Oil tumbled below US$44 a barrel Thursday to levels last seen nearly four years ago as the number of American workers continuing to receive government aid reached a 26-year high, factory orders hit an eight-year low and major corporations slashed jobs.
Though the unprecedented decline in energy prices provides some relief to consumers and businesses, it has occurred as the U.S. dips into recession.
Also hitting new lows were average retail gasoline prices, which fell below $1.80 a gallon (below 47 cents a liter) nationally for the first time since January 2005.
Part of the reason gas prices have fallen so low is that many people no longer have jobs to drive to and fewer people have money to spend shopping. Gasoline futures fell below a dollar a gallon.
Veteran energy analysts were stunned as they watched light sweet crude fall $2.91, more than 6 percent, to $43.88 on the New York Mercantile Exchange by early afternoon.
With such a price, our government merely reduce the price at the pump station by rm0.10 per litre...so do u you think it's fair? Seriously, I think it's dirty play by them.....Shame shame shame...
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