Well that's weird:

The price of oil continued declining today as investors bet on a long recession. Despite OPEC's plans to scale back production, oil dropped below $34 per barrel in light of a glut on the market and no increase in demand in the immediate future. That will help the US ease its economic woes, but bodes ill for the global economy... They literally have no place left to put the oil. It's almost a fire sale, as production has far outstripped demand. Owners have begun to use tankers to keep oil offshore while they try to find storage for the commodity, which increases the cost and the pressure to sell.

And a stock market dive of literally historical proportions? Without Harry Reid talking? At least the Bank Of America is good to go.

References:
* Oil drops below $34 per barrel as glut continues [Hot Air]
* US STOCKS-Wall St hits session lows after Obama's speech [Reuters]
* Insurers dive on Reid's 'bankrupt' quote [CNN]
* Bank of Fuckin'America Getting Bailout Now, Too [Ace]

Previously:
* Obama's Latest Round Of Deeply Ironic Appointments
* WSJ: Enjoy Christmas While You Still Can
* Of Course: Obama Energy Czar Carol Browner Sits On A Socialist International Commission