Oil Tumbles To $48

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Oil’s been on a steady run as of late, but today it lost about $4, with crude oil for May delivery closing at $48.45 a barrel on the NYMEX. The drop in price was driven by the news of the auto industry bailout, the decline in the stock market and the dollar which strengthened against the Euro.

With Obama rejecting Chrysler and GM’s weak restructuring plans, the auto market and by extension the need for oil looks worse. There will be less manufacturing and less driving. It’s also a stark reminder that the economy is far from hitting a recovery mode any time soon.

Image: richardmasoner

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