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Tue, Apr 15th - 5:14PM

Oil prices spike over $114 US

Energy traders rewrote the record books again today, pushing oil futures past US$114 a barrel as gasoline and diesel prices struck new highs of their own at the pump in the United States. Light, sweet crude for May delivery jumped as high as $114.08 a barrel shortly after regular trading ended on the New York Mercantile Exchange.

Concerns about the American recession, insufficient global supply, stoked by a high-profile report by the International Energy Agency that said Russian oil production dropped this year for the first time in a decade, was largely responsible for the surge. Oil prices rose as high as $113.99 a barrel during the regular session before settling at $113.79, up $2.03 from a record close of $111.76 a barrel on Monday.

Part of the problem is that the US dollar is so weak internationally and the Bush administration is asleep at the wheel.

Check out the History of Oil Prices at Hundred Dollar Oil.




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