Environmental Capital provides daily news and analysis of the business of the environment. It tracks how growing green concern, particularly over climate change, is roiling established industries and spurring new ones – and how that shift is affecting investors, consumers and the planet.
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Crude Meltdown: Bailout Package Failure Sends Oil Plummeting
Posted on September 30, 2008
If crude oil was already falling on fears the bailout package was too little, too late, what happens when that bailout package gets shot down in Congress? Oil prices mark their biggest one-day plunge since November, 2001, thats what. Going down (AP)Prices for crude-oil futures are plummeting on fears the U.S. economy is going headlong off a cliffand is going to drag down Europe and Asia with it. Crude futures closed at $96 a barrel in New York; two months ago, crude was at $147 and superspike analysts were elbowing each other to call $200 oil first. A generalized economic slowdown that includ...
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