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Lone_Star_Dem Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-10-08 10:47 AM
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Oil passes $107, setting another record
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Source: CNN Money

NEW YORK (AP) -- Oil prices hit $107.44, a new inflation-adjusted record and their fifth new high in the last six sessions.

Meanwhile, gasoline prices were poised Monday to set a new record at the pump, having surged to within half a cent of their record high of $3.227 a gallon.

The national average price of a gallon of gas rose 0.7 cent overnight to $3.222 a gallon, 69 cents higher than one year ago, according to AAA and the Oil Price Information Service. Last May, prices peaked at $3.227 as surging demand and a string of refinery outages raised concerns about supplies.

That record will likely be left in the dust soon as gas prices accelerate toward levels that could approach $4 a gallon, though most analysts believe prices will peak below that psychologically significant mark. In its last forecast, released last month, the Energy Department said prices will likely peak around $3.40 a gallon this spring; a new forecast is due Tuesday.

Read more: http://money.cnn.com/2008/03/10/markets/bc.oilprices.ap...
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