Oil plummets on economy worries
By JOHN WILEN, AP Business Writer 2 hours, 55 minutes ago
NEW YORK - Oil prices fell sharply 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 troubles.
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Oil's steep decline — falling $4.17 to $106.04 a barrel on the New York Mercantile Exchange — came hours after futures rose to a new trading high of $111.80 on the Federal Reserve's surprise Sunday move to lower a key interest rate by a quarter point. In the past several months, Fed rate cuts have fueled rallies in oil prices.
When I see a headline that shouts "Oil Plummets!" I expect an actual, I don't know, decline! So, what this story actually says is that within hours of peaking at a record high it settles back to the same outrageous price it was the day before?
Gas is still 73 cents/gallon more than it was a year ago. Break the glass on the word "plummet" when we're back in that neighborhood.