Oil prices slump under 50 dollars per barrel Nov 20 02:05 PM US/Eastern Oil prices tumbled under 50 dollars on Thursday, as plunging equities and weak US data sparked fresh concern that a worldwide recession could ravage energy demand, traders said. In New York, light sweet crude for delivery in December dived to 49.75 dollars a barrel -- the lowest level since January 18, 2007. The December contract expires at the close. Brent North Sea crude for January tumbled to 48.20 dollars, levels last seen in May 2005. Brent closed on Wednesday at 51.72 dollars. Both oil contracts traded below 50 dollars on Thursday for the first time in almost four years, pulled down by fears about the impact of the ongoing chronic global financial crisis, analysts said. Oil prices have now plunged by about two-thirds since striking record highs above 147 dollars in July as a global economic slowdown slashes worldwide demand for energy. "The oil market is reacting to yet more negative news on the prospects for the global economy," said IHS Global Insight oil analyst Simon Wardell. "With stock markets continuing to fall around the world, and particularly in Asia, there is just no positive news out there which could help restore confidence in oil markets." Stock markets plunged Thursday as a jump in US jobless figures and fresh job cuts worldwide deepened fears of recession and sent investors fleeing for cover. The latest economic news remained grim as the US Labor Department said new claims for unemployment benefits jumped to a 16-year high of 542,000. Later Thursday, oil prices went on to recover somewhat, with New York oil at 50.56 dollars and Brent at 49.05 dollars in late afternoon London trade. Wardell said that "the market is still searching for a floor and until there some stronger signs that supply is being cut, we are likely to see continued price weakness." Oil market sentiment was also dampened this week after broker Goldman Sachs said it would close all of its oil trading recommendations as the US investment bank "did not expect significant upside potential. "The volatility in the past few weeks has mostly been to the downside and the pressure on the oil complex has increased," Goldman Sachs said in a report. In addition, the US Federal Reserve sharply cut its outlook for the US economy for 2009, highlighting the potential for recession over the next year while leaving the door open for more interest rate cuts. The health of the US economy is vital for the oil market because the United States is the world's biggest oil consuming nation. Torbjorn Kjus, analyst at DnB NOR Markets, said that he expected prices to fall even further in the coming months. "We are expecting further price weakness in the short term," Kjus said in a research note to clients. "Fundamentals (of supply and demand), psychology, sentiment and technicals are not looking good," he said. "We are however expecting to see the market bottom out before year-end and a price recovery starting in January." On Monday, the Organization of the Petroleum Exporting Countries (OPEC), whose members produce 40 percent of the world's oil, said it was ready to intervene on a regular basis to help prop up prices. "The recent fall in prices largely reflects concern that OPEC is unwilling to make the oil output adjustments necessary to compensate for weakening oil demand," added Dresdner Kleinwort analyst Gareth Lewis-Davies.

From Perkins Journal, Mr. Gibb's Stillwater Journal editoral... comes this ditty...

Like a lot of folks in this state, I have a job. I work, they pay me. I pay my taxes and the government distributes my taxes as it sees fit.

In order to get that paycheck, I am required to pass a random urine test with which I have no problem. What I do have a problem with is the distribution of my taxes to people who don’t have to pass a urine test. Shouldn’t one have to pass a urine test to get a welfare check because I have to pass one to earn it for them?

Please understand, I have no problem with helping people get back on their feet. I do, on the other hand, have a problem with helping someone sitting on their ass, doing drugs, while I work. … Can you imagine how much money the state would save if people had to pass a urine test to get a public assistance check?

Christmas Lighting.. and music from PJ Moore at the Cherokee Nation, thanks PJ for sharing!

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Hummmmm turkey,.,, was thinking of smoking a turkey... hum???

So - do you know your turkey facts.... I sure did not...

I scored 9 correct on this ditty..

test your turkey knowledge and beat my score. We will award an 'air' high five to those that beat my score...

From Heather, this ditty....

Once upon a time, in a land far away, a beautiful, independent, self-assured princess happened upon a frog as she sat contemplating ecological issues on the shores of an unpolluted pond in a verdant meadow near her castle.The frog hopped into the Princess' lap.

"Elegant Lady, I was once a handsome Prince, until an evil witch cast a spell upon me. One kiss from you, however, and I will turn back into the dapper, young Prince that I am! Then, my sweet, we can marry and set up housekeeping in yon castle with my Mother, where you can prepare my meals, clean my clothes, bear my children, and forever feel grateful and happy doing so."

That night, on a repast of lightly sauteed frogs legs seasoned in a white wine and onion cream sauce, she chuckled to herself.

"I don't think so."

From Mike who works with Ann... comes this note.

Mike W.

11/18/2008 5:03 PM

I got this from a friend. It is a sad reflection on our economy, but useful information as you prepare to do holiday shopping. maw.....



I wanted to give everyone a heads up that if you tend to give gift
cards around the holidays, you need to be careful that the cards will be
honored after the holidays.

Stores that are planning to close after Christmas are still selling the cards through the holidays even though the cards will be worthless January 1. There is no law preventing them from doing this. On the contrary, it is referred to as 'Bankrupcy Planning'. Below is a partial list of stores that you need to be cautious about.


Circuit City (filed Chapter 11)
Ann Taylor- 117 stores nationwide closing
Lane Bryant, Fashion Bug ,and Catherine's to close 150 stores
nationwide
Eddie Bauer to close stores 27 stores and more after January
Cache will close all stores
Talbots closing down specialty stores
J. Jill closing all stores (owned by Talbots)
Pacific
Sunwear (also owned by Talbots)
GAP closing 85 stores
Footlocker closing 140 stores mo re to close after January
Wickes Furniture closing down
Levitz closing down remaining stores
Bombay closing remaining stores
Zales closing down 82 stores and 105 after January
Whitehall closing all stores
Piercing Pagoda closing all stores
Disney closing 98 stores and will close more after January.
Home Depot closing 15 stores 1 in NJ ( New Brunswick )
Macys to close 9 stores after January
Linens and Things closing all stores
Movie Galley Closing all stores
Pep Boys Closing 33 stores
Sprint/Nextel closing 133 stores
JC Penney closing a number of stores after January
Ethan Allen closing down 12 stores.
Wilson Leather closing down all stores
Sharper Image closing down all stor~s
K B Toys closing 356 stores
Loews to close down some stores
Dillard's to close some stores