vettegirl2007
05-12-2008, 06:59 AM
Found this in CNN Money this morning:
The price for a gallon of gas sets a new record high at $3.718, according to AAA. Crude prices tumble as the dollar strengthens.
NEW YORK (CNNMoney.com) -- Retail gasoline prices increased for the sixth straight day and hit their fifth consecutive record, auto group AAA's Web site showed Monday.
The national average price for a gallon of regular unleaded gasoline rose to a new all-time high of $3.718, up 1 and one-tenth of a cent from the previous day.
Crude prices, meanwhile, tumbled on the stronger dollar.
Drivers now pay 21% more for a gallon of gas than they did a year ago, when a gallon of gas cost on average $3.064, according to AAA.
Consumers have been pinched at the pump as the price of a barrel of crude oil has doubled in the past year. Crude prices settled at a record close of $125.96 a barrel Friday after breaking $126 a barrel earlier in the session.
Stronger dollar. Crude futures pulled back from those record levels as the dollar gained Monday. U.S. crude for June delivery fell $1.32 to $124.64 a barrel on the New York Mercantile Exchange as the dollar gained.
When the dollar is weak, investors often look to commodities like oil as a hedge against inflation. But a stronger U.S. currency can reverse that trend.
The euro was quoted at $1.5405 early Monday, down from $1.5480 late Friday in New York. The dollar also strengthened against the yen, rising back above the ¥103 mark.
Venezuela. The advance of oil prices at the end of last week was spurred by evidence that Venezuelan President Hugo Chavez has offered assistance to Colombian rebels. Recovered documents from a slain guerrilla fighter show that Chavez has offered assistance to Columbian fighting rebels.
Some U.S. lawmakers think that the White House should add Venezuela to a list of state terror sponsors, including North Korea, Iran, Syria, Sudan and Cuba. If the U.S. were to add Venezuela to that list, however, the country could cut off oil experts to the U.S.
Venezuela is a key supplier of oil to the U.S. and decreasing supplies of oil to the U.S. would push up the price of oil.
China. Some analysts expect that China's trade data for April will move the price of oil.
China's inflation rose in April to the highest level in a decade, according to a government report released on Monday.
The government also released data on Monday showing China's trade surplus fell by 1% in April. Less money flooding into the economy could ease inflation in China.
-- from staff and wire reports
The price for a gallon of gas sets a new record high at $3.718, according to AAA. Crude prices tumble as the dollar strengthens.
NEW YORK (CNNMoney.com) -- Retail gasoline prices increased for the sixth straight day and hit their fifth consecutive record, auto group AAA's Web site showed Monday.
The national average price for a gallon of regular unleaded gasoline rose to a new all-time high of $3.718, up 1 and one-tenth of a cent from the previous day.
Crude prices, meanwhile, tumbled on the stronger dollar.
Drivers now pay 21% more for a gallon of gas than they did a year ago, when a gallon of gas cost on average $3.064, according to AAA.
Consumers have been pinched at the pump as the price of a barrel of crude oil has doubled in the past year. Crude prices settled at a record close of $125.96 a barrel Friday after breaking $126 a barrel earlier in the session.
Stronger dollar. Crude futures pulled back from those record levels as the dollar gained Monday. U.S. crude for June delivery fell $1.32 to $124.64 a barrel on the New York Mercantile Exchange as the dollar gained.
When the dollar is weak, investors often look to commodities like oil as a hedge against inflation. But a stronger U.S. currency can reverse that trend.
The euro was quoted at $1.5405 early Monday, down from $1.5480 late Friday in New York. The dollar also strengthened against the yen, rising back above the ¥103 mark.
Venezuela. The advance of oil prices at the end of last week was spurred by evidence that Venezuelan President Hugo Chavez has offered assistance to Colombian rebels. Recovered documents from a slain guerrilla fighter show that Chavez has offered assistance to Columbian fighting rebels.
Some U.S. lawmakers think that the White House should add Venezuela to a list of state terror sponsors, including North Korea, Iran, Syria, Sudan and Cuba. If the U.S. were to add Venezuela to that list, however, the country could cut off oil experts to the U.S.
Venezuela is a key supplier of oil to the U.S. and decreasing supplies of oil to the U.S. would push up the price of oil.
China. Some analysts expect that China's trade data for April will move the price of oil.
China's inflation rose in April to the highest level in a decade, according to a government report released on Monday.
The government also released data on Monday showing China's trade surplus fell by 1% in April. Less money flooding into the economy could ease inflation in China.
-- from staff and wire reports