Tuesday, September 05, 2006
Good news from Chevron :
Chevron and its partners have successfully extracted oil from a test well in the deep waters of the Gulf of Mexico, an achievement that could be the biggest breakthrough in domestic oil supplies since the opening of the Alaskan pipeline.
The news sent oil prices lower, with U.S. light crude for October delivery sinking 69 cents to $68.50 on the New York Mercantile Exchange.
Wholesale price of gas is $1.66.
I know this will not be in production overnight, but it might take the wind out of oil futures.
Posted by terrye at 1:45 PM