Gas price record reaches $4 a gallon
Gasoline rose to a milestone mark Sunday as the national average compiled by motorist group AAA reached $4 a gallon for the first time.
The national average for regular unleaded rose 1.7 cents to $4.005, according the daily measure on the group's Web site. That surpassed the previous record of $3.989 set Thursday.
The milestone was expected after a surge in crude oil prices added more than $16 to a barrel of oil over the last 2 trading days. Crude settled at a record $138.54 a barrel Friday, up by $10.75, after setting an all-time intraday high of $139.12.
The $10.75 gain was the biggest one-day advance in dollar value ever, nearly doubling the previous mark of $5.49 set Thursday. Weakness in the dollar, geopolitical concerns and an analyst's prediction of $150-a-barrel oil by July 4 helped spur Friday's advance.
Source: Fortune.
2 comments:
Oil Companies report highest profits this Quarter EVER!!! Bush is an oil man what do you expect.
Obama is not an oil man and the prices will likely drop when he get into ofice.
I don't want to be rude or anything, but it's funny how you ppl in US are reacting... "Record" $4... The average price in Europe is $8-10, even more in some countries...
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