Oil prices plunge on earthquake concerns

NEW YORK, March 15 (UPI) -- Crude oil prices in New York dropped 3.9 percent Tuesday as traders contemplated the economic repercussions of Japan's massive earthquake.

Industries throughout Japan have shut down, including automakers and producers of electronics goods, vital components of the Japanese economy. The Bank of Japan Monday pledged to inject $183 billion into the economy, to have funds available for rebuilding loans, offering one view of how extensive the damage has been from Friday's quake. In addition, serious damage to a nuclear power plant has the potential to add the catastrophe of a meltdown to the region's troubles.

On Tuesday, April delivery crude oil lost $3.93 to $97.33 per barrel. Home heating oil prices shed 0.98 cents from a recent settlement to to $2.9435 per gallon. Reformulated blendstock gasoline lost 0.21 cents to $2.8008 per gallon.

Henry Hub natural gas prices added 0.8 cents to $3.949 per million British thermal units.

At the pump, the national average price of unleaded gasoline fell to $3.556 per gallon from Monday's $3.558, AAA said.