Oil Prices Drop Again

This news doesn't mean we're on our way to cheap prices at the station but at least, we're heading in the right direction.
Oil prices sank more than $2 a barrel for the second straight day on Thursday, falling below $70 as traders focused on U.S. government data that show gasoline supplies grew last week, reversing two months of declines. "It has largely been a technical selloff," said ABN Amro broker Lee Fader. "Some of the air is coming out of the bubble."
The price at the end of the day was $69.94/barrel, a reduction of $2.34 for the day. The bottleneck that's causing the problem is with the refineries. That bottleneck is about to loosen up with a bunch of Gulf Coast refineries scheduled to come online before Memorial Weekend.
"Never underestimate the capability of markets to overreact and shift moods with no stability in between," said analyst Tom Kloza of Oil Price Information Service in Wall, N.J.
Mr. Kloza's admonition is right on the money. Let's hope we get an additional round of energy legislation this summer so that we can set a more stable course for the future.


Posted Thursday, May 4, 2006 5:17 PM

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