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US stocks, oil prices continue free fall
 Concerns about a growing recession and skidding oil prices overshadow markets, with the Dow industrials plunging 5.17% in the late sell off. On Wednesday, Panic selling gripped the market after crude oil prices dropped more than five dollars a barrel in New York and London.
| I'm hoping to see crude bottom out somewhere between $7 and $9 a barrel, but that's probably too much to ask. |
The Dow Jones Industrial Average dropped 457.26 points to 8,576.40 around 1920 GMT and the tech-heavy Nasdaq composite slid 81.70 points to 1,314.98. The broad Standard & Poor's 500 index tumbled 55.06 points (5.77 percent) to 899.99.
Crude oil prices careened lower Wednesday on news of surging US energy reserves that highlighted falling demand in a cooling global economy.
| I'm still not driving a foot more than I have to. For one thing, who knows whether we'll have pay checks next month? |
A sharp rise in the dollar also put pressure on the dollar-priced commodity, making it more expensive for buyers who used relatively weaker currencies. Brent crude oil plunged five percent, to a 16-month low below 65 dollars a barrel.
| That works out to gas at $2.12 a gallon ($65 a barrel / 40 gallons= $1.62 a gallon of crude, plus 50 cents a gallon processing and transportation). I saw $2.64 at the pump today, so we're still being overcharged about 50 cents a gallon as the overpriced stock is being used up. I notice we pay immediately when the price goes up, and keep paying for a long time after it goes down, which is why if I could I'd burn my car. |
| It'll take about $3.25 to do that at today's prices ... |
In London, Brent North Sea crude for December delivery fell to 64.59 dollars, its lowest level since May 9, 2007. New York's main contract, light sweet crude for December, slid to 66.73 dollars a barrel, a low last seen on June 14, 2007.
Posted by: Fred 2008-10-23 |
