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Friday brought another round of dramatic price cuts in the oil patch.US oil prices plummeted 7% and sank deeper into a bear market that has alarmed investors and made drivers around the world happy.The latest wave of selling knocked crude below a barrel for the first time since October 2017.Anxiety about oversupply and diminished demand have sent crude down by a third since it soared to a four-year high above a barrel in early October. Observers have gone from fearing 0 oil to expressing concern over why its price collapsed so quickly."The unrelenting six-week selloff has been unnerving to say the least," Michael Haigh, head of commodities research at Societe Generale, wrote to clients on Wednesday.Oil bulls are hoping OPEC and Russia come to the rescue by announcing steep production cuts at a meeting next month in Vienna. However, President Donald Trump is pressuring Saudi Arabia and OPEC not to reduce output despite the crash in prices. Traders are worried Trump's recent praise for Saudi Arabia signals the Saudis won't back a significant production cut.For the week, US oil prices are down nearly 10%.Lukman Otunuga, research analyst at FXTM, described the weekly selloff as "brutally bearish."Brent crude, the global benchmark, shed 5.5% on Friday and declined to a new 2018 low of a barrel.The meltdown was triggered by a series of developments that darkened the energy outlook. Prices soared over the summer as Trump vowed to zero out Iran's oil exports. That led Saudi Arabia, Russia and especially the United States to ramp up production. However, the Trump administration later took a softer approach on Iran sanctions to keep oil from spiking. Officials granted temporary waivers to China, India and other buyers of Iran's crude. That headfake left the oil market staring at a potential glut.At the same time, global growth fears emerged in financial markets. Economists are marking down their GDP forecasts for 2019. Germany and Japan, the world's No. 3 and 4 economies, are already in contraction. China is slowing, too. None of that is bullish for oil, which powers the world economy."Rising global crude supply coupled with worrying signs of slowing demand have written a recipe for disaster for the oil markets," Otunuga wrote to clients on Friday.The rapid collapse in oil prices caught many off guard, including hedge funds that made outsized bullish bets on crude earlier this year. Large commodity funds have accumulated losses in excess of .7 billion so far this quarter, Societe Generale estimates."Sentiment on commodity markets has been despondent," Haigh wrote.The energy slump came at just the right time for consumers though. Millions of Thanksgiving travelers were greeted by cheaper prices at the pump. The average gallon of gallon fetched .58 on Friday, down sharply from .84 a month ago, according to AAA. 2880

Firefighters in the Dallas-Fort Worth area are currently battling a massive warehouse fire at a plant that manufactures plastics.According to the Ft. Worth Star-Telegram, the massive fire is burning at a Poly-America warehouse in Grand Prarie, Texas. The company makes several products out of polyethylene plastic, including construction film and trash bags.According to the Star-Telegram, the fire was first reported at about midnight local time. A collapsed power line may be responsible for starting the fire.The fire has also spread to a nearby railroad car, which was full of paint products.The Grand Prarie Fire Department has asked those nearby to avoid the area.There are no initial reports of injuries. 719

FORT MYERS, Fla. -- Heading to the airport? Pack your worries.  Every day, billions of germs are left all over Southwest Florida International Airport.Biology professor Cliff Renk from Florida Gulf Coast University and student Matt Glass joined us as we took a microscopic look at all the germs we encounter when we fly into and out of the airport. The professor swabbed all sorts of surfaces and using a monitor that counts the number of germs. A reading of 300 on the meter indicates a normal amount of bacteria.One elevator button registered 418. The handles on those luggage carts: a nasty 532.  Escalator handles were about the same but loaded with bacteria colonies. The buttons on the ATM machine in the main concourse were home to almost 80 different colonies of bacteria. But that's just the beginning. If you're flying, everyone needs to go through the security checkpoint.  And the bin you place your phone in -- which you hold to your face -- might be the same one the person before it put his shoes in following a visit to the bathroom. They could carry staph, which can cause pimples, boils and in some cases flesh-eating bacteria. There are about 1000-1500 TSA plastic bins that we place our stuff in when we go through security. We tested the first bin and its handles; it came in came below the normal level. The second tested at more than two times higher.  The third, well that's a different story. Even though the number was 611, Professor Renk says some stomach-churning germ colonies  - more than 300 - were lurking on board, including fecal bacteria and other bacteria generally found on the bottom of shoes. Reps from both the airport and the TSA tell us it's important we remember any public space is a breeding ground for germs and to bring and use hand sanitizer or wipes at all times.  Finally, they say to wash your hands frequently. And speaking of hands we did one last test on reporter Frank Cipolla's hands to show you what any one of us might be lugging around at any moment. He spent all morning at the airport and shook about a dozen hands. Remember, 300 is a normal reading. His right hand registered about 3000.The TSA says it would cost too much money to put hand sanitizer dispensers in every airport in America, so a warning to all travelers. When it comes to germs at the airport, you're on your own.  2416

