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Oil Rises $109, Gasoline Hits Record $3.32

Crude Oil Prices Rise Over $109 A Barrel

AHN
April 7, 2008

Crude oil surged by $2 per barrel on Monday after the Organization of Petroleum Exporting Countries official indicated the cartel will not decide to increase production.

The prices rallied after OPEC Secretary General Abdullah al-Badri indicated that the cartel is producing enough oil for the market.

OPEC’s production of oil fell down by 0.3 percent to an average 32.35 million barrels a day last month, according to a Bloomberg News survey of oil companies, producers and analysts.

“Comments from OPEC saying the market is well supplied seemed to provide support,” MF Global analyst Michael Fitzpatrick, referring to crude, told MarketWatch news report.

Crude oil for May delivery gained as much as $2.35, or 2.2 percent to $108.58 a barrel around noon on the New York Mercantile Exchange.

While, the futures hovered above $109 a barrel mark and reaching to $109.20, which is the largest surge in the prices since March 18.

“OPEC is doing its best to contribute to stability,” Mohammed al-Sada told reporters on Monday in Doha, where he is attending an oil and gas conference, according to Bloomberg news report. “Speculation and geopolitics are causing high prices.”

 

Survey: Gas Prices Rise to New Record

AHN
April 7, 2008

Gas prices leapt more than 5 cents in the past two weeks, reaching an all-time record of $3.32 per gallon, the latest nationwide gas price poll reveals.

The Lundberg Survey, released April 4, compared prices at about 7,000 gas stations for the past two weeks. Publisher Trilby Lundberg said the average price surpassed the $3.26 per gallon record set in the March 21 survey.

Poll figures pegged the average price of self-serve regular gasoline at $3.32 a gallon, mid-grade was $3.44 and premium was $3.55 for this period.

The survey also found the cheapest gasoline price in Newark, N.J., where a gallon of regular cost $3.03 on average. The most expensive was in San Francisco at $3.72 per gallon.

A trucker’s view of the US economy
http://news.bbc.co.uk/2/hi/americas/7217186.stm

Military Feels Fuel Cost Gouge In Iraq
http://www.breitbart.com/article.php?id=D8VPUU5G0&show_article=1

Truckers Clog NJ Turnpike To Protest Gas Prices
http://www.wnbc.com/news/15762598/detail.html

Iran To OPEC: Stop Sales In U.S. Dollars
http://news.yahoo.com/s/ap/2008..t=AipFvP25_oCpHO.Vzk_y1xJv24cA

OPEC: Market Has Enough Oil
http://biz.yahoo.com/rb/080405/iran_opec.html?.v=2&printer=1

Gas prices affecting farmers too
http://www.kswo.com/Global/story.asp?S=8068292&nav=menu495_1

 


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