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Its the highest of the highest and they peg their prices to that? How about NYmEX crude which is much lower at USD88.8 now even WTI Cushing is lower at 87.96... Strange........

Crude oil price drop to USD88 already..... Nothing here? Not even 1c drop????

Crude oil has been between USD75-77 recently for a few days now. Still no price reduction?? Boiling mad... Sorry, just wanted to vent my frustrations...

http://www.reuters.com/article/idUSTRE5B30OK20100113 LONDON (Reuters) - Oil fell to its lowest level this year on Wednesday, dipping below $80 a barrel after an industry report showed rising U.S. distillate inventories, despite the severe northern hemisphere winter. The American Petroleum Institute (API) said in its weekly report late on Tuesday distillate stocks -- which include heating oil and diesel -- rose by 3.6 million barrels last week. Expectations had been for a 1.8 million barrel fall. Traders are waiting for the release of data from U.S. government's Energy Information Administration at 1530 GMT (10:30 a.m. EST) to see if it confirms the API numbers. Prices were also pressured after China surprised world markets by raising banks' cash reserve requirements, the latest step toward tightening monetary policy, which some traders see potentially dampening rising energy demand. U.S. crude for February delivery fell as much as $1.16 a barrel to $79.63, matching the lowest level of 2010 seen on the first trading day of the year. Prices pared losses to trade down 59 cents at $80.20 a barrel by 1400 GMT. Prices have fallen by around $4 since hitting a 15-month on Monday. London Brent crude for February, which expires on Thursday, fell 58 cents to trade at $78.72 a barrel. "The combination of the API numbers and China's move to tighten monetary policy set off a correction, but the market has paused ahead of the EIA data," VTB Capital analyst Andrey Kryuchenkov said. "The downside still looks limited though, a correction was to be expected after the run-up at the start of the year." China, the world's second largest oil consumer, raised the proportion of deposits that banks must hold in reserve by 0.5 percentage point in a move to keep a lid on inflation. Concerns that Chinese tightening could moderate the global economic recovery unnerved financial markets, denting stocks, higher-yielding currencies and commodities. HIGHER INVENTORIES On top of higher U.S. distillate inventories, crude and gasoline stockpiles in the world's largest energy consumer also rose last week, the API said. Gasoline inventories soared by 6.8 million barrels, far surpassing expectations for a 1.2 million barrel build. Crude stocks rose by 1.2 million barrels, matching analysts predictions. "We cannot recall when the aggregated inventories rose 11.6 million barrels before," said Dennis Gartman, a financial markets commentator. "The market is clearly concerned and confused." Stocks of crude and oil products have bulged in the United States over the past 18 months as the economic crisis has cut the demand for energy. Very cold weather over the last two weeks was expected to have helped to draw down inflated inventories. Warmer weather across the central and eastern United States is expected to arrive in the next few days, DTN Meteorlogic said, reducing heating demand. (Additional reporting by Alejandro Barbajosa in Singapore; editing by James Jukwey)

Crude has been trading below $70 per barrel for the past few days (since monday) & no price movement? Come...let us all pronounce a blessings for the oil cartels & their fat cat top execs!

In the recent increase in pump price, Shell said that they make a lost when crude oil fell from US$147 per barrel to US$40 per barrel...... Just read a report at Yahoo Web site and the report stated: Exxon notches record profit of $45.22 bln WASHINGTON (AFP) - - US oil giant Exxon Mobil on Friday notched a 45.22 billion dollar record net profit in 2008 despite a 33 percent decline in net income in the fourth quarter of the year. The company said fourth-quarter profit declined to 7.82 billion dollars following weak crude prices. They have 'see-chap-phuay' (48) us in beliving that the fall of crude oil prices would hit them but overall profit reported by Exxon is a juicy US$45.22 Billion for 2008 .......