The Car and Truck Fleet and Leasing Management Magazine

Oil Prices Fall Below $69 a Barrel

May 17, 2006

NEW YORK --- Oil prices dropped below $69 a barrel on Wednesday. The fall came after government data indicated an increase in the domestic gasoline supply for the third straight week at a time of stagnant demand, the AP reported. The Energy Department's weekly report said domestic gasoline supplies grew by 1.3 million barrels last week to 206.4 million barrels. In addition, a monthly OPEC (Organization of Petroleum Exporting Countries) report reduced its demand forecast for 2006. Nonetheless, oil prices are still about 40 percent higher than a year ago. Contributing factors include worries over the West's standoff with Iran over its nuclear program, supply disruptions in Nigeria and the coming hurricane season in the Gulf of Mexico.
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