Oil tumbles as unemployment claims rise

Oil is tumbling more than 3 percent after the government reported a jump in applications for unemployment benefits.

The Labor Department report added to growing concerns about weaker oil and gasoline demand in the U.S. Industry and government surveys have indicated that Americans are buying less fuel as pump prices rise.

The rise in claims for unemployment benefits suggests that fewer people are driving to work. That should depress gasoline demand even further, analysts say.

http://finance.yahoo.com/news/Oil-tumbles-as-unemployment-apf-1210835519.html?x=0

OMG! Boy if this is true (tumbling) , Someone is taking advantage of us BIG TIME! I also me getting pssd! How can oil suddenly drop because of new jobless claims when all of the middle east stuff is still on going wasn't that their excuse for oil prices rising..But now that jobless numbers jumping its HEY! We better back off and lower oil!! HELLO! America you should be furious! Hello Obama fraud committee... Hello! Is big oil manipulating prices with speculation when our economy is slowly growing and they are jumping on the band wagon milking us early and now that jobless claims are jumping they are backing off! GIVE ME A BREAK! Mr Pres. FRAUD COMMISSION!!!WHERE ARE YOU???

DesperateInRI wrote:

Oil is tumbling more than 3 percent after the government reported a jump in applications for unemployment benefits.

The Labor Department report added to growing concerns about weaker oil and gasoline demand in the U.S. Industry and government surveys have indicated that Americans are buying less fuel as pump prices rise.

The rise in claims for unemployment benefits suggests that fewer people are driving to work. That should depress gasoline demand even further, analysts say.

http://finance.yahoo.com/news/Oil-tumbles-as-unemployment-apf-1210835519.html?x=0

Credit card companies said that the gas charges had dropped off 300% . Desp. I am not gloating but angry as hell! I said if oil stays up watch the jobless numbers.And it is happening! Because the first place to offset high gas expenses is get rid of some employees. That is faster and lowers payroll quick rather than raise your prices to offset.Plus raising prices cost you customers so hello. Lay off workers. It ain't over, its just starting until gas prices are seen at the pump to pre price increases. then the economy will have to rebound quick to even think of rehiring the laid off employees. Obama has a big problem. Will he lie to us and cover up??

I don't think we can blame this on the President. He did authorize a committee to investigate the inflated prices of gas and oil.

Big oil comanies have big lobbyists who have Congress wrapped around their fingers - both sides.

The unemployment crisis is affecting the price of oil, but it is also affecting all sectors of the economy. It is just that when oil prices spike, the effect is seen immediately at the pumps.

We will see this "trickle down" on all sectors very soon if unemployment in America isn't addressed asap. Double Dip? Depression?

It has to stop somewhere, things are going downhill fast.

Don't take holding someone responsible and accountable as "Blaming". And he is accountable for actions and inaction!Success and failures!

Exxon/Mobile released in their annual report that their CEO made 28 million in salary, that's like 500,000 per week. Oh, but they need the money for exploration cost. Maybe he wants more benefits or something. These people should be in jail.