# Dow Closes Down 46 on Surging Oil Prices

- Link: https://greenlivingguy.com/2005/05/dow-closes-down-46-on-surging-oil-prices/
- Published: 2005-05-25T17:07:00-04:00
- Author: greenlivingguy

# According to MICHAEL J. MARTINEZ who is the

[AP](http://Ap.org) Business Writer:

“Surging oil prices prompted new worries about the economy and sent [stocks](https://greenlivingguy.com/2005/05/us-dependence-on-foreign-oil-growing-experts/)
lower Wednesday as investors locked in profits from the market’s recent rally. The
concerns over oil overshadowed a strong report on manufacturing orders.”

Crude futures rose sharply after the government reported a 1.6 million barrel drop
in its oil inventories. The news created concerns about supply on oil prices. Especially
as the summer driving season begins. After rising as high as $51.60 a barrel during
the session, crude futures settled at $50.98 a barrel, up $1.31, on the New York
Mercantile Exchange.

![According to michael j Martinez who is the
ap business writer
](https://i0.wp.
com/greenlivingguy.com/wp-content/uploads/2022/07/tenor.gif?resize=420%2C420&ssl
=1 "- The Green Living Guy")

The concerns over oil eclipsed a report from the Commerce Department that said orders
for durable goods — big-ticket items designed to last at least three years — rose
1.9 percent in April, far more than the 1.5 percent analysts had expected. The report
cheered investors worried about a slowdown in consumer demand.

From the mid-1980s to September 2003, the inflation adjusted [price](https://en.m.wikipedia.org/wiki/Price_of_oil)
of a [barrel](https://en.m.wikipedia.org/wiki/Barrel_(unit)) of crude oil on [NYMEX](https://en.m.wikipedia.org/wiki/New_York_Mercantile_Exchange)
was generally under $25/barrel. Then, during 2004, the price rose above $40, and
then $60. A series of events led the price to exceed $60 by August 11, 2005.

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 greenlivingguy

 The Green Living Guy, Seth Leitman is an independent power producer, a green living
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