Oil prices jumped above a record $127 per barrel Friday as Goldman Sachs Group projected oil prices to hit $141 this summer and $150 to $200 per barrel over the next two years.
All that puts inflationary pressure on gasoline prices, which are also at record highs.
The national average gas price is $3.79 per gallon, according to AAA. Gasoline prices in Arizona also are hitting record highs, with Glendale at $3.56 per gallon, Flagstaff at $3.69 and Scottsdale at $3.60. The statewide average is $3.57 per gallon, according to AAA.
Oil prices were $126 per barrel Friday morning, Arizona time, after approaching $128 early in the day, according to Oil-Price.net.
Oil-Price.net projects crude will hit $164 a barrel over the next year.
Crude prices were also pushed up Friday after Saudi Arabia declined President Bush's request to increase oil outlays.
Source
Saturday, May 17, 2008
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