Oil Prices Continue to Fall, Now Near $66 per Barrel
September 8th, 2006 | by Brian Carr |The price of crude oil continued its free fall today, closing at $66.25 per barrel, down $1.07 from yesterday’s close. Today’s 1.5% can mostly be attributed to the unexpected rising in U.S. fuel inventories.
Since hitting a record high of $78.40 on July 14, crude oil has fallen over 15%, touching on 5 month lows.
As expected, the average price of gasoline has fallen as well. According to Gasbuddy.com, the average price of regular unleaded gas is now at $2.65, the lowest the price has been in nearly 6 months!
For now, it appears that there may have been too much speculation included in the price of crude oil, and as that money slowly exits, the price will continue to return to more moderate levels.
EDITORIAL NOTE - It’s pretty funny how we now say, “wow, gas is ONLY $2.50 a gallon” when six months ago we were saying, “I can’t believe gas is $2.50 per gallon! If it gets much higher, I don’t know if I can afford it.”
I just found it comical that I was genuinely excited to see gas at my local station was selling for $2.49 when just a few months ago I was angry to see gas at the same price.
