Just and Update on Oil and Gasoline Prices.....

today's papers
Black Gold Down
By Daniel PolitiPosted Friday, Oct. 17, 2008, at 6:26 AM ET
The Los Angeles Times and New York Times lead with, while the Wall Street Journal fronts, the continuing downward spiral of oil prices, which dropped below $70 a barrel for the first time in 14 months. Some predict oil could fall to as low as $50 a barrel before the end of the year, although that seems unlikely considering that OPEC has called for an emergency meeting next week. The LAT's cites an analyst who says OPEC would like prices to stabilize around $70 a barrel, though the NYT and WSJ say $80 a barrel is more likely. Regardless, either number is quite a change from a few months ago when some were predicting oil prices would reach $200 a barrel next year.
USA Today leads with a look at how the recent increase in mortgage rates could put in doubt whether the housing market will improve in the near future. Home buyers have been encouraged by the drop in prices but could be turned off by the higher interest rates. This week, the average interest rate on a 30-year fixed-rate mortgage soared to 6.46 percent, which essentially amounts to a half-point increase from last week and represents the "biggest weekly jump since 1987." Many are blaming the bailout plan for the jump, although some say it's just temporary and insist rates should go down once the markets calm down a bit. The Washington Post leads with a look at how "countless companies" are adjusting to the credit crisis and what some predict will be a long recession by cutting spending, postponing expansion plans, and looking for "cash-rich partners." The general lack of credit means that hundreds of companies could default on their debt obligations over the next year.
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