Gas Prices - Oil Keeps Climbing, but What About Gas? - ABC News

With the price of oil shooting up more than 20 percent in the last two months, most Americans have been bracing themselves for a hike at the gas pump. The price of gas usually rises and falls according to the demands of the seasons, with the peak typically occurring during the summer. The price of oil hovered around $92 a barrel today in New York trading — part of a massive run-up in the last few months. That record — roughly $101 in today’s dollars — was set in the spring of 1980, during the height of the Iranian hostage crisis. Even as the price of oil has climbed, there is “little evidence to suggest that demand has softened in response,” Salman Partners noted in a recent analyst note. read more

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