Crude prices fall again; retail gasoline still high

Crude oil prices fell again Friday, with March contracts for West Texas Intermediate crude down $1.23 to $74.85 per barrel at about half an hour before the close of floor trade on the New York Mercantile Exchange, while March Brent crude was $1.49 percent lower on the ICE Futures Europe exchange in London.

Retail gasoline prices, however, are still 14 cents higher than last month and 88 cents above what motorists paid at the pump last year at this time, even though prices fell a cent overnight to $2.727 on average nationally, according to AAA.

Refineries operated at their lowest levels in history during non-hurricane conditions, but gasoline stockpiles were up by 3.9 million barrels last week, according to the US Energy Information Administration, emphasizing weak demand.

Nymex February gasoline futures were a cent lower to $1.97 per gallon while March heating oil fell 2 cents to $1.97 per gallon, but March natural gas added 15 cents to $5.72 per million British thermal units.