Thanks in large part to comments made by BP regarding its Prudhoe Bay oil field, crude oil closed at $67.32 per barrel, the lowest the price has been since April 7, 2006.
Several officials of BP testified before the United States Congress today and stated that they believed BP would be able to restore full capacity at the Prudhoe Bay facility by the end of October. The Alaskan oil field is the largest in the United States and, when fully operational, can produce up to 400,000 barrels of oil per day.