NEW YORK, June 16 (UPI) -- Crude oil prices dropped under $77 per barrel after oil executives testified in Washington that the gulf oil spill was an anomaly.
Oil executives defended the industries' track record and called the Deepwater Horizon disaster in the Gulf of Mexico a rare event.
Attempting to ward off tighter regulations after a spill now reported to be leaking up to 60,000 gallons per day into gulf waters, Exxon Mobile Chairman Rex Tillerson told members of the House Energy and Commerce Committee Tuesday that oil spills "should not occur," under normal circumstances, The New York Times reported.
Chevron Chief Executive Officer John Watson told panel members "Chevron's deepwater drilling and well control practices are safe and environmentally sound."
Crude oil prices settled overnight on the New York Mercantile Exchange, dropping 23 cents to $76.64 per gallon. Heating oil prices for July delivery added 0.0137 cents to $2.0822 per gallon. Reformulated gasoline blendstock prices gained 0.006 cents to $2.1275 per gallon. Natural gas prices shed 0.094 cents to $5.095 per million British thermal units.
At the pump, the national average price for unleaded regular gasoline rose to $2.70 per gallon Wednesday from Tuesday's $2.696, AAA said.
