...AND CHEAPER...:

Oil falls below $78 on recession fears (Associated Press, October 15, 2008)

Light, sweet crude for November delivery was down 98 cents to $77.65 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract fell overnight $2.56 to settle at $78.63. Oil prices have fallen by 47 percent since peaking near $150 a barrel in mid-July.

Oil price slides below $72 to 13-month low (AFP, 10/15/08)

The price of oil slumped below 72 dollars on Wednesday, its lowest level for more than 13 months, as recession fears raised concerns about a prolonged drop in energy demand, analysts said.

Posted by Orrin Judd at October 15, 2008 7:23 AM