Open Thread . Oil Plunges Another $10 as Bailout is Rejected. 20% Plunge in Past Week
By Uppity Woman on September 30, 2008 at 1:00 AM in Economy, Gas Prices, Open Thread
THIS IS AN OPEN THREAD TOO. Night owls: Check out the Asian markets for us.
NEW YORK (AP) — Oil prices plunged over $10 a barrel Monday as a U.S. financial bailout plan failed to win legislative approval, increasing fears tat a prolonged economic downturn that could sharply curtail energy demand.
Light, sweet crude for November delivery sank $10.52 to settle at $96.36 on the New York Mercantile Exchange, after earlier dropping as low as $95.04. It was crude’s lowest trading level since prices edged back below $100 earlier this month; crude previously hadn’t traded that low since February.
Crude has fallen almost $25, or 20 percent, in the past week amid intense bi-partisan talks to to work out the $700 billion bank rescue plan.
From my blog, Uppity Woman.
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