM Ignore gasmack Report Abuse OK.
mstearno Champion Author Dayton Posts:8,174 Points:1,755,920 Joined:Jan 2008	Message Posted: Mar 7, 2013 11:33:32 PM Ignore mstearno Report Abuse moderate growth? Sounds like some people smoking Weed came up with this one
cwashi3324 Champion Author Cincinnati Posts:2,863 Points:587,720 Joined:May 2009	Message Posted: Mar 7, 2013 11:31:55 PM Ignore cwashi3324 Report Abuse Still high here.
Doomsday64 All-Star Author Austin Posts:905 Points:353,350 Joined:Apr 2011	Message Posted: Mar 7, 2013 11:31:47 PM Ignore Doomsday64 Report Abuse here we go
JimL1 Champion Author Phoenix Posts:8,319 Points:1,258,720 Joined:Jul 2003	Message Posted: Mar 7, 2013 11:30:15 PM Ignore JimL1 Report Abuse Another article posted here also today says: "Oil price rises as US economy seen strengthening." Which is correct, or are they both wrong together?
JagXKR Champion Author British Columbia Posts:3,293 Points:1,118,665 Joined:Dec 2009	Message Posted: Mar 7, 2013 11:30:08 PM Ignore JagXKR Report Abuse Just shows that we should stop looking at oil futures and only look at gasoline futures as oil does not correlate to pump prices.
NorthglennBill Champion Author Denver Posts:7,562 Points:1,499,645 Joined:Oct 2008	Message Posted: Mar 7, 2013 11:27:26 PM Ignore NorthglennBill Report Abuse Prices are still way to high.
Carol7777 All-Star Author Houston Posts:864 Points:175,685 Joined:Dec 2012	Message Posted: Mar 7, 2013 11:22:30 PM Ignore Carol7777 Report Abuse Hope it keeps decreasing our gas prices . . .
WIPACKERFAN Champion Author Chicago Posts:8,944 Points:1,871,150 Joined:Aug 2005	Message Posted: Mar 7, 2013 11:22:11 PM Ignore WIPACKERFAN Report Abuse OK
bojiway1 Champion Author Minnesota Posts:2,190 Points:506,635 Joined:Dec 2011	Message Posted: Mar 7, 2013 11:14:49 PM Ignore bojiway1 Report Abuse Ok
silvereb All-Star Author Fort Wayne Posts:556 Points:266,155 Joined:May 2011	Message Posted: Mar 7, 2013 11:09:57 PM Ignore silvereb Report Abuse Not a big enough move to bring our prices down.