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Retail gas prices rose overnight to a record high for the fourth day in a row, ahead of the July 4 holiday weekend - one of the nation's busiest weekends for travel.
The national average price for a gallon of regular gas rose to an all-time high of $4.098 from $4.092 the day before, a daily survey by motorist group AAA showed Thursdaymoney.cnn.com...
Oil hit a trading record of $145.85 on Thursday before settling at a record close of $145.29 a barrel. There was no floor trade in the U.S. on Friday due to the July Fourth holiday.
The week started with the oil markets focused on the bombast surrounding the Iranian nuclear situation and a fall in the dollar sending oil to a then all-time intra-day high of $143.67 a barrel. On Tuesday, the IEA's medium-term outlook said world oil demand would rise less than previously forecast, but also said supply would be tighter than anticipated. Wednesdays US stocks report which showed an unexpected 2 million barrel drop in US crude inventories and a smaller than expected increase in the distillate stockpile sent prices to a new intra-day high near $146 a barrel on Thursday. Prices then eased on Friday following an Iranian offer to talk about the latest proposal to settle the nuclear dispute and closed out the week just above $144.
Iran Gen.: Our finger is always on the trigger
"We want to tell the world that those who conduct their foreign policy by using the language of threat against Iran have to know that our finger is always on the trigger and we have hundreds and even thousands of missiles ready to be fired against predetermined targets," Gen. Hossein Salami, commander of the Revolutionary Guard ground forces, said on state TV."
Originally posted by RRconservative
Supply and Demand.
The demand for gas right before a holiday is high just as it is during the summer vacation season. If you have a high demand, you are going to lower the supply, and the prices rise. After the holiday is over, and after summer is over, the demand subsides and supplies usually rise and the price falls.
No conspiracy here....move along!
Meanwhile, oil continued its ascent on supply concerns. A barrel of oil vaulted to a record above $147, raising more concerns about the impact of higher prices on inflation and in turn, the overall economy.