NEW YORK — Despite all the doom and gloom predictions of 50 percent higher fuel costs in the wake of Hurricane Rita, crude oil and gasoline prices have fallen slightly as Texas refineries report minimal damage caused by the category 3 storm.

Exxon Mobil resumed fuel shipments after plants around the Houston oil hub, which account for 12 percent of U.S. capacity, escaped damage from Hurricane Rita, Bloomberg News reports. At least 15 refineries in Texas and Louisiana, accounting for 24 percent of U.S. capacity, closed as Rita approached.

The company says that plants were starting and it began delivering gasoline from its Baytown refinery.

Crude oil for November delivery dropped to a two-week low, falling as much as $1.54, or 2.4 percent, to $62.65 a barrel on the New York Mercantile Exchange, where it was down 48 cents at 1:31 p.m. London time. Oil has lost 10 percent from a record $70.85 on Aug. 30, the day after Hurricane Katrina struck, Bloomberg reports.

Oil could fall below $60 a barrel by the end of the year because stockpiles are accumulating as crude isn’t refined, said Kevin Lindemer, energy economist at Global Insight Inc.

— from Bloomberg News