Oil Falls Below $90 A Barrel As Financial Turmoil Spreads

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Posted: 5:10 AM Oct 6, 2008
Last Updated: 5:10 AM Oct 6, 2008

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SINGAPORE (AP) - Oil prices have fallen below $90 a barrel on worries that the spreading financial crisis will exacerbate a global economic slowdown and cut demand for crude oil.

Light, sweet crude for November delivery was down $4.69 to $89.19 a barrel in electronic trading on the New York Mercantile Exchange by late afternoon in Singapore.

Oil prices have tumbled nearly 40 percent since peaking in July.

The drop came as world stock markets plunged amid growing investor anxiety of a global financial crisis triggered by the bad debt mess in the U.S.

Oil demand in the world's richest countries had already begun to slow since May, before the worst of the financial turmoil erupted last month.

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Posted by: mike Location: cumberland on Oct 6, 2008 at 04:21 PM
oil has got a lot cheaper but gas is still 3.69 a gallon does anybody smell something fishy

Posted by: Father Truth Location: Mountaintop on Oct 6, 2008 at 12:15 PM
WHAAA WHAAAA WHAAAA theres no pleasing a democrat if the gas price was 30cents a gallon.Our oil[or most does] comes from other countries.I guess the democrat party think we should be in control of the gas price dont you reality check we have to pay the price they want not what we want.Look at the price of fuel in other countries and quit crying it could be worse.

Posted by: confused Location: ky on Oct 6, 2008 at 11:12 AM
Maybe someone could educate me here but, do we not want the price of the barrell of oil to drop??? It should be reflecting at the pumps but it is not! If they even suspect that a the price of oil is going up we see the jump at the gas station the same day. So why are we not seeing a 40% decrease in the price that we are paying? I do not understand this at all!

Posted by: PD Location: JUSTHERE on Oct 6, 2008 at 09:54 AM
Price is good and all but is the supply there? I went thru South Carolina and North carolina just two weeks ago and no gas to be had except at every 4th station. I've been hearing that Atlanta is slowly running out of stations with full pumps. A good question to ask the attendent before you get gas is if their tanks are below 400 gallons. If so, find another station. Your most likely pumping excess air with your purchase from the tank instead of mostly gas. The problem it causes to an engine is vaporlock and most of our domestic cars (especially Fords and Mercurys) can't handle a lot of this. Just a tip.

Posted by: kelly on Oct 6, 2008 at 09:10 AM
Republican policies ensures greed and profits for the big companies------time for a change Mitch,Hal and John.

Posted by: Jeff on Oct 6, 2008 at 09:01 AM
Republican monopoly, time to change lets get rid of them all.

Posted by: Terri on Oct 6, 2008 at 08:05 AM
And under the Bush/McCain plan we the taxpayer keeps subing the price to the oil company when do we get a break?--When we get rid of McCain and McConnell.

Posted by: Barbara on Oct 6, 2008 at 07:58 AM
And do we see the price of gas dropping to match the price/barrel? Don't think so!! And why would that be? Can you say greed and politics?!?

Posted by: Josh on Oct 6, 2008 at 07:54 AM
A number of these oil companies are owned by our current president and vice president and if they wanted us to have an energy policy they can now lower the price.

Posted by: Heather on Oct 6, 2008 at 06:13 AM
oil prices have tumbled but the price at the pump is still very high dropping only about 30 cents at best. So whats up with that?

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