Wednesday, December 17, 2008

Oil Close at Just Above $40/Barrel

And the left screams bloody murder as their utopian dream of the "clean" energy's economic viability smashes headlong into reality.
NEW YORK (Reuters) - Oil prices dropped to their lowest in more than four years on Wednesday after OPEC announced a record supply cut that dealers said may fail to fully offset slumping world energy demand.

U.S. crude oil prices fell $3.54 to settle at $40.06 a barrel after dipping below $40 for first time since July 2004. London Brent fell $1.12 to $45.53.

Oil prices have fallen more than $100 since July as a global financial crisis cuts into consumer and industrial fuel demand, and top forecasters are now predicting the first decline in world energy use since 1983.

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