posted on Jun, 20 2005 @ 04:07 PM
NEW YORK (AP) - Oil prices marched to new heights, hitting a new intraday high near $60 a barrel even as the president of OPEC said Monday the group
will consider raising its output ceiling by half a million barrels as early as this week.
The Organization of Petroleum Exporting Countries raised its output target by that amount just last week. The move appeared to have little impact on
prices, which have risen by almost $12 a barrel in the past month because of concerns about limited refining capacity and rising demand for gasoline
Light sweet crude for July delivery climbed $1.05 to $59.52 a barrel, an intraday record on the New York Mercantile Exchange, where oil futures have
been traded since 1983.
Gasoline prices in the U.S. average about $2.13 a gallon, an increase of more than 40 percent over the past two years, but government data released
last week showed that demand is up almost 3 percent from a year ago over the past four weeks at nearly 9.5 million barrels a day - a growth rate that
surprised many analysts.
it looks like ATS members who have SUVs gonna have to trade in or sell yer vehicles tsk tsk.
cause we heading to the $80 mountain.