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Saudi Prince Says Oil Plentiful

Posted on: Sunday, 25 September 2005, 09:00 CDT

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

Source: Commercial Appeal, The

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