FUEL PRICES * USA - Oil Hits 17-Month Low Near $60 a Barrel

New York,NY,USA -Bloomberg/Transport Topics -27 Oct 2008: -- With world financial markets in turmoil, the price of crude oil continued to tumble, reaching a 17-month low below $62 a barrel... Crude futures reached as low as $61.30 in pre-market trading on the New York Mercantile Exchange, the lowest price since May 9, 2007... Oil peaked at a record closing-price of $145.18 a barrel on the Nymex July 14 and has fallen more than 50% since then... OPEC ministers said Friday they may trim production in light of falling prices, but the price declines are largely because of falling demand because of the economic uncertainty worldwide, Bloomberg said...


* Gasoline Plunges 53¢ in Two Weeks, to $2.78 a Gallon

New York,NY,USA -Transport Topics -27 Oct 2008: -- The national average price of regular gasoline plunged 53 in the two weeks ended Friday to $2.78 a gallon, according to the latest Lundberg Survey of filling stations released Sunday... Mid-grade averaged $2.93, and premium averaged $3.05, analyst Trilby Lundberg in her filling-station survey, which is released twice a month... The downturn coincided with plunging oil prices, which have fallen more than 50% to near $60 a barrel since topping out at $145.18 in mid-July... Gasoline was cheapest in Wichita, Kan., at $2.26 a gallon, and most expensive in Anchorage, Alaska, at $3.50, Lundberg said...


* Sunoco cuts back on refining as oil prices drop

New York,NY,USA -The Wall Street Journal/Transport Topics -October 27, 2008: -- ... Sunoco is shutting down a unit used in gasoline production at one of its refineries... Gasoline prices have dropped even faster than oil prices, and refiners are currently losing money with each barrel of crude oil they process into gasoline...