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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

Former Oklahoma football coach Bob Stoops is helping coach the Sooners again because of coronavirus issues. The Sooners had to postpone last Saturday's game against West Virginia and temporarily paused organized team activities due to positive COVID-19 tests and contact tracing throughout the program. The situation affected the assistant coaching ranks, leading Oklahoma coach Lincoln Riley to ask Stoops for help. “It was great,” Riley said during a press conference with media members. “It’s nice. It’s been kind of in our hip pocket this whole time. If we had any staff member that fell off, we’ve got a Hall of Famer sitting on the bench. So that’s a pretty good bench when you can call that guy up.” 714

For generations, in Lincoln, Nebraska, the community has thrived on the return of the University of Nebraska’s legendary football team each fall.“Nebraska football, not just for Lincoln, but for Nebraska is a huge thing,” said Joey Rupp, who owns a store that sells all things Huskers.But if 2020 has proven anything, it’s that few things are promised.“When this first all started in March, we really saw a decline. We’ve seen a decline each month,” Rupp said.Rupp manages Best of Big Red, which is located in Lincoln’s Haymarket district, an area within walking distance of Nebraska’s Memorial Stadium filled with bars, shops, and restaurants.Rupp typically has a lot riding on college football season.A Nebraska home game can draw around 150,000 people to town.“Football season probably generates about 75 percent revenue for the year,” Rupp said.2020 has been different.Coronavirus cut the Nebraska Cornhuskers' home games from the typical seven to four. Crowd restrictions mean the team will play in a mostly empty stadium.Nebraska fans have sold out their 85,000-seat stadium for every home game since 1962.“We’re not a heavy tourist destination but relying on college football is our biggest tourist draw for the entire year,” explained Todd Ogden, the president and CEO of the Downtown Lincoln Association.A pandemic and postponed football season put a lot of pressure on Ogden.“A lot of our businesses completely rely on those seven Saturdays to survive,” Ogden said.He’s leading an effort called City of Red. The campaign pushes for Husker faithful to still support places that depend on football dollars. That includes bars and restaurants.Bar owner Matt Taylor says his bar has been playing old, classic Nebraska games on TV since real Cornhusker games won’t start until Oct. 24.“Normally, I think it’s the best place to watch a game including the stadium,” Taylor said of his bar Tavern on the Square.Taylor loves owning his bar, but love is a tough word for the bar business in 2020."I usually love my job, but this year has not been very fun,” Taylor said.He says while it's good there will be a football season, it's unclear what the financials will look like.“It definitely helps but it won’t be a normal game day. Obviously, with decrease capacity in the stadium, I think less people will travel,” Taylor said.It could be easy to see red as a color of anger this year, but in the fall, especially in Lincoln, red has a more optimistic meaning."This has been a strange time, because it feels like we’re more divided than ever,” Taylor said. “I think if we can center around a team and all cheer for a single goal, I think it brings people together.” 2673

First Harvey, then Irma and now ... Jose?Hurricane Jose was 840 miles east of Florida early Wednesday, with maximum sustained winds of 75 mph, making it a Category 1 storm."Jose looping over the southwest Atlantic between the Bahamas and Bermuda," the National Hurricane Center said. 291

Florida Panhandle officials are trying to figure out how to resume classes after Hurricane Michael damaged or destroyed many schools last week.Schools in at least eight counties -- Washington, Liberty, Jackson, Gulf, Gadsden, Franklin, Calhoun and Bay -- will remain closed until further notice, the office of Gov. Rick Scott said Monday in a news release.The challenge is especially daunting in Bay County."I would say every single school in Bay County has some type of damage, some more extensive than others," said Steve Moss, vice chairman of Bay District School Board. "Some it'll probably take weeks or months to get online. Some it will take years."The only thing left of some of our schools ... is the foundation."Moss said he and his colleagues are working to come up with a plan to get thousands of students back in the classroom as soon as possible."We basically have 26,000 students here in Bay County," he said. "They still need educational services. They still need to learn."High school seniors have been told they will be able to graduate, Moss said. Younger students won't be held back from the next grade."Now, to be able to do that, they have to been in a classroom setting," according to state law, Moss said, with the wreckage of Jinks Middle School's gymnasium in Panama City, Florida, behind him.It was just renovated last month, with a new floor and lighting, Moss said. But now the gym's interior is completely exposed to the elements and the floor is littered with debris.Bay County's school officials are holding a meeting Monday morning to discuss how to get students back in classrooms, Moss said. 1644