Huffpost Politics

Crude Oil Prices Fall To Lowest Level In Months

Posted: Updated:
Print Article

In another sign that the election drama over the price of gas has subsided, crude oil prices on Monday slipped to the lowest level in months, as a weak economy coupled with high prices reduced expectations for consumption.

With some oil analysts citing concerns over the stability of the eurozone following European elections, The Washington Post reports that West Texas Intermediate, the grade of crude oil used as a benchmark in oil pricing, fell 55 cents to $97.94 a barrel for June delivery, the lowest level since February.

The price of U.S. gasoline has also been slipping. At $3.76 a gallon, it's down roughly 5 cents from where it was a week ago and 16 cents from where it was a month ago, according to AAA. Nine states including California, Oregon, Washington and Alaska, still have gas prices of $4 per gallon or higher.

The drop in prices could be a boon for President Barack Obama, who has been chided on the campaign trail by presumptive GOP nominee Mitt Romney for failing to curb prices at the pump, even as prominent economists have debunked Romney's talking points, saying there's little the president can do to lower prices in the short term.

The U.S. produced 5.9 million barrels of crude oil a day back in December, while consuming more than 18.5 million barrels of petroleum products, according to a recent Energy Department estimate. The numbers include oil used to power vehicles as well as heat homes.

Around the Web

Oil price drops to lowest point of 2012 - Yahoo! News

Oil Price

Forecast for 2012 oil prices - Offshore

Oil Slumps to Three-Month Low After European Elections - Bloomberg

Oil Near Three-Month Low; Al-Naimi Says Prices Too High

Diesel and Gas Prices Down, Oil Hits 2012 Low

 
  Obama Romney
Obama Romney
332 206
Obama leading
Obama won
Romney leading
Romney won
Popular Vote
33 out of 100 seats are up for election. 51 are needed for a majority.
Democrat leading
Democrat won
Holdover
Republican leading
Republican won
Democrats* Republicans
Current Senate 53 47
Seats gained or lost +2 -2
New Total 55 45
* Includes two independent senators expected to caucus with the Democrats: Angus King (Maine) and Sen. Bernie Sanders (Vt.).
All 435 seats are up for election. 218 are needed for a majority.
Democrat leading
Democrat won
Republican leading
Republican won
Democrats Republicans
Seats won 201 234
Click for Full Results