• Font Size    
E-mail

Close Window E-mail This Page

Oil Falls Below $100 For First Time In 5 Months

Required fields are marked with an asterisk(*)

The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications. Read more in our Privacy Policy

Send E-mail

   Print     Share +   
Sep 12, 2008 4:15 pm US/Central

Oil Falls Below $100 For First Time In 5 Months

NEW YORK (AP) ― Crude oil on the futures market briefly sank below the $100-a-barrel Friday for the first time in five months -- suggesting investors believe a worsening global economy will continue to drive down demand for some time in the United States and elsewhere.

The last time crude traded below $100 a barrel was on April 2.

Gasoline prices, however, jumped at the wholesale level as Hurricane Ike swept toward Houston, home to about one-fifth of U.S. refining capacity, and the site of a major fuel and grain distribution channel.

Wholesale gasoline prices on the Gulf Coast moved even further into uncharted territory to around $4.85 a gallon, as refineries anticipated that Ike would incur at least a significant pause in their operations, and at worst severe damage to their facilities.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

You need the latest Flash player to view video content.
Click here to download.

Click here to bypass this detection if you already have the latest Flash Player.

U.S. & World News

Top News Stories

© MMIX, CBS Broadcasting, Inc. All Rights Reserved.