Oil Reaches Record High Again

Story Published: Apr 22, 2008 at 10:28 AM EDT

Story Updated: Apr 22, 2008 at 10:28 AM EDT

If there's any top to oil prices, it isn't
apparent yet.
Light, sweet crude for May delivery rose above $118 a barrel
this morning in electronic trading on the New York Mercantile
Exchange. That's an increase of 22 cents a barrel over yesterday's
high.
Supply has been hurt by the militancy and lawlessness in
southern Nigeria. Attacks on oil infrastructure have become common
there, chopping crude oil deliveries some 169,000 barrels a day in
April and May.
Nigeria produces light, sweet crude, which is especially
desirable in the U.S. market during the summer gasoline season.
Oil production troubles are also reported in Mexico and
potentially Scotland. OPEC is planning to boost production by 2012,
but experts say that will do nothing for oil prices now.
Gas Prices are following suit, according to AAA the national average for regular gasoline is $3.51.
The average price in Western New York is even higher sitting at $3.63 a gallon.

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