Oil, Employment

The AP reports today:

"Benchmark crude fell as low as $49.75 a barrel on the New York Mercantile Exchange, levels last seen on May 18, 2005, when oil hit $46.80 a barrel."

Oil for less than $50. That happened fast. Four months ago it was $147, so it's fallen by about two-thirds in a very short amount of time.

Also, unemployment hit a 16-year high last month, and the four-week average is at a 25-year high.

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