Crude Oil, Gasoline Keep Setting Records

Adam Schreck
Associated Press
May 20, 2008

NEW YORK — More gas and oil records fell Monday as retail fuel prices struck new highs and crude settled above $127 for the first time, tightening the squeeze on drivers planning holiday road trips this weekend.

Light, sweet crude for June delivery jumped 76 cents to settle at a record $127.05 a barrel on the New York Mercantile Exchange. Prices rallied at one point to within a nickel of Friday’s record trading high near $128 a barrel.

Meanwhile, Americans are now paying an average of $3.79 for a gallon of regular gas, according to a survey by AAA and the Oil Price Information Service. Diesel, used to transport a wide range of goods, now costs $4.52 a gallon. Those prices, both records, are likely to keep rising, following crude’s upward track. In Utah, unleaded regular gas was selling for an average price of $3.69 per gallon Monday.

“We’re looking at $4 a gallon (for regular nationwide) once we get past Memorial Day and into June, given the oil prices we’re seeing today,” said Geoff Sundstrom, fuel-price analyst at AAA.

In Pittsburgh, some drivers said they had been forced to adjust their spending habits because of higher prices at the pump, which are up about 17 percent from a peak at this time last year.

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