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Oil Falls As Dolly Misses Major Oil Areas

July 22, 2008 3:32 PM

ABC News’ Daniel Arnall reports: The press office at NYMEX says that the price of a barrel of oil settled down $3.09 to $127.95 today.

Traders seem to be selling as Tropical Storm Dolly’s path seems to be sparing the vast majority of oil production in the Western Gulf of Mexico. Government sources told ABC News that the area represents about 11% of Gulf of Mexico oil production and about 3% of total US production. There’s also an indication that a strengthening US Dollar is helping push prices lower.

Also of note, the Federal Government’s interagency task force investigating speculation in the energy markets released an interim report noting that supply-and-demand, not speculation, was the biggest culprit in the historic run-up in oil prices. The committee’s investigation continues and it will release a complete report later this year.

July 22, 2008 | Permalink | User Comments (0)

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