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Gustav hasn’t stopped oil prices from falling

Published Wednesday, September 03, 2008

Despite worries that Hurricane Gustav would wreak havoc to Gulf of Mexico refineries and oil supplies, the price of crude oil actually dropped from $115.46 per barrel on August 29th to $109.71 yesterday, and is selling for $108.29 a barrel today, CNNMoney.com reported. According to the U.S. Minerals Management Service (MMS), 100% of the federal portion of the Gulf of Mexico’s crude oil production was shut-in as of 12:30 pm EDT yesterday, and 13 refineries in the Gulf region—representing more than 2.5 million barrels per day--were shut down while 10 other ...

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