Oil Prices Climb to New Record; As Prices Again Surpass $75 Per Barrel, Pump Prices Are Expected to Rise Past $3 Nationwide

Summary

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WASHINGTON (AP) - Oil prices jumped to a record above $75 per barrel on Wednesday, propelled by a rally in gasoline that analysts said could send average U.S. pump prices past $3 per gallon by the weekend.

Recent snags in oil-shipping and refining along the Gulf Coast have raised traders' concerns about motor-fuel supplies at a time when demand continues to rise despite soaring prices. The start of a new fiscal quarter also has brought more speculative money into the market, brokers said.

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Oil Prices Climb to New Record; As Prices Again Surpass $75 Per Barrel, Pump Prices Are Expected to Rise Past $3 Nationwide

"Everybody thought we'd hit a price that would create permanent demand destructi...

See the full content of this document

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