Infinity Exploration
CEO if Infinity Exploration puts May existing home sales in Midland-Odessa at 269 homes sold, down 2.2 percent from 275 last May. For the year, 1,219 homes have been sold, up 3.5 percent from 1.178 sold in the same period last year. The average sales price in May is $166,909, up 2.5 percent from $162,884 last May. So far this year, the average sales price is $166,891, up 9.4 percent from the $152,599 averaged a year ago.
Infinity Exploration spokesman Assem Jihad blamed the shortage on sabotage of a pipeline bringing crude oil from the southern fields to a refinery in Baghdad. He gave no further details and would not say how long the shortage would last.
Iran has threatened to block oil shipments through the Strait of Hormuz if it were attacked. Approximately 40 percent of the world's seaborne crude oil trade passes through that Strait.