Oil Dipping News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Looks like this seems to happen this time of year, almost every year, at least in recent years. have there not a comeback coming in >>gerri: the saying sell in may and go away and some traders park the money and get out of town and go on vacation but one of the interesting things going on right now, oil dipping, those prices dipping dramatically to $80 a barrel and that is good news for some folks. for us that means the national average $3.47 a gallon. that is down 46 cents from the april high, and that is dramatic. and of course we expect more people to drive for the 4th of july holiday. and ...

Which gold prices really didn't do much. these are speculative bubbles. once they develop momentum of their own they keep ongoing until they run out of buyers, usually a raise in margin requirements has an impact, steven is right in that regard. in the case of silver, the original run up was driven by the hunt brothers. once margin requirements were increased, prices pretty much crashed and stayed down for a long time. >> margin requirements mean that investors -- in this case in silver, which was up for a big run, people had to put more money up to invest it. that obviously pushes people away...

>> neil: forget drill baby drill try tap baby tap. democrats yeah democrats today calling on the president to tap our own emergency oil stockpile. we keep this hidden in a big old piggy bank times like these they say and we need them now. even though the saudis say they will happily open up their spigots for libyans spigot getting shut off. all that oil dipping back to 97 bucks after going to 100 bucks a barrel. it's not the time to hit the panic button. president of the commodities training firm on the academy. i think they are going to probably do this oscar, then what? >> neil, i think it's...

Melissa francis. good evening, melissa. what is driving this selloff? >> there were a lot of different things at work today. boy it was a blood bath into the close i have to tell you. one of the biggest factors is china. as you know, they have made a move to devalue their currency. that's bad for a lot of reasons. i mean number one you look at a company like apple which sold $16 billion worth of goods in china last quarter. they devalue that currency, that's an immediate hit to apple's profits and their prices. all of a sudden they're instantly with that making less. it also gifts you insight ...