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Storm shakes up oil pricing
Crude oil prices climbed above $97 per barrel while tropical storm Isaac threatened Gulf Coast supplies.
The storm, barreling across Florida and presumably New Orleans-bound, is headed toward the region that is responsible for 23 percent of the nation’s oil production and includes 44 percent of the country’s refining capacity.
Supply glitches also include a strike by Norwegian oil industry service workers and the continuing international embargo designed to put pressure on Iran to resolve a dispute over its alleged nuclear weapons program.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for October delivery added $1.26 to reach $97.41 per barrel. Natural gas added 3.8 cents to $2.74 per million British thermal units.
Home heating oil added 4.63 cents to $3.165 per gallon.
Reformulated blendstock gasoline added 7.92 cents to $2.9897 a gallon.
At the pump, the average price for a gallon of regular unleaded gasoline was $3.5 per gallon Monday, up from Sunday’s $3.748, AAA reported.
Copyright 2012 by United Press International