THE NEW YORK TIMES: Crude Oil Prices Fall to $64.85 a Barrel
Monday 5 September 2005
By THE ASSOCIATED PRESS
Published: September 5, 2005
Filed at 6:14 a.m. ET
VIENNA, Austria (AP) — Oil prices fell Monday after industrialized nations agreed to release 60 million barrels of crude from their strategic stockpiles to help avert a severe fuel shortage in the United States.
The U.S. refinery system was struggling to recover from Hurricane Katrina. Two storm-shuttered facilities restarted and flows of crude oil improved enough to allow refineries in the Gulf Coast and Midwest to ramp up production. But four damaged Gulf Coast refiners look likely to remain shut for weeks or even months, taking with them more than 5 percent of U.S. capacity.