"Oil prices tumbled to the lowest level in more than eight months and retail gasoline prices slipped amid concerns about a double-dip recession and Standard & Poor's downgrade last week of the U.S. credit rating.
The U.S. benchmark grade of crude, West Texas Intermediate, plunged $5.57 to close Monday at $81.31 a barrel on the New York Mercantile Exchange. That was its lowest close since Nov. 23.
The European trading benchmark, Brent North Sea crude, dropped $5.63 to settle at $103.74 a barrel on the ICE Futures Exchange in London.
Nationally, the average retail price for regular gasoline fell 3.7 cents to $3.674 a gallon Monday, after five weeks of price increases, according to the Energy Department's weekly survey of service stations. Last year at this time, the U.S. average was 89.1 cents lower, at $2.783.
(Excerpt) Read more at latimes.com ..."
No comments:
Post a Comment
Note:
The 'Reader Responses; shown on many posts/articles are almost always worthwhile reading.
Often, the comments by readers enhance the posted article greatly, and are informative and interesting.
Hopefully, all will remember to read the reader comments, and post their own as well.
Thanx
*****