Bruce Nunnally Posted October 7, 2008 Report Share Posted October 7, 2008 Reuters via Autoblog: NEW YORK (Reuters) - Oil dropped more than 6 percent to below $88 a barrel on Monday as a global market rout churned concerns that faltering fuel demand could slow further. U.S. stocks tumbled 6 percent to the lowest level in nearly five years as part of an international sell-off on fears the global economy was heading into recession. U.S. crude settled down $6.07 at $87.81 a barrel after hitting an eight-month low of $87.56. London Brent crude fell $6.57 to settle at $83.68 a barrel. Crude prices have plummeted from a peak over $147 a barrel set on July 11 as high fuel prices and the growing financial crisis slow oil demand in top consumer the United States and other industrialized nations. They are also projecting gas will be below $3/gallon soon. Bruce 2023 Cadillac CT4-V Blackwing Follow me on: Twitter Instagram Youtube Link to comment Share on other sites More sharing options...
Marika Posted October 7, 2008 Report Share Posted October 7, 2008 Reuters via Autoblog: NEW YORK (Reuters) - Oil dropped more than 6 percent to below $88 a barrel on Monday as a global market rout churned concerns that faltering fuel demand could slow further. U.S. stocks tumbled 6 percent to the lowest level in nearly five years as part of an international sell-off on fears the global economy was heading into recession. U.S. crude settled down $6.07 at $87.81 a barrel after hitting an eight-month low of $87.56. London Brent crude fell $6.57 to settle at $83.68 a barrel. Crude prices have plummeted from a peak over $147 a barrel set on July 11 as high fuel prices and the growing financial crisis slow oil demand in top consumer the United States and other industrialized nations. They are also projecting gas will be below $3/gallon soon. It's already below $3/gallon in some parts of New Jersey. Around here I'm seeing $3.02/gallon. If you really want to make people safe drivers again then simply remove all the safety features from cars. No more seat belts, ABS brakes, traction control, air bags or stability control. No more anything. You'll see how quickly people will slow down and once again learn to drive like "normal" humans. Link to comment Share on other sites More sharing options...
lothos Posted October 7, 2008 Report Share Posted October 7, 2008 Today in the Minneapolis area you can find gas for $2.94, the station by my house was $2.97. I put mid-grade in at $3.07 a gallon. I'm lovin' it WARNING: I'm a total car newbie, don't be surprised if I ask a stupid question! Just trying to learn. Cheers! 5% discount code at RockAuto.com - click here for your discount! Link to comment Share on other sites More sharing options...
WarrenJ Posted October 8, 2008 Report Share Posted October 8, 2008 Iran already tried to create an artificial crisis to force oil prices up by harassing a U.S. ship in the Strait of Hormuz yesterday. It didn't work. You might wonder what they'll try next. Regards, Warren There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved. - Ludwig von Mises Link to comment Share on other sites More sharing options...
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