Oil tumbles below $44 a barrel, gas hits new low
4:19 PM Thu, Dec 04, 2008 | Permalink
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COLUMBUS, Ohio -- Oil tumbled below $44 a barrel Thursday and average gasoline prices slipped under $1.80 a gallon, both four year lows, as unemployment benefit claims hit a 26-year high and major companies announced more job cuts, according to The Associated Press. The unprecedented decline in energy prices has provided some relief to consumers and businesses, it has occurred as the nation dips into recession. Fewer people have jobs to drive to. Gasoline futures for January delivery closed below a dollar, with optimism about the nation's economic health in serious decline. It was the first close below $1 since 2006, when gasoline began trading in the current format. When gasoline included the additive MTBE, it last crossed the $1 barrier in February 2004. Veteran energy analysts were stunned as they watched light sweet crude dip nearly 7 percent, or $3.12, to settle at $43.67 on the New York Mercantile Exchange by early afternoon. Just four months ago, crude rocketed close to $150 and the average gallon of gasoline went for more than $4 per gallon. Crude has fallen nearly $27 in just one month. 
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