Results tagged “barrel”

The rising price of gas is nothing new, but these past seven days, a gallon of gas has jumped up 27 cents. Prices have not increased at this pace since August 2003.

Now the predictions are really getting people's attention: "Surging crude prices, which could surpass $200 a barrel in four years on tight supplies, could push gasoline prices to as high as $7 a gallon, CIBC World Markets analysts said Thursday," MarketWatch said early this afternoon.

Mark Lacter at LA Biz Observed is reporting that "the per-barrel price of crude was reached in after-hours electronic trading after the Energy Department reported unexpected declines in U.S. crude inventories and refinery operating rates."

A gallon of gas in California is averaging $3.63, 35-cents more than the regular joe American, and yesterday, a barrel of oil topped $111 (this time last year, it was $57). But as the San Francisco Chronicle explains, this isn't about supply and demand. Rather, it's the dollar and they break it down: