Oil peaks at $132, average gasoline prices inch higher
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Light Crude futures hit $132 a barrel as the summer travel season begins in the US. According to data recorded for the EIA ( Energy Information Administration ), average price of gasoline for the week inched up further to $3.791 a gallon from last week’s average of $3.722. The average price at some of the major cities like Chicago went above $4 a gallon with several other’s following up close at just under $4.
The current prices have already blown away earlier projection by the EIA on the 6th of May when the EIA projected that “The prices for crude oil in 2008 will result in higher prices for all petroleum products. Regular-grade gasoline is expected to average $3.52 per gallon in 2008, or 71 cents above the 2007 annual average price. The monthly average regular-grade gasoline price is projected to peak at $3.73 per gallon in June. “
Despite the pain at the pump, the AAA expects more American’s to travel in the memorial day long weekend. However, the AAA said that more consumers will stay closer to home and take shorter trips.
