Oil jumped more than 20% today, the biggest one-day gain on record, reportedly fueled by our government’s rescue plan for the financial sector.
U.S. crude for October delivery last traded up $21.95 or 20.99% at $126.50 per barrel, reports Reuters.
Oil prices have dropped from record highs of more than $147 a barrel in July. Last week, oil fell to a seven-month low of $90.51 a barrel.
With gas prices all over the place, maybe drivers won’t go running back to their gas-guzzling trucks and SUVs just yet.