Cheney contemplates investing in Hog Futures!
posted by
Clyde
1:02 PM
So Exxon will only meet last quarter's profits instead of breaking the record they set last time. My heart weeps! Not!
Oil plummets on economy worries
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.
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 $4.17 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.
(Poor Little Lambs)
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