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| Oil prices fall over $6 on stronger dollar |
| 2008-08-22 |
| NEW YORK - Oil prices tumbled more than $6 a barrel Friday — the biggest one-day percentage plunge in nearly four years — after a rebounding dollar and a Russian troop pullback in Georgia sparked another frenzied sell-off. Crude's nosedive wiped out all the gains from the previous day's big rally and reaffirmed the belief that high energy prices are still cutting into consumer demand for fossil fuels in the U.S. and overseas. Light, sweet crude for October delivery fell $6.59, or 5.43 percent, to settle at $114.59 a barrel on the New York Mercantile Exchange. It was crude's largest single-day price drop percentage-wise since Dec. 27, 2004, when prices dropped 6.47 percent. In dollar terms, it was oil's steepest one-day slide since Jan. 17, 1991, just after the start of the Gulf War. Crude prices had risen for three straight days, including an almost $6 rally on Thursday. At the pump, a gallon of regular fell another penny overnight to a new national average of $3.692, according to auto club AAA, the Oil Price Information Service and Wright Express. Prices had peaked at $4.114 a gallon on July 17, but have come down as high energy costs force Americans cut back on their driving. |
| Posted by:tu3031 |
| #2 ...$3.25 and dropping in Columbia, SC. Gawd, I love capitalism. Mike |
| Posted by: Mike Kozlowski 2008-08-22 22:53 |
| #1 Oh, poor Pooty, what'd he do, if oil price continues to slide downward? His underthugs won't happy if he can't pay them. |
| Posted by: Spike Uniter 2008-08-22 17:57 |