Why OpenMP version is slower?

I am experimenting with OpenMP. I wrote some code to check its performance. On a 4-core single Intel CPU with Kubuntu 11.04, the following program compiled with OpenMP is around 20 times slower than the program compiled without OpenMP. Why?

I compiled it by g++ -g -O2 -funroll-loops -fomit-frame-pointer -march=native -fopenmp

#include <math.h>
#include <iostream>

using namespace std;

int main ()
{
  long double i=0;
  long double k=0.7;

  #pragma omp parallel for reduction(+:i)
  for(int t=1; t<300000000; t++){       
    for(int n=1; n<16; n++){
      i=i+pow(k,n);
    }
  }

  cout << i<<"\t";
  return 0;
}