September 23, 2008
Stocks Fall in U.S Panic
By TOM PARRY
STOCK markets tumbled worldwide and the dollar fell yesterday amid fears over the US government having to bail out struggling banks.
The Dow Jones closed 3.3 per cent down - cancelling out gains made when the markets rallied last Friday.
Meanwhile, a steep rise in the cost of oil yesterday raised fears it could mean higher petrol prices at the pumps. It leapt by nearly EUR22 a barrel to EUR126.50, up 22 per cent.
Chancellor Alistair Darling admitted any prolonged rise could be bad news for the economy but petrol retailers urged caution last night, insisting oil prices had been fluctuating throughout the year.
Ray Holloway, director of the Petrol Retailers' Association said: "I do not believe this will impact on pump prices. In fact, I expect it to have almost disappeared within the next 24 hours.
"It happens with oil from time to time, although this year has been more volatile than ever. The price has been kept falsely high by speculators. Barrels are constantly changing hands."
Mr Darling said: "We have been trying everything to get that oil price coming down. There are going to be ups and downs but I would hope it will continue to fall."
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