Oil Drops more than $10 a Barrel after U.S. Bailout Failure
Unless you’ve being living under a rock, you’ve probably heard that the House on Monday rejected a $700 billion emergency rescue plan for the nation's financial system. What you may not have heard is that aside from the fact that the Dow Jones industrial average plunged 778 points, oil prices also fell a staggering $10.52 US on Monday, or 8.9%, to $96.37 a barrel on the New York Mercantile Exchange. This is the second biggest drop in dollar terms since January 17, 1991 when prices fell $10.56.