NEW YORK — The epic election that made Barack Obama the first African-American president was the top news story of 2008 — followed closely by the economic meltdown that will test his leadership, according to U.S. editors and news directors voting in the Associated Press’ annual poll.

The campaign, with subplots emerging throughout the year, received 100 first-place votes out of 155 ballots cast for the top 10 stories. Two other political sagas — the history-making candidacies of Hillary Rodham Clinton and Sarah Palin — also made the list.

The vast economic crisis, plunging the United States into recession and ravaging many business sectors worldwide, was the number-two story, receiving 49 first-place votes. The precipitous rise and fall of oil prices was number three.

Here are this year’s top 10 stories, as voted by AP members:

1. U.S. ELECTION: Obama emerged from Election Night as a decisive victor and a symbol for the world of America’s democratic promise. But he reached that point only after a grueling battle with Clinton for the Democratic nomination and then an often-nasty showdown with the McCain/Palin ticket in the run-up to the election.

2. ECONOMY: The bad news kept coming — collapses of Wall Street giants; huge stock market losses; plummeting home prices and a surge of foreclosures; desperate times for U.S. automakers. It added up to the worst economic crisis since the Great Depression, and will cost the federal government well over $1 trillion in various rescue and stimulus packages.

3. OIL PRICES: The global economic angst produced hyper-volatile energy markets. The price of crude soared as high as $150 a barrel in July before crashing to $33 this month. In the United States, the average price for a gallon of regular gas peaked at $4.11, then plunged below $1.70.

4. IRAQ: The much-debated “surge” of U.S. troops helped reduce violence after more than five years of war, but Iraq is still buffeted daily by bombings, ambushes, kidnappings and political uncertainty.

5. BEIJING OLYMPICS: China hosted the Olympics for the first time, drawing praise for logistical mastery and condemnation for heavy-handed security measures. The games themselves were rated a success, highlighted by the record-shattering performances of swimmer Michael Phelps and sprinter Usain Bolt.

6. CHINA QUAKE: A huge quake in May killed 70,000 people in Sichuan province and left 5 million homeless. Many thousands of children were among the victims — authorities said about 7,000 classrooms were destroyed in shoddily built schools.

7. SARAH PALIN: Few Americans outside Alaska knew much about its governor when Republican John McCain picked her as his running mate. That changed rapidly. To her conservative admirers, she was a feisty, refreshing change from most politicians; to her critics, she was in over her head, and worthy of all the lampooning she endured.

8. MUMBAI TERRORISM: Ten attackers allegedly sponsored by a Pakistan-based Islamic group terrorized India’s financial capital last month, killing 164 people in coordinated attacks on hotels, markets and a train station.

9. HILLARY CLINTON: She didn’t win, but Clinton came closer than any other woman in U.S. history to becoming a major party’s presidential nominee. Her determined primary campaign, waged vigorously even when it seemed a lost cause, inspired millions of women across the country.

10. RUSSIA-GEORGIA: The two nations waged a five-day war in August ignited by a Georgian artillery barrage on the breakaway region of South Ossetia. Russia responded with a drive deep into Georgian territory, causing severe economic damage and aggravating already troubled Russia-U.S. relations.

RUNNERS-UP: Stories that almost made the Top 10 included Cyclone Nargis, which killed more than 84,000 people in Myanmar; Hurricanes Gustav and Ike, which wreaked deadly damage in the Caribbean and on the U.S. Gulf Coast; and the seesaw fate of same-sex marriage in California, where a court ruling approving it was later overturned by a ballot measure.