Oil Prices Fall, Gasoline Prices Surge
By BRAD FOSS
Crude oil prices fell slightly in jittery trading Wednesday after the U.S. government said it would loan oil to refiners struggling in the wake of Hurricane Katrina to keep production of gasoline and other fuels steady. But wholesale and retail gasoline prices leaped higher nationwide.
Some of the knottiest issues still to be resolved will be restoring electricity to Gulf Coast pipelines and refineries, which are also suffering from flooding that could very well have left critical electric motors submerged. It will be days before a full assessment of the damage can be done, industry officials and analysts said.
Meantime, wholesale gasoline suppliers have begun limiting the amount of fuel they sell to retailers in certain markets in order to make sure they do not take delivery of more fuel than they actually need.
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In another attempt to ease the crunch on motor fuel supplies, the Environmental Protection Agency said it would temporarily allow retailers in Alabama, Florida, Louisiana and Mississippi to sell gasoline and diesel that does not meet stringent summer air-quality standards.
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