Gasoline futures skid crude oil prices follow

September 14, 1994|By Bloomberg Business News

NEW YORK -- Gasoline futures on the New York Mercantile Exchange tumbled to their lowest price in more than five months, dragging crude prices lower, as refiners shed supplies that soon won't meet environmental regulations.

On Dec. 1, the Nymex will require gasoline destined for certain regions to meet specifications set by the Clean Air Act of 1990. The Environmental Protection Agency's regulations for so-called reformulated gasoline are intended to get refiners to make cleaner gasoline.

To make space for the new grades, refiners are selling as much gasoline that won't pass muster as possible.

Nymex October gasoline tumbled 2.18 cents to 44.94 cents a gallon.

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