Oil falls below $54
Oil prices slipped further Wednesday, dipping below $54 on fears of global economic weakness that have sent crude down more than 60 percent in four months.
But analysts suggested that prices might be bottoming out as they moved closer to the psychologically significant $50 mark.
Light, sweet crude for December delivery was down 60 cents at $53.79 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe. The contract Tuesday fell 56 cents to settle at $54.39, the lowest since January 2007.
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#1 Nov 19, 2008
The Democraps were kneejerk opponents of offshore drilling, mostly because they don't like Big Oil (or lower oil prices). I guess the Democraps are really upset that oil prices are getting low enough to bring back prosperity (and more of their scary straw man argument that "global warming" is going to harm America's environment).
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