Saudi Prince Says Oil Plentiful
Exploding a myth
Oil price should drop, he asserts
Saudi Arabia’s foreign minister on Thursday rejected the idea of an oil shortage and said prices should drop to $40 to $45 a barrel from well over $60.
Prince Saud al-Faisal said a lack of refineries in the United States and elsewhere caused gas price hikes and noted that Saudi Arabia had sought to help build a U.S. refinery, but had no takers.
Refineries and a storm
Rita halts plants
Following are the Texas refineries that have shut down as Hurricane Rita approaches:
BP PLC, Texas City; ConocoPhillips Co., Old Ocean;
Exxon Mobil Corp., Baytown and Beaumont; Marathon Oil Corp., Texas City; Motiva Enterprises Inc., Port Arthur; Royal Dutch Shell PLC, Deer Park; Total SA, Port Arthur; Valero Energy Corp., Houston, Port Arther and Texas City.
Also, ConocoPhillips closed a refinery in Lake Charles, La.
Still operating Thursday but at reduced levels: Valero, Corpus Christi and Three Rivers.
Pump pressures
Memphis gas
The most recent average prices per gallon in the Memphis market:
Wednesday Thursday
Regular unleaded
$2.684 $2.652
Mid-Grade
$2.841 $2.807
Premium
$2.977 $2.941
Diesel
$2.730 $2.732
Thursday’s U.S. oil price: $66.50 a barrel for light sweet crude, November delivery, down 30 cents on the New York Mercantile Exchange.
Note: Gas price includes 18.4 cents federal tax, 21.4 cents Tennessee tax (18.4 cents on diesel).
Get it Cheap
Among the least expensive places in Greater Memphis to buy fuel (per gallon over the past 72 hours):
$2.43: Flying J at U.S. 78 and Bethel Road , Olive Branch.
$2.48: Shell at Frayser and North Thomas.
$2.49: BP at Shelby Drive at Millbranch; Dodge’s at Goodman and Riverdale, Olive Branch; Exxon at Elvis Presley and Winchester; Kmart at 3201 Austin Peay.
$2.51: Nanna’s Market at 3164 N. Watkins, Jet Gas Express at North Watkins and Dellwood.
Sources: American Automobile Association Daily Fuel Gauge Report via Oil Price Information Service, Associated Press, MemphisGasPrices.com.
– Mark Watson