Oil rises as refineries move to full operations

Price of oil rises as refineries work to restore operations, gas pump price falls again

Associated Press

The price of oil is higher as East Coast refineries work to restore full operations.

Benchmark crude rose 93 cents to $86.61 per barrel Wednesday as the New York Mercantile Exchange reopened its trading floor.

Oil and other commodities have been trading electronically for two days after a massive storm left extensive power outages and flooding in its wake. That's cut demand for energy products used in homes, businesses and by countless motorists.

Meanwhile oil supplies in the region also could be affected by closed ports where imports are delivered.

At the pump, AAA says the national average for gasoline fell 1.3 cents overnight to $3.521 per gallon. That's down 26 cents from a month ago.

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