Breitling Oil and Gas Morning Podcast #78 May 28th, 2012
As oil prices continue to sink below $100 a barrel, gas prices in Texas continued to drop as well.
The oil drop came after U.S. crude supplies posted a more than expected increase last week.
Crude was at $106 a barrel two weeks ago but has dropped as Europe and the U.S. economies
may have slower economic expansion than expected.
Experts said oil prices continue to trade well above the fundamentals of supply and demand
would normally suggest. The divergence of prices from supply and demand has led many to
blame oil speculators for wildly inflating the true price of oil.
The good news for Texas drivers is that gas prices have dropped from nearly $4 a gallon last
month to under $3.70 a gallon.