The price of oil keeps climbing and hit a new record near $127 (U.S.) a barrel today. Concerns that Iran may cut crude oil production were blamed for yet another spike.
Officials in Iran denied that production cuts were imminent, but did acknowledge that a reduction has been discussed. That was, of course, more than enough to send prices upwards.
The news for drivers isn’t getting any better either. With Memorial Day quickly approaching in the United States, gas prices continue to rise as well. A new record of $3.73 a gallon was reported today. As the summer driving season gets closer, it is looking doubtful that customers will be getting any relief at the pumps.
Many analysts are calling for the surge in prices to continue, possibly even past the $4 level on a national basis in the next couple of months. Many parts of the United States are already dealing with gas over $4 a gallon.
Usually, gas prices peak around Memorial Day and then decline through the summer, and motorists can only hope that trend continues.
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Navin Vaswani in Business
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