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January oil futures down 75 percent from summer levels

1:54 PM Fri, Dec 19, 2008 |
Peter C. T. Elsworth    Email

While oil prices firmed after the White House granted General Motors and Chrysler emergency bailout loans, the January futures contract was knocking about at levels 75 percent below the record $147 a barrel recorded in early July.

The Associated Press reported the January contract fell 82 cents to $35.40 a barrel.
That's a staggering drop in the price of the world's most important commodity and a dire reflection of the global economy.

But from the consumer's point of view it does provide about the only relief from the relentless bad news on all other fronts.

At least prices at the pumps and the cost to keep the house warm are providing real relief.

- Peter C.T. Elsworth


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