Oil Prices Rise Again

American oil prices reached a new high of $75.40 a barrel on Wednesday before easing back to $75.19, which is an increase of $1.26 taking the price to 26% higher than it was a year ago. Fuel prices are expected to reach $3 a gallon over the coming weeks, while the demand for fuel continues to increase defying speculation that demand would drop off following high prices, once again proving America's love and dependence on oil.

Oil Prices Climb to Record Above $75
"Recent snags in oil-shipping and refining along the Gulf Coast have raised traders' concerns about motor-fuel supplies at a time when demand continues to rise despite soaring prices. The start of a new fiscal quarter also has brought more speculative money into the market, brokers said."
ABC News

# Oil and Energy News