Oil Prices Falling Fast

oil tanker

The price of oil is retreating for a second straight day, trading around $68 a barrel.

It seems the world was a bit too rosy about the chances of a recovery, and the price is falling to reflect the newfound sobriety. The World Bank warned that the GDP should be negative in 2009 and 2010 won’t be a boom year. Also, the stock market is down, and oil’s been following the market this year.

The slip in oil is good news, of course. Overpriced oil was going to kill the recovery. In other good, oil-related news, it looks like the price of gasoline is set to fall:

AP: After rising nearly every day for the past two months and climbing 67 per cent so far this year, it looks like gasoline prices may be ready to take a break.

Gas prices were up for a 54th straight day Sunday, by 0.1 cents, to a new national average of $2.693 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service.

The recent run-up exceeds anything that oil analysts say they have seen since the 1970s. But the streak should end Monday or Tuesday, Tom Kloza, publisher and chief oil analyst for OPIS, said Sunday.

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