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Gossip Guide

(AP) Oil prices dropped by more than $1 a barrel Wednesday after the U.S. government released data that showed crude oil and gasoline supplies on the rise.

Light, sweet crude for May delivery fell $1.11 to $50.75 a barrel in midday trade on the New York Mercantile Exchange. On the International Petroleum Exchange in London, Brent crude was down $1.15 to $50.83 a barrel.

Nymex crude futures have fallen by nearly 14 percent since reaching an intraday high above $58 a barrel last Monday. Traders are hesitant to declare that oil prices have peaked for the year, though they say that supply increases and signs of shrinking demand growth could keep downward pressure on the market for the rest of the quarter.

"There has certainly been a pause in the uptrend. But I'm not sure the long-term uptrend is over," said Tom Bentz, a broker at BNP Paribas Commodity Futures in New York.

Bentz said that because demand is still growing and the global supply cushion remains thin, there's a lot of "psychological support" in the market for prices to hover around $50 a barrel.

The U.S. Department of Energy said that the nation's supply of crude oil grew last week by 3.6 million barrels to 320.7 million barrels, or 8.7 percent above year ago levels. It was the ninth straight week in which U.S. oil inventories increased.

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Then why the hell am I paying $2.50 a gallon if its on the rise? If its almost 9% greater than last year then shouldnt gas be 9% cheaper than last year this time?

Some one is getting rich!