Now at the lowest barrel price since March of 2007, oil closed late last week at
$60.76. That's roughly a 59 percent fall since last July.
A recently unveiled $586 billion bailout plan for China could do little to stop the
falling price of crude oil. Things here in the U.S. continue to get worse.
Since, the oil industry is heavily dependent on the U.S. for oil consumption, it would
seem that little can be done to stave the fall of crude oil until signs of an
easing recession show.
Not helping matters is the auto industry's continued free fall. U.S. car sales
are at a near 25-year low, which only encourages falling oil prices.
With no immediate end in sight, crude oil will continue to fall.
