Thursdays Market – Panic Resets Oil Prices

by solesirius on Oct.16, 2008, under Business

Panic Resets Oil Prices

The era of sky-high oil prices and record oil company profits could be over—for now.

Panics in the stock market have spread to the oil market. On october 10th oil prices fell to their lowest level in 13 months. Its starting to feel like my pockets have a little bit more change in them, and boy do I miss this feeling. It is the uncertainty worldwide which is the reason for these changes in oil prices. Light, sweet crude for November delivery fell $8.89 per barrel, or 10%, to settle at $77.70 a barrel on the New York Mercantile Exchange, or Nymex (CME). Oil has lost 47% since hitting a record $147.27 on July 11.

alongside crude prices. A gallon of regular gasoline dropped 5.3¢ overnight from Oct. 9 to Oct. 10, reaching a national average of $3.35 a gallon, according to auto club AAA. Prices reached an all-time high of $4.11 on July 17.

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