Oil prices tumble in biggest weekly drop ever

As the price of oil drops dramatically, some analysts wonder if the bubble is bursting

NEW YORK (AP) -- A stunning sell-off dragged oil prices to their biggest weekly drop ever and gas prices at the pump slipped by the more than they have at any point since February, giving consumers a rare breather in a year of record fuel prices.

… Light, sweet crude for August delivery fell 41 cents Friday to settle at $128.88 on the New York Mercantile Exchange -- well below its trading record of more than $147 a week earlier.

Good work everybody, but this is a big slowdown from the last three days – light, sweet crude fell $15 in three days Tuesday through Thursday. This is no time to slack off - we're trying to create sort of an echo chamber of despair, here. An earthquake-like buzz informing the investment world that it's time to get out of oil.

Had to highlight this paragraph:

Some analysts said a nationwide average of $4 or even lower could be in the offing -- almost unthinkable in a summer when there has seemed to be no relief at the pump -- although they cautioned that there is no guarantee prices will stay low.

“Almost unthinkable?” Not only is that editorializing in what’s supposed to be a news story, it’s the exact kind of thinking that got us into this mess in the first place. It’s not “unthinkable” that prices will come down, it’s unthinkable that they won’t!

Traders! Speculators! Protect yourselves – sell those futures! Sell now, while you’ve still got profits to count!