Oil Tanks As Economy Shivers

This morning, President Bush presented the outline of the Bailout Bill that was bouncing around the House this weekend. In order to clam the markets, the President was at the podium at 7:30EDT to try and get out in front of the possible downturn.

It didn’t work. Skeptical traders began the day selling off and the Dow was off nearly 300 points and has languished down mid-200′s all morning.

Brent crude was off almost $6 by 10:00EDT and the NYMEX had oil down nearly $7 at noon.

While gasoline, fuel oil and food prices may be dropping, it is at the expense of the chaotic economy. Let’s see if there’s some good news by the closing bell.

Oil, Metals, Crops Drop on Concern U.S. Bailout Plan May Fail – Bloomberg.com