Oil And Gas Prices Hit High Again
Well On Our Way To $4.00 Per Gallon

Monday saw record highs for oil and gas.  According to the AAA gas prices rose to a record high average per gallon of $3.50.  Gasoline has risen 22 percent in the last year, and some analysts expect prices close to $4 a gallon this summer, typically the time of the year when demand is at a peak. 
 
Even diesel prices posted huge increases. Diesel prices reached $4.20 a gallon on Monday, on average, compared with $2.93 a gallon last year, according to AAA.

Rising inflation and a falling dollar have exacerbated the rise in prices. The dollar recently touched a low of 1.59 against the euro.  Since all oil is traded only in U.S. dollars the weak dollar is contributing significantly to the rise in oil and gas prices.

Another factor in the rising price of oil were reports that a Nigerian rebel group had blown up pipelines in the oil-rich Niger Delta region. An earlier attack on a pipeline, last week, forced Royal Dutch Shell to curtail exports by 169,000 barrels a day.

There is little relief to expect from oil producers, at least in the short term. Oil producers remain deaf to pleas to bolster production.

“OPEC has put the maximum supply in the market — this is not a problem of supply, it’s a problem that is very connected to the financial problems in the U.S. economy,” Rafael Ramirez, Venezuela’s oil minister, was quoted by Reuters as saying.
 

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Scott Siegel is the author of a 143 page manual of industry insider information on saving gas and money at the pump. Visit us to learn how you can improve gas mileage, increase fuel economy, and save money. Go to:   http://www.beatthegaspump.com