Gas & Oil News

It seems to me, the petroleum industry is suffering from a case of indigestion, Gasoline dropped like a rock and Oil shot up like a rocket!
Light Crude Oil Sold at a high of $67.60 and settled at $67.39 that's a gain of $4.39 from Friday, CNN Money reported. This is likely do to the uncontainable fire (as reported by BBC News) in the North-Eastern State of Assam India causing "Market Jitters".
The National Average Price for Regular Unleaded Gasoline has dropped a whopping 8.2 cents over the weekend and is selling at the pump for $2.805 a gallon according to The AAA Motor Club . This was caused by a slight drop in overall demand caused by the damaged infrastructure from Katrina and to the large increase of Refined Gasoline Imports. This is a temporary lull before the storm, and I am not kidding. Tropical Storm Rita is headed toward The Gulf of Mexico and could be quite menacing to an already battered region!

Davitte’ Lanier
Petroleum Industry Analyst

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