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Oil and gasoline prices set new records

NEW YORK -- The cost of filling up your gas tank has hit a new record. Average prices at the pump are at a new high of almost $3.23 a gallon, according to the Associated Press.

According to AAA and the Oil Price Information Service, the average national price of a gallon of gas rose half a cent overnight to $3.2272. That is slightly higher than the previous record of $3.2265 a gallon, set last May.

Gas prices are following crude oil futures into record territory. Oil prices are surging as the falling dollar attracts investors who see crude futures as a hedge against inflation and the weak dollar.

Light, sweet crude for April delivery briefly climbed to a new record price of $109.72 a barrel on the New York Mercantile Exchange Tuesday morning.

Posted by Peter C. T. Elsworth  at 9:56 AM to Crude oil market , Gas prices | Permalink

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Posted by: fuel additives on March 11, 2008 1:54 PM

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