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Oil prices fall with US budget talks stalling just 8 days before 'fiscal cliff'

Associated Press -- Oil prices fell Monday, just eight days before the U.S. arrives at the "fiscal cliff" deadline without a budget agreement in place.

If no deal is reached by Jan. 1, steep tax increases and government spending cuts will automatically take effect that will jar the U.S. economy and potentially throw it into recession, economists have warned.

Benchmark oil for February delivery fell 14 cents to $88.52 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.47 Friday to finish at $88.66 per barrel in New York, the contract's lowest point in three weeks. It dropped to $87.96 per barrel at one point Friday.

Oil prices tend to drop when a major world economy is threatened by a downturn, which more often than not leads to reduced deman

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Submitted Dec 24, 2012 By: RENEGADEGAS

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bston Champion Author Oklahoma City Posts:1,810 Points:640,325 Joined:Mar 2011	Message Posted: Dec 26, 2012 8:56:34 AM Ignore bston Report Abuse Gas prices fall the past month or so, but certainly won't continue to stay falling like they've risen the past few years!
jrs4125 Champion Author Indiana Posts:2,748 Points:589,795 Joined:Sep 2011	Message Posted: Dec 26, 2012 2:07:26 AM Ignore jrs4125 Report Abuse Oil prices fall..... pump price remains the same.
1fulltank Champion Author Buffalo Posts:7,893 Points:1,542,360 Joined:Nov 2008	Message Posted: Dec 25, 2012 2:13:44 PM Ignore 1fulltank Report Abuse Nice to see prices actually FALL on the heels of bad news.
niceguytx Champion Author Houston Posts:13,685 Points:2,711,560 Joined:Sep 2005	Message Posted: Dec 25, 2012 11:10:59 AM Ignore niceguytx Report Abuse More good news!
CDMAuto Champion Author Connecticut Posts:3,783 Points:751,965 Joined:Apr 2011	Message Posted: Dec 25, 2012 8:45:15 AM Ignore CDMAuto Report Abuse Merry Christmas,
gs7101 Champion Author San Antonio Posts:5,513 Points:387,470 Joined:Jun 2009	Message Posted: Dec 25, 2012 6:57:44 AM Ignore gs7101 Report Abuse Merry Christmas To All!
sciguyrulz Rookie Author Houston Posts:33 Points:434,160 Joined:Mar 2011	Message Posted: Dec 25, 2012 2:22:08 AM Ignore sciguyrulz Report Abuse What saddens me about the "fiscal cliff" is that it is entirely man made. The representatives that were elected to office to protect our best interests can't get it together and have created our crisis. This isn't greed, it is ego....and that is really sickening!
NemoIL Champion Author Illinois Posts:3,015 Points:1,311,170 Joined:Aug 2008	Message Posted: Dec 25, 2012 12:39:28 AM Ignore NemoIL Report Abuse Going over the fiscal cliff gives obama everything he wants, higher taxes on everybody, huge cuts to the military, and it grows the size of the federal government. And he can blame the republicans for the damage it does to our country.
sarasotasingle Sophomore Author Sarasota Posts:195 Points:234,285 Joined:Jun 2012	Message Posted: Dec 25, 2012 12:30:42 AM Ignore sarasotasingle Report Abuse PRICES ARE GOING UP HERE
crreed1 Champion Author West Virginia Posts:1,975 Points:2,524,385 Joined:May 2005	Message Posted: Dec 25, 2012 12:16:51 AM Ignore crreed1 Report Abuse they are on vacation
jcdakota Champion Author Baltimore Posts:1,347 Points:361,345 Joined:Nov 2010	Message Posted: Dec 25, 2012 12:12:52 AM Ignore jcdakota Report Abuse It's after the election so don't worry about the voters!! Jump over the cliff!!!
jetlagAK Champion Author Anchorage Posts:2,246 Points:634,700 Joined:Jan 2010	Message Posted: Dec 25, 2012 12:11:02 AM Ignore jetlagAK Report Abuse Budget talks! Ha!
UpSol7 Champion Author Augusta Posts:1,643 Points:756,925 Joined:Sep 2008	Message Posted: Dec 25, 2012 12:10:00 AM Ignore UpSol7 Report Abuse Gosh, gas prices fluctuate?
judgemobile Champion Author Ohio Posts:7,560 Points:2,443,185 Joined:Nov 2005	Message Posted: Dec 25, 2012 12:08:29 AM Ignore judgemobile Report Abuse after we go over the cliff, will the whole economy be "shovel ready" ?
