Oil Prices Take a Tumble, Reflecting Weak Unemployment; Reveling Depth of Global Economic Storm
Though food and energy prices continue to rise, a decrease in petro demand and dismal unemployment figures sent oil prices tumbling to a four-year low of $40.81 on the New York Mercantile Exchange Friday mid-day. Crude oil prices have dropped 72 percent from July’s record highs, and Friday’s nosedive marks the sixth consecutive day of declines for crude prices. With unemployment numbers hitting a 34-year low, the demand for gasoline lessens. According to AAA, the Oil Price Information Service and Wright Express, gas prices have fallen 63.2 cents from November, and $1.26 from this time last year. Economists estimate that…