Release of Reserve Oil Lowers Crude Prices
Posted on: Wednesday, 31 August 2005, 09:00 CDT
A White House decision to release oil from the Strategic Petroleum Reserve lowered the cost of the commodity early Wednesday on futures markets.
High-quality crude oil for October delivery fell 66 cents per barrel on the New York Mercantile Exchange to under $69, after the White House made its announcement.
Natural gas, however, was unaffected: It soared nearly 6 percent to a record $12.30 per million Btu on electronic trading early Wednesday.
Gasoline also rose to $2.4985 per gallon, but heating oil eased to $2.0465 per gallon.
The U.S. Minerals Management Service said late Tuesday that nearly 80 percent of 819 manned platforms in the Gulf of Mexico had been evacuated and two-thirds percent of another 137 rigs were closed.
The MMS also said 95 percent of Gulf oil production and 88 percent of natural gas production was shut.
Since Hurricane Katrina first threatened Gulf production, the total amount of lost crude oil production has reached nearly 550 million barrels. That compares with the 700 million barrels of oil stored in the Strategic Petroleum Reserve, which the White House said Wednesday it planned to open for refinery loans.
Source: United Press International
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