Crude oil prices continued their retreat on Tuesday, falling $4.32 to $91.39 a barrel in early trading. That drop follows a decline of $5.47 a barrel to $95.71 on Monday, closing under the symbolic $100-a-barrel threshold.
Uncharacteristically, oil and gasoline prices moved in opposite directions on Monday, with gasoline up 16 cents a gallon nationwide in recent days because of refinery disruptions caused by Hurricane Ike.Ike wreaked havoc along the Texas coast over the weekend. While it apparently caused only moderate damage to oil platforms in the Gulf of Mexico and to refineries along the coast, those refineries had to shut down ahead of the storm, and many have yet to restart because of power failures.
Read Article