Gas Hits Four Year High on the Commodities Market

04/04/96

Reuters reported that gasoline prices on the commodities market hit a four year high on Tuesday. The price rise has been attributed to shrinking inventories of crude oil and gasoline following recent refinery accidents and shutdowns. According to the American Petroleum Institute, U.S. crude oil supplies fell to a 19-year low of 297.8 million barrels last week, while gasoline stocks dropped to 203.6 million barrels. Shrinking supplies have been pinned on several factors that include explosions at Shell Oil's Martinez, California, refinery and at Diamond Shamrock's Dumas, Texas, refinery; as well as problems at Sun Oil Co's Philadelphia plant and a maintenance shutdown at one of Exxon's Baton Rouge, Louisiana refineries.

Paul Dever -- The Auto Channel