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Home Front Economy

World oil prices tumble below $40 mark with no 'floor' in sight

2008-12-06

Crude oil prices plunged below $40 on Friday to their lowest levels in nearly four years, as worse-than-expected jobs data in the United States raised prospects of a severe decline in energy demand. In London, Brent North Sea crude slid to $39.50 a barrel, the lowest level since the January 2005.
$40/barrel is roughly $1.50 a gallon for gas: a buck for product, 50 cents for taxes, title, tags, and transportation.

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