Wednesday, April 23, 2008

Oil Closing in on $120, Gas Prices Over $3.50

The price of gas across America has now reached over $3.51 a gallon, as prices for oil continue to break records almost daily. Diesel also broke new records, as it surged to $4.204 a gallon overnight. This was according to a survey by the Oil Price Information Service and the AAA.

Foreign supply constraints continue to be a factor in oil prices in the U.S., as the problems in Nigeria continue, and Mexico is producing less oil than usual, dropping be 7.8 percent in the first quarter, producing about 2.91 million barrels a day.

Crude for delivery in the U.S. increased by 23 cents on Wednesday to finish at $118.30 a barrel.

London Brent crude increased by 51 cents to settle at $116.46 a barrel; down from the record of $116.75 set on Tuesday.

Gasoline futures hit another record high today after the reports last week of U.S.inventories dropping by 3.2 million barrels.

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