Not even pirates hijacking oil tankers could rescue falling oil prices today, after news of an official recession in Japan and reports of big demand reductions from China’s biggest oil company drove the price of crude to a 21-month low of $54.95 a barrel.  The price of heating oil dropped less sharply, losing 2% to settle at $1.79 a gallon.

HEAT USA price experts were pleased to see the upward trends of the morning reversed, and expect a drop in tomorrow’s retail prices similar to the decline seen this morning.

HEAT USA Price Report
Evening projection (for Tuesday’s average price per gallon): DOWN $0.04