Former Sheriff Joe Arpaio, who served as sheriff of Arizona's Maricopa County’s from 1993 to 2017, filed a libel lawsuit against The New York Times and a member of its editorial board Tuesday evening. Court documents obtained by show Arpaio is suing The Times and Michelle Cottle for the publication of Cottle’s August 2018 op-ed titled, “Well, at Least Sheriff Joe Isn’t Going to Congress - Arpaio’s loss in Arizona’s Senate Republican primary is a fitting end to the public life of a truly sadistic man.” In the opinion piece, Cottle calls Arpaio’s “24-year reign of terror” “medieval in its brutality,” and makes reference to the former Sheriff’s controversial practices, which include the creation of Tent City, the implementation of chain gangs, and forcing prisoners to wear pink underwear. The Times published Cottle’s op-ed after Arpaio was defeated by Martha McSally in the primary race for Jeff Flake's Senate seat.In the complaint, filed with the U.S. District Court for the District of Columbia, Arpaio’s team noted,  “While the Defamatory Article is strategically titled as an opinion piece, it contains several false, defamatory factual assertions concerning Plaintiff Arpaio.”A complaint within the lawsuit states Arpaio plans to run for Senate in 2020. The publication of Cottle's op-ed may prevent a successful run for Arpaio, according to court documents. "Plaintiff Arpaio’s chances and prospects of election to the U.S. Senate in 2020 have been severely harmed by the publication of false and fraudulent facts in the Defamatory Article," the lawsuit notes. "This also harms Plaintiff financially, as his chances of obtaining funding from the Republican establishment and donors for the 2020 election have been damaged by the publication of false and fraudulent representations in the Defamatory Article."Arpaio is seeking 7,500,000 in damages, as well as attorneys’ fees and costs. He is being represented by Larry Klayman, the chairman and general counsel for Freedom Watch, a conservative watchdog group.  2088

Former President George W. Bush said Sunday that he has extended congratulations to President-elect Joe Biden and Vice President-elect Kamala Harris on winning the 2020 presidential election, breaking with prominent members of his party in the process.In a statement released by the George W. Bush Presidential Center, the 43rd president said he is optimistic that Biden will help bring the country together."Though we have political differences, I know Joe Biden to be a good man, who has won his opportunity to lead and unify our country," Bush said in a statement. "The President-elect reiterated that while he ran as a Democrat, he will govern for all Americans. I offered him the same thing I offered Presidents Trump and Obama: my prayers for his success, and my pledge to help in any way I can."Bush also acknowledged President Donald Trump's intent to challenge the election results on allegations of massive voter fraud, which thus far have proven to be baseless."President Trump has the right to request recounts and pursue legal challenges, and any unresolved issues will be properly adjudicated," Bush said. "The American people can have confidence that this election was fundamentally fair, its integrity will be upheld, and its outcome is clear."By issuing congratulations to Biden, Bush — the only former Republican president currently living — has broken with the majority of top Republicans currently serving in government. Senate Majority Leader Mitch McConnell and House Minority Leader Kevin McCarthy have not yet publicly acknowledged Biden as President-elect, and several other prominent Republicans have publicly refused to declare Biden the victor despite projections from most major media outlets.Sen. Mitt Romney, R-Utah, and Maryland Gov. Larry Hogan are among the few Republicans who have acknowledged Biden's projected victory."We must come together for the sake of our families and neighbors, and for our nation and its future," Bush said.Bush also congratulated America as a whole for setting records in voter turnout. Biden and Trump both received more votes in the 2020 election than any other presidential candidate in previous elections."The fact that so many of our fellow citizens participated in this election is a positive sign of the health of our democracy and a reminder to the world of its strength," Bush said. "No matter how you voted, your vote counted." 2408