Tropical Storm Fay No Longer Threatening Oil

After concerns that Tropical Storm Fay would hinder oil production in the Gulf of Mexico were alleviated, oil prices descended Monday. Oil had risen to $115.35 a barrel as Fay approached Florida’s Gulf Coast.

However, once oil giant Royal Dutch Shell (RDS) said the storm would miss most of the oil facilities in the Gulf of Mexico, prices were lowered. U.S. crude oil for September was down $1.47 to $112.30 a barrel at 11:11 a.m.

While Hurricane Dolly and Tropical Storm Eduoard were dangerously close to destroying the Gulf Coast oil infrastructure, no significant damage has resulted from any storm this season. Gas prices continue to fall for the 32nd straight day making the nationwide average $3.741 a gallon, all but five states have fallen below $4 a gallon. However, gas prices are still $1 above where they were a year ago.

Source CNN Money:

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