Oil Prices Drop As Saudis Reassure Bush

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Oil futures dropped today after President Bush and Saudi Crown Prince Abdullah met to discuss among other things, skyrocketing oil prices. The prince said he felt oil supplies were adequate but that Saudi would produce the oil levels countries want.

Light sweet crude ended down 84 cents today closing at $54.55 after kicking up beyond $56 earlier today. This marks a major drop after last week’s constants increases. Brent crude was down 58 cents to $54.39 a barrel.

Gasoline prices also showed promise trading as high as $1.69 cents a gallon and falling after the Saudi comments to $1.651. This could be welcome news for travelers as the summer season comes around.

Gasoline prices around the country are beginning to drop slowly averaging 4 cents less at $2.24 a gallon at the pump but still significantly higher the just a year ago.

All this comes on the heels of U.S. reports the crude and gasoline stocks were lower than projected last week and a number of U.S. refineries have problems running at capacity as the ConocoPhillips refinery stays down another week for maintenance.

In related news, Valero gets ready to buy Premcor and become the top refiner in the U.S. They intend on continuing to streamline their systems to help increase production capacities and perhaps get back to the levels of production from the early 80s.

John Stith is a staff writer for WebProNews covering technology and business.

Oil Prices Drop As Saudis Reassure Bush
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