Oil Prices Hit Record Highs

I'm really avoiding the gas stations. I don't want to see those numbers climbing higher and higher! It's enough we have to consider that these prices will inevitably sky rocket during the summer... I'd reather not even think about it. Thanks President Bush, first you screw up Iraq and now you're trying to screw with Iran, and all we get is more crap that translates into a crappy economy and high gas prices!

Crude oil rose to a record $74.10 a barrel on concern that shipments from Iran and Nigeria will be disrupted as the U.S. increases output of gasoline for the summer driving season.

The standoff over Iran's nuclear program has intensified, increasing the chances of sanctions against the world's fourth- biggest oil producer. Rebel attacks in Nigeria have shut about 20 percent of output in Africa's biggest oil producer. Oil was pulled lower in early trading on speculation that refiners will increase output because of improved profit margins.

Crude oil for June delivery rose 41 cents, or 0.6 percent, to $74.10 a barrel at 11:28 a.m. on the New York Mercantile Exchange, the highest for a contract closest to expiration since trading began in 1983. The May contract, which expired yesterday, reached records the last three days. Prices are 37 percent higher than a year ago. [link]

[technorati tags: economy, US, Iran, oil, Iraq]