Oil plunges to 13-month low on global slowdown

[robcon]

Source: breitbart

NEW YORK (AP) - "Oil prices plunged in another violent sell-off Friday, briefly tumbling below $78 a barrel as investors grow more pessimistic about the prospects for resolving a mushrooming global economic crisis. A barrel of oil hasn't been this cheap in 13 months.,,

..."Oil is mirroring the stock market right now. There's a total lack of confidence. It's fear driving more fear," said Phil Flynn, energy analyst at Alaron Trading Corp. in Chicago.

Light, sweet crude for November delivery fell $8.01 to $78.61 a barrel on the New York Mercantile Exchange, after earlier falling to $77.28, its lowest level since Sept. 11, 2007.

Crude has now lost about 47 percent since hitting a record $147.27 on July 11, tumbling as a deepening credit crisis caused by the subprime mortgage fiasco wreaks havoc around the globe and drives down energy demand....

...Underscoring Americans' waning appetite for fuel, a gallon of regular gasoline dropped 5.3 cents overnight to a new national average of $3.35 a gallon, according to auto club AAA, the Oil Price Information Service and Wright Express.

Read more: http://www.breitbart.com/article.php?id=D93NQ74G0&show_article=1

---

At least something good is coming out of the crisis.

[aviationpm]

1. Gas prices better drop too...

Not just a few cents, either. It would be nice to see it below $3 again!

[Iwasthere]

2. Sorry

Gas isn't going to keep pace. Might drop a little but it NEVER comes down like it goes up. You know it was avg $1.19 a gallon nationally in 1999. People forget sooooo fast.

[WriteDown]

5. It will come down quite a bit....

prices are sticky coming down though for a variety of reasons.

[backwoodsbob]

3. just filled up

2.94

[frog92969]

4. Don't get used to it

They're looking into fixing this "problem" of low oil prices.

[lelgt60]

6. Wholesale gas prices are down $1.80 from June

I just posted this in a different thread.

http://www.wtrg.com/

[JesterCS]

7. 2.92 southwest ohio n/t