Dailyrun Champion Author Kentucky Posts:1,972 Points:386,890 Joined:Apr 2012	Message Posted: Dec 25, 2012 12:08:16 AM Ignore Dailyrun Report Abuse its a big mess
JamesCalvin Champion Author Lancaster Posts:3,176 Points:517,505 Joined:Nov 2011	Message Posted: Dec 25, 2012 12:06:43 AM Ignore JamesCalvin Report Abuse Sell gas quickly! Sell gas quickly! Sell gas quickly! Sell gas quickly! Sell gas quickly!
pastorpaulcg Champion Author Virginia Posts:3,615 Points:775,785 Joined:Dec 2010	Message Posted: Dec 25, 2012 12:06:29 AM Ignore pastorpaulcg Report Abuse Prices aren't falling around here
TXGasPriceSpy Champion Author Fort Worth Posts:7,800 Points:1,470,325 Joined:Sep 2008	Message Posted: Dec 25, 2012 12:06:07 AM Ignore TXGasPriceSpy Report Abuse Merry Christmas.
arb0526 Champion Author Greensboro Posts:1,966 Points:407,920 Joined:Mar 2011	Message Posted: Dec 25, 2012 12:05:21 AM Ignore arb0526 Report Abuse old news
regout Champion Author Quebec Posts:2,945 Points:830,755 Joined:May 2010	Message Posted: Dec 25, 2012 12:05:00 AM Ignore regout Report Abuse Good, maybe it will fall here.
boatfloyd Champion Author Jacksonville Posts:1,708 Points:386,025 Joined:Mar 2012	Message Posted: Dec 25, 2012 12:04:59 AM Ignore boatfloyd Report Abuse Prices go up and down.
thuathienhue Champion Author Michigan Posts:3,443 Points:631,615 Joined:Jul 2011	Message Posted: Dec 25, 2012 12:04:09 AM Ignore thuathienhue Report Abuse Ok
joel27nc Champion Author Raleigh Posts:10,527 Points:1,856,420 Joined:Mar 2008	Message Posted: Dec 25, 2012 12:04:05 AM Ignore joel27nc Report Abuse Needs to keep falling!
cheaper0ON All-Star Author Ontario Posts:973 Points:396,105 Joined:Jan 2012	Message Posted: Dec 25, 2012 12:03:34 AM Ignore cheaper0ON Report Abuse Good.
Bus936 Champion Author Lexington Posts:16,434 Points:3,218,055 Joined:May 2004	Message Posted: Dec 25, 2012 12:03:31 AM Ignore Bus936 Report Abuse Oil could have fallen, but the pump prices sure haven't.
amearly Champion Author Michigan Posts:12,109 Points:2,465,660 Joined:Jan 2006	Message Posted: Dec 25, 2012 12:02:33 AM Ignore amearly Report Abuse Merry Christmas to all.
carpenter4u Champion Author Virginia Posts:2,436 Points:614,895 Joined:Jul 2011	Message Posted: Dec 25, 2012 12:01:46 AM Ignore carpenter4u Report Abuse haven't seen it around here
NAVYHM All-Star Author Cleveland Posts:761 Points:1,384,205 Joined:May 2008	Message Posted: Dec 24, 2012 11:59:44 PM Ignore NAVYHM Report Abuse OK...
regout Champion Author Quebec Posts:2,945 Points:830,755 Joined:May 2010	Message Posted: Dec 24, 2012 11:59:14 PM Ignore regout Report Abuse Good, maybe it will fall here.
frostyWV Champion Author West Virginia Posts:2,339 Points:519,235 Joined:May 2011	Message Posted: Dec 24, 2012 11:56:32 PM Ignore frostyWV Report Abuse keep on falling.
Aviator_Rob Champion Author New York Posts:3,795 Points:411,815 Joined:Mar 2012	Message Posted: Dec 24, 2012 11:53:38 PM Ignore Aviator_Rob Report Abuse Well, let me ask you something, @texasvet. When is this gonna stop? I mean it's Christmas, for Pete's sake and we have people here saying that the President is scum for going on vacation. There's nobody in Washington. They've all gone home! But I don't hear one peep about that. I hate to break it to these people but we had an election and the guy you voted for didn't get elected. I'm sorry you're disappointed but get over it. Please tell me how all this venting of bile is helping anything.
clermont40miles Champion Author Cincinnati Posts:10,554 Points:1,770,090 Joined:Apr 2008	Message Posted: Dec 24, 2012 11:53:25 PM Ignore clermont40miles Report Abuse This is like saying oil prices fall as winter snow blankets North Dakota. No correlation. The cliff is approaching as planned. It won't hurt - the falling part. It's the sudden stop that gets you. Let's all hold hands as we go down together. Maybe sing Kumbaya on the way down. Who are those guys up there laughing at us?
