After hearing weeks of whining about oil prices rising -along with concocted reasons for why it's all Obama's fault - this news has been ignored - perhaps they are trying to concoct a reason for why this was actually George Bush's doing



NEW YORK -- Oil prices took a nosedive Thursday in a historic selloff, erasing weeks of gains and indicating that the months-long climb in energy prices may have hit a ceiling.

Crude oil plunged 10 percent as startled investors unloaded their positions and a weeklong decline accelerated into an outright freefall. The price of U.S. crude went from triple digits to double digits, falling below $100 after opening at close to $110.

Brent crude, a European benchmark, lost $12 at one point in a sell-off that exceeded the one following Lehman Brothers' collapse, Reuters reported.

An oil correction is underway, experts said, as the price is moving toward what fundamental economic factors dictate it should be. For the American consumer, plagued by weeks of rising energy prices that have begun to weigh heavily on the economy, a bit of respite may be at hand.