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Friday, Mar 29, 2024

Gasoline prices fall in California, U.S. as demand drops

Worries that Tropical Storm Dolly could become a hurricane that might threaten the Gulf of Mexico sent crude oil prices past $131 a barrel Monday after big losses last week. Meanwhile, gasoline prices retreated nationally and in California, the Energy Department said. Analysts attributed the decline primarily to lower demand. Crude oil futures for August delivery increased $2.16 to $131.04 a barrel on the New York Mercantile Exchange because of the storm’s potential threat to refineries in Corpus Christi, Texas. The storm was expected to strengthen to a Category 1 hurricane by the time it makes landfall Wednesday. For the full story visit www.latimes.com/business/la-fi-gas22-2008jul22,0,7132838.story

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