Oil, gasoline hit 4-year lows as economy sags

Oil, gasoline hit 4-year lows as economy sags

COLUMBUS, Ohio (AP) — Oil tumbled below $44 a barrel Thursday and average gasoline prices slipped under $1.80 a gallon, both four-year lows, as unemployment benefit claims hit a 26-year high and major companies announced more job cuts.
The unprecedented decline in energy prices has provided some relief to consumers and businesses.

But fewer people have jobs to drive to. Gasoline futures for January delivery closed below a dollar, with optimism about the nation's economic health in serious decline.

It was the first close below $1 since 2006, when gasoline began trading in the current format. When gasoline included the additive MTBE, it last crossed the $1 barrier in February 2004.



Read Article: USA Today

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