Crude Oil Prices Continue Declining
September 6, 2005
Global energy prices continued falling Tuesday as the Gulf of Mexico oil and natural gas industry began recovering from Hurricane Katrina.
The price of a barrel of high-quality crude oil for October delivery fell 19 cents Tuesday to $67.38 on the New York Mercantile Exchange.
The decline follows a $2 a barrel drop Friday to close at four-session low.
Pipelines began moving crude oil and products Tuesday, and larges amounts of gasoline entered the Atlantic Ocean headed for U.S. ports.
Gasoline followed crude oil down, hitting $2.172 per gallon, and heating oil was off a few pennies to $2.09 per gallon.
But natural gas edge up, changing hands for $11.775 per million Btu.
