Oil plummets on economy worries

[LTR]

Source: AP Business

NEW YORK - Oil prices plunged Monday, pulling back at least temporarily from record levels as investors feared that the financial crisis that forced the sale of Bear Stearns Cos. is a sign of deep economic trouble.

Crude's plunge came even as diesel prices rose to a new record above $4 a gallon, and gas prices remained high. Diesel, used to transport the vast majority of the nation's goods, rose 1.3 cents to a national average of $4.002 a gallon Monday, according to AAA and the Oil Price Information Service. The national average price of a gallon of gas, meanwhile, dipped slightly to $3.283 a gallon, but remains 73 cents higher than a year ago.

Oil's steep decline — falling $4.53 to settle at $105.68 a barrel on the New York Mercantile Exchange — came hours after futures reached a new trading high of $111.80 on the Federal Reserve's move Sunday to lower a key interest rate by a quarter point.

Read more: http://tinyurl.com/28ykc4

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From http://news.yahoo.com/ (used TinyURL link)

[Nickster]

1. Plummet? Call me when it goes back to 30ish a barrell, that's a plummet.

[easy_b94]

2. Ditto

[margotb822]

3. I know!

That's what I thought. At least give us below $85, that would be a 20-ish% drop.

[Speck Tater]

4. "Plummets" to $105. Now there's a sentence I thought I'd never see. NT

[ramapo]

5. Pretty wacky

I thought it meant 90-something at least.

[mikeytherat]

8. Yep. A 3-4% drop in price is now a "plummet."

:crazy:

mikey_the_rat

[DS1]

6. The Sauds just realized they could be killing off their golden goose

[NikolaC]

7. So What?

Am I supposed to bow and scrape and say "thank you" for this small wonder? :rofl: Some favor they are doing us :sarcasm:.