A Citizen’s Guide

Oil prices slipped again on Tuesday, putting Alaska North Slope crude at its lowest price since May 19, when the price stood at $66.93 per barrel. Alaska crude closed at a price of $67.06 per barrel on Tuesday, down from $68.86 on Monday.

Here’s some global context from The Associated Press today:

Oil prices fell for a third straight day Wednesday, following fears that rising inflation and interest rates could cause an economic slowdown and depress demand for oil.

The persistent uncertainty about whether the U.S. Federal Reserve will continue to increase interest rates spurred Tuesday’s sell-offs in commodities, including crude, and stocks around the world.

Some oil analysts, however, viewed the decline as merely temporary.

“I think it’ll probably pass. The market has a very short-term focus,” said John Vautrain, energy analyst with Purvin & Gertz in Singapore. “Just a few days ago, the prices ran up because of fears of a hurricane,” referring to Tropical Storm Alberto, which turned out to be weaker than expected.