Oil tumbled below $44 a barrel Thursday to levels last seen nearly four years ago as unemployment benefit claims hit a 26-year high and major companies announced more job cuts.
Though the unprecedented decline in energy prices provides some relief to consumers and businesses, it has occurred as the U.S. dips into recession.
Also hitting new lows were average retail gasoline prices, which fell below $1.80 a gallon (below 47 cents a liter) nationally for the first time since January 2005.
Part of the reason gas prices have fallen so low is that many people no longer have jobs to drive to and fewer people have money to spend shopping. Gasoline …
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