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BREAKING: 6-30-08 Oil Hits Record $143 a Barrel; AAA-Gasoline Reaches All-Time High in U.S.
According to CNN, the national average price for a gallon of gasoline climbed to $4.086, according to a daily survey by motorist group AAA. That was up 0.7 cent from $4.079 the previous day, and eclipsed the previous mark of $4.08 set June 16.
Gas prices have risen 2.9% in the last month and are almost 38% higher than where they were a year ago.
Meanwhile light, sweet crude for August delivery rose $1.74 to $141.95 a barrel at 9:58 a.m. ET in overseas electronic trading. Earlier, crude prices hit $143.67 a barrel, setting a new trading record more than 50% above prices at the end of 2007.
The high price of crude oil, the primary ingredient in petroleum-based fuels such as gasoline and diesel, drives up costs for consumers and squeezes profit margins for refiners.
Supply concerns Oil prices Monday were driven by threats of overseas supply disruptions and fears of a continued decline in the dollar.
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