Crude Oil Continues Fall, Holding Below $69
September 4th, 2006 | by Brian Carr |The price of crude oil has continued to fall off of its record highs and is now trading below $69 per barrel.
Thanks in large part to the United Nations passing on an opportunity to impose santions on Iran over its nuclear program, crude oil futures have fallen $.54 during Monday morning trading, and now stand at $68.84 per barrel. It appears that U.N. Secretary General Kofi Annan wants to try a more diplamatic approach with Iranian President Mahmoud Ahmadinejad and at this point, sanctions do not appear likely.
These prices are the lowest at which crude has traded since June 20, when the price of oil closed at $68.94.
Thanks to the continued drop in oil, the average price of a gallon of regular unleaded gasoline has fallen to $2.72. The last time the price of gas was this “low” was in mid-April. Many analysts are predicting a continued drop in gas prices, thanks to a relatively calm hurricane season (thus far) as well as a drop in demand now that the summer travel season has come to a close.