36IHBinder Champion Author Illinois Posts:2,948 Points:641,140 Joined:Jun 2011	Message Posted: Dec 24, 2012 11:53:22 PM Ignore 36IHBinder Report Abuse Put on your parachute. We are going over
serrog Champion Author Nova Scotia Posts:5,554 Points:1,510,180 Joined:Oct 2008	Message Posted: Dec 24, 2012 11:51:45 PM Ignore serrog Report Abuse I cant believe this political one upmanship and name calling. Time to rally together Americans and get the economy fixed.
pastorpaulcg Champion Author Virginia Posts:3,615 Points:775,785 Joined:Dec 2010	Message Posted: Dec 24, 2012 11:51:38 PM Ignore pastorpaulcg Report Abuse Not around here, starting to rise
vibdata Champion Author Massachusetts Posts:4,079 Points:847,350 Joined:Nov 2005	Message Posted: Dec 24, 2012 11:51:12 PM Ignore vibdata Report Abuse Sorry. But I saw that oil prices ROSE today. They did not drop. And gas prices, which everyone was proclaiming would drop a lot, rose also. That means PAIN in the PUMP for all you GASSERS.
goodbuy Champion Author Michigan Posts:7,658 Points:1,419,880 Joined:May 2005	Message Posted: Dec 24, 2012 11:50:11 PM Ignore goodbuy Report Abuse Lets do nothing and let the pieces fall where they may.
tidalwave3 Champion Author Tallahassee Posts:1,297 Points:1,461,760 Joined:Jun 2008	Message Posted: Dec 24, 2012 11:48:13 PM Ignore tidalwave3 Report Abuse Liberals can't accept responsibility.
texasvet Champion Author Texas Posts:3,823 Points:360,120 Joined:Jul 2009	Message Posted: Dec 24, 2012 11:46:15 PM Ignore texasvet Report Abuse Aviator Rob - That was a pretty curmudgeonly statement.
texasvet Champion Author Texas Posts:3,823 Points:360,120 Joined:Jul 2009	Message Posted: Dec 24, 2012 11:44:47 PM Ignore texasvet Report Abuse N4PIP - You're what they refer to as a "low information voter".
pcwhiz5385 Sophomore Author Georgia Posts:113 Points:51,460 Joined:May 2012	Message Posted: Dec 24, 2012 11:39:07 PM Ignore pcwhiz5385 Report Abuse we're doing so good, then they throw us back into recession
Aviator_Rob Champion Author New York Posts:3,795 Points:411,815 Joined:Mar 2012	Message Posted: Dec 24, 2012 11:35:43 PM Ignore Aviator_Rob Report Abuse Wow, seriously people. Do the Internet trolls on this forum not take off one day even for CHRISTMAS??? You people should be ashamed of yourselves. What happened in your lives to make all of you such unyielding curmudgeons? You're all a bunch of grinches that need your hearts to grow three sizes.
ramshot412 Champion Author Riverside Posts:20,142 Points:2,464,515 Joined:Apr 2004	Message Posted: Dec 24, 2012 11:31:52 PM Ignore ramshot412 Report Abuse The Republi-Cons holding up everything.
N4PIP All-Star Author Miami Posts:888 Points:416,505 Joined:Jan 2012	Message Posted: Dec 24, 2012 11:31:16 PM Ignore N4PIP Report Abuse Boehner and the Republicans screwed the U.S. economy over during the Bush years. Look what happened in 2008. Here we go again. Time to clean the House of anyone who pledges allegiance to Grover Norquist.
Aviator_Rob Champion Author New York Posts:3,795 Points:411,815 Joined:Mar 2012	Message Posted: Dec 24, 2012 11:30:28 PM Ignore Aviator_Rob Report Abuse None of these predictions hold any weight. We'll just have to wait and see what happens.
kzrooster Champion Author Kalamazoo Posts:2,375 Points:514,800 Joined:Nov 2011	Message Posted: Dec 24, 2012 11:29:57 PM Ignore kzrooster Report Abuse anytime . . . .
CCLighthouse All-Star Author Hartford Posts:993 Points:211,080 Joined:Aug 2012	Message Posted: Dec 24, 2012 11:29:15 PM Ignore CCLighthouse Report Abuse Won't matter.
Dragnet Champion Author Arizona Posts:15,401 Points:2,907,785 Joined:Jul 2004	Message Posted: Dec 24, 2012 11:27:20 PM Ignore Dragnet Report Abuse And Odummo is in Hawaii ignoring the whole thing. Some chief executive this nation has.
FuelOilOH Champion Author Cleveland Posts:2,837 Points:1,180,220 Joined:Oct 2007	Message Posted: Dec 24, 2012 11:24:06 PM Ignore FuelOilOH Report Abuse And on 12/26 it will go back up.
BBHybrid Champion Author Pittsburgh Posts:6,465 Points:1,294,070 Joined:Aug 2008	Message Posted: Dec 24, 2012 11:22:31 PM Ignore BBHybrid Report Abuse liars. gas has not receedied. made up bull spit here