Oil prices hit two-year low

September, 25, 2001-Oil prices have dropped 15%, marking a two-year low and the biggest single day drop since the start of the Gulf War in 1991.

At the same time, published reports indicate that crude oil prices have hit 17-month lows. The price for November oil futures fell as much as $3.14 to $22.30 a barrel on London’s International Petroleum Exchange yesterday and similar declines in crude oil prices were seen on the New York Mercantile Exchange. The Organization of Petroleum Exporting Countries (OPEC), which has been trying to keep crude oil prices around $25 a barrel, is scheduled to meet on tomorrow to discuss the situation.

Meanwhile, USA Today reports that refineries are churning out more fuel than the country needs, which could lead to lower diesel fuel and home heating oil prices. Part of the reason is a surplus in jet fuel, thanks to the unprecedented shutdown of the nation’s airways following the Sept. 11 attacks in New York and a decline in air travel after the skies were reopened.

-Truckinginfo.com