Oil passes $120, gas prices slip more than a cent
3:46 PM Mon, May 05, 2008 | Permalink
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| Oil hits record $120.93 on fear of tight supply »
NEW YORK -- Oil futures surged to a new record over $120 a barrel Monday, raising concerns about higher prices for gasoline and goods and services throughout the economy, according to the Associated Press. Retail gas prices fell more than a cent over the weekend, but oil's advance increased the likelihood that pump prices would resume their climb. 
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