Traders anticipated the next weekly statistics from the American Petroleum Institute, which are to be released late today, would show that the United States crude oil stockpile had increased.

Though the lag in oil stockpiles has swept into public consciousness only recently, the problem has been building over the last three years.

"So you will have a surplus of oil," said Clogg, "and your nation cannot live on oil stockpiles."

That decline came after the Organization of the Petroleum Exporting Countries agreed to increase production quotas by two million barrels a day and as crude oil stockpiles were rising.

The Strategic Petroleum Reserve is an oil stockpile, currently 600 million barrels, that was created after the 1973 OPEC oil embargo.

"Our policy is to continue plans to increase our crude oil stockpile, which now accounts for 170 million barrels," he said.

For the market, the most immediate policy difference between the candidates is their position on government-owned oil stockpiles.

Amid reports that oil stockpiles are large, the September crude oil futures contract fell 74 cents a barrel, to $19.83.

The prospect of a diplomatic settlement in the Gulf and ample oil stockpiles drove the trend.

With outside supplies cut off, oil stockpiles would run out within a month or two.