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Oil falls as global economic worries resurface

NEW YORK — Now that the U.S. presidential election is decided, the oil market is back to worrying about the global economy.

Benchmark oil fell $2.67, or 3 percent, to $86.04 per barrel Wednesday in New York. It rose 3.5 percent Tuesday, ahead of President Obama's re-election.

The European Union is warning that the region's economy will deteriorate further and the 17 countries that use the euro will soon slide into recession.

The focus in the U.S. is turning to a package of tax increases and spending cuts known as the "fiscal cliff" that will take effect unless Congress acts by Jan. 1.

Slower economic growth means less demand for oil, gasoline and other energy products.

At the pump, AAA says the national average price for gasoline remains at $3.46 per gallon.

Comments

VSU 1 year, 9 months ago

Don't feel bad, now that Obuma is re-elected the U.S. can head into another recession.

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chinaberry25 1 year, 9 months ago

Now we can see what stuff that man is made of. I already know, but the rest of the voters are clueless. But their pocketbooks are are going to be a lot slimmer in the very near future. My house is already paid for car paid for and no bills, so I am not hurting. No kids and I will be okay. Hope your heating bill does not go up since O does not think we need to drill for oil or gas. Maybe those green companies will pay for it.

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bubbasmithredneck 1 year, 9 months ago

Who won the presidential election VSU? Do you remember? Or do you have ROMNESIA???????

HAHAHAHAHAHA

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