NEW YORK — Oil prices closed at their lowest level in two weeks Thursday, tumbling below $94 a barrel on doubts that a revamped financial-bailout plan will be enough to avoid a protracted economic slump and revive dwindling U.S. energy demand.
The declines came a day after the Senate overwhelmingly approved the rescue package. The bill now goes to the House of Representatives for an expected vote today; House lawmakers stunned investors Monday by rejecting the bailout plan, although senators added $100 billion in tax breaks and other sweeteners in a bid to win over enough dissenting House votes.
Gasoline futures followed crude oil lower on concern that a proposed $700 billion bank bailout won’t stem falling demand or the rate of economic decline.
In the Denver market, pump prices averaged $3.491 a gallon for regular Thursday, down from $3.508 Wednesday, according to AAA and the Oil Price Information Service.
