The price for a barrel of crude oil for April delivery shot up $5.71 in Tuesday trading on the New York Mercantile Exchange, settling at $95.41, its highest in more than two years. In overseas trading, Brent crude oil on the London Intercontinental Exchange settled up almost half a percentage point at $106 a barrel.
Rising oil prices will have an immediate impact on U.S. gasoline prices, another headache for weary consumers already facing rising food prices amid a sluggish economy.
"You'll probably see the price of gas increase this week because of the unrest," said Troy Green, a spokesman for the AAA auto club.
How much is an open question.
Not really. Yesterday here in the NKY gas was $3.09 a gallon. Sure enough on the way home I saw a string of $3.29 prices. Expect about a 20 cent rise in gas prices, possibly more by Monday.
Funny how a six percent rise in oil equals about a six percent plus rise in gas prices within hours, but falls, well. Those take a while.
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