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See What People Are Saying About... Price Of Oil
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Oil prices [US@CL.1
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] dropped Thursday as layoffs spread, orders for big-ticket manufactured goods evaporated and the U.S. homebuilding industry posted its worst annual sales in more than two decades.
A worsening recession has cut severely into energy spending by businesses and consumers, pushing prices near five year lows.
Light, sweet crude for March delivery fell $1.12 to $41.04 a barrel on the New York Mercantile Exchange.
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The current price of crude has Main Street cheering and Wall Street jeering.
Main Street feels that if oil prices remain low, prices at the pump will follow -- that in turn puts more money in consumers' wallets -- and provides a boost to the economy.
However Wall Street says the low price of crude signals a slowdown in business activity -- and that means things are getting worse.
And that leads to our Fast Money Reader Poll. Do you view the low price of oil as a positive or a negative?
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CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes
