Oil industry
A sign showing gasoline is sold out is displayed at a gas station in Tokyo, Japan.
Natural disasters, like the earthquake and tsunami that pummeled Japan, often force refineries to shut down, leading to higher fuel prices. And indeed, several refineries in Japan have stopped operations, but crude prices have tumbled below $100 a barrel for the first time in more than a week.
On Tuesday, U.S. crude for April delivery slid $3.77 to $97.42 a barrel in electronic trading. To be sure, the natural disaster in Japan has diverted attention away from troubles in the Middle East, which had sent oil prices surging.
But expectations of lower oil demand from Japan -- the world's third-largest importer of oil -- has helped put downward pressures on prices. It's still a speculator's guess over where prices could go from here, but for now, they're on the way down.
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Last updated March 15 2011: 1:31 PM ET
