DailyViews: Editorial

Oil price falls under scrutiny

There are cynics among us who have felt all along that there has been some manipulation that has prompted the skyrocketing price of fuel at the pump.

Two events Thursday did little to discourage that notion.

The Commodity Futures Trading Commission revealed that it was half a year into a broad investigation of U.S. oil markets that focuses on possible pricing manipulation.

At the new York Mercantile Exchange, July crude oil promptly dropped $4.41 per barrel to $126.62 — the lowest settlement in two weeks and the biggest one-day drop in price since March.

More remarkably, that price decline came despite news that crude oil supplies were unexpectedly down last week, the type of report that has usually meant a jump in oil prices.

Perhaps it’s a coincidence that the market would act bearish on bullish news. Then again, it’s always best to be cautious when you find out somebody’s been looking over your shoulder.

The Albany Herald Editorial Board

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THE ALBANY HERALD Founded by H.M. McIntosh, 1891 126 N. Washington St., P.O. Box 48, Albany, Ga. 31702 Michael J. Gebhart, Publisher Jim Hendricks, Editor Danny Carter, Managing Editor Michael Hill, Circulation Director Tami Abbott, Advertising Director Lynn Ridder, Operations Director Cheryl Frakes, Business Office Manager