Oil prices dip, gasoline down to levels of 2004

US government has reported that the nation's GDP has shrunk by mor than expected - about 0.5% in Q3. This has been the worst performance in recent years, matched only by 1.4% contraction of the economy in Q3-2001. News that the economy, housing and the consumer state of mind indicates that USA is moving toward the worst recession in decades. Oil prices dipped by an additional 7% to US$50.7/barrel on the Nymex, and gasoline prices have sunk to US$1.885, their lowest levels since September 2004 as consumers and businesses cut back on energy spending, amid cost reduction, widespread job losses, slumping home prices and dwindling retirement funds. Paris-based Organization for Economic Cooperation and Development has reported that economic output in 2009 is likely to shrink by 0.4% for the 30 market democracies that make up its membership, against the 1.4% growth prediction for 2008.
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