Oil Prices Drop

Washington, DC, May 16, 2011--Last week, the trading price for a barrel of oil dropped from $114 at the start of the week to $97 on Friday. This is the biggest weekly decline in over two years.

The drop came on the heels of news that Osama bin Laden had been killed at the hands of the U.S. military. 

In addition, the U.S. Energy Department reported an increase in domestic stockpiles to 367,000,000 barrels, the highest in about six months. This is an increase of about 1,500,000 million barrels.