|The price of crude oil continues to plunge. Today, oil traded down over four dollars per barrel and briefly dipped below the $70 per barrel mark. The Dow surged on the news, trading up 4.6% on the day. Today’s chart provides some perspective on the latest decline with a long-term view of West Texas Intermediate Crude. It is interesting to note that most oil price spikes were a result of Middle East crises and often preceded or coincided with a US recession. So while the current plunge in oil prices is welcome news, it did come at an extremely high price.Notes:
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Quote of the Day"When future historians look back on our way of curing inflation they'll probably compare it to bloodletting in the Middle Ages." - Lee Iacocca
Events of the DayOctober 24, 2008 - United Nations Day - Breeders' Cup
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