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Hernando Today

Crude Oil Prices Break Another Record

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By TONY HOLT

Published: June 29, 2008

TAMPA - Crude oil reached record high prices again, thwarting any hopes from last week there would be a continued decline.

On Friday, crude traded above $142 per barrel on the New York Mercantile Exchange (NYMEX).

The week before, it settled at $134.61 per barrel, which gave consumers slight relief.

The dollar weakened against foreign currency. Additionally, OPEC President Chakib Khelil said crude oil could rise to $170 per barrel by the end of the year.

"These developments pushed crude oil higher and will likely increase gasoline prices this week," said AAA Auto Club South spokesman Randy Bly.

Seven days ago, forecasters were encouraged about Saudi Arabia's decision to increase production as well as the slight drop in fuel prices from its spring peaks.

On June 16, the national average for a gallon of regular gas was barely below $4.08. It dropped by 0.4 cents a week later.

This week, it rose 0.6 cents to its highest level.

Florida remains below the national average at $4.04.

On June 23, forecasters did not expect many changes in fuel costs because supply and demand have remained the same.

As of Sunday night, the cheapest gas ($3.89 per gallon) in Hernando County could be found at the RaceTrac at the corner of Cortez and Deltona boulevards and at the Hess station at 4159 Mariner Blvd., according to GasBuddy.com.

Reporter Tony Holt can be reached at 352-544-5283 or wholt@hernandotoday.com.

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