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Oil prices drop below $100 per barrel
Political battles over high oil and gasoline prices are peaking on Capitol Hill: The House passed an offshore drilling bill Thursday and more votes loom next week, but the cost of oil is dropping sharply.
Oil prices slid below $100 per barrel Thursday for the first time since mid-March.
The Associated Press notes that the strong dollar contributed to what has been a 10 percent slide in oil prices this week. Here’s more from their breakdown of the decline:
“Some analysts said the lack of any terrorist retaliation for the killing of Osama bin Laden also led oil prices lower. Earlier in the week, industry and government surveys showed that Americans are buying less gas as pump prices rise,” the AP reports.
With oil prices dropping, gasoline prices, which have climbed to an average of nearly $4 per gallon nationwide, may not be far behind.
Check out this story in The Hill for more on where pump prices may be headed.
