Rapid cool down of oil prices Rapid cool down of oil prices - The Boston Globe "But while consumers are paying less for gas and oil, at least for now, economists aren't celebrating - they say the steep drops actually indicate a rapidly weakening global economy, and that's ultimately bad news for everyone. Phil Flynn, an oil industry analyst with Alaron Trading Corp. in Chicago, said the bottom of the crude market may not have been reached. "If the economic news continues to get worse, $30 isn't out of the question," he said. Flynn believes prices might soon stabilize in the $50 a barrel range." So even $30/barrel oil is bad economic news. Since it is the rapidly deteriorating economy and diminishing world demand that is causing oil prices to decline, this decline can't in turn HELP the economy. In this case, the economy is the dog and oil prices are a very small tail.