crude oil

"The cost of raw materials for businesses continued to fall, once again driven by lower crude oil prices," he added.

Nigeria’s crude oil is low in sulphur and, as one of the most prized in the world, fetches a higher price than many of its competitors.

The decision by Phillips 66 this week to shutter its refinery in Wilmington next year will wipe out more than 8% of the state’s crude oil processing capacity.

The cheapest way to lower gas prices is to allow oil companies to increase crude oil production in California and rely less on supply from overseas, Reheis-Boyd said.

The price of crude oil has risen almost 10% this week to around $78 a barrel as the conflict has intensified.