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Crude Oil Tumbles to Lowest Since May 2005 as Consumption Drops

“Oil has dropped nearly $100 from its July record, as the world economic crisis reduced global demand growth to its weakest in 23 years. Crude oil is poised to drop 15 percent this week, the worst performance since the week ended Oct. 10. Its slide will add to concern that the U.S. economy faces deflation, threatening investment in oil and gas production projects.”

Recap Asshats: Oil is a Asset like Housing and I’m willing to bet that you have gone down by 20% in the value of your home this week.

I gots me a hard on watching the implosion of the Mutant Asset Bubble and keep playing children. I will let Uncle Ernie into the playground…