World Officials Urge Energy Curbs
Vow To Take Action To Shield Economy As Oil Prices Soar
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Play CBS Video Video Oil, Gas Prices Soar Some More The price of crude oil hit another new high, and the price of regular gasoline is up to a national average of $2.86 a gallon. Anthony Mason reports.
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Video Running On Empty? Planning on hitting the road this weekend? Get ready for sticker shock at the pump. Gas prices are still climbing, and some stations are running on empty. Aleen Sirgany reports.
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Video MoneyWatch Alexis Christoforous reports investors will be watching blue chip gains and rising oil prices, the U.S. auto industry remains in the spotlight and Paris Hilton is headed to the small screen.
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(AP / CBS)
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Dolph Rempp, owner of an entertainment services company, pumps air in his bike's tires before riding home Thursday, April 20, 2006, at a gas station in Beverly Hills, Calif. (AP Photo/Damian Dovarganes)
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A flag hangs in front of a gas sign Thursday, April 20, 2006, in the Van Nuys section of Los Angeles. (AP Photo/Ric Francis)
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Interactive Gas Prices State-by-state averages, tips to improve mileage and a look at what fuels prices at the pump.
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Interactive Oil and Gas:
Fossil FuelsLearn more about energy costs and usage in your state and get the latest prices for gasoline.
Friday afternoon, U.S. Energy Secretary Samuel Bodman said phasing out MTBE could be complicated, and that there is no simple solution to lowering oil prices.
At this point, there is no peak in sight.
"Everyone's asking, 'What's the high? What's the high?' In a runaway bull market, you can't say. But the market will stop climbing when it finally starts to have an impact on the economy and on demand. I don't see it stopping till we reach that point," said BNP Paribas commodity futures analyst Tom Bentz.
So far, demand has not been crimped significantly, encouraging traders to keep buying into the market.
"Demand continues to be relatively strong. Supply remains tight. And the global economy seems to be doing OK. As they say, no harm, no foul," Gheit said, noting that not just oil companies, but also big financial institutions have been making billions of dollars on soaring energy prices.
Even carmakers are suffering. Ford has seen sales of its SUV Explorer take a 25 percent slide. The auto giant Friday announced more than $1 billion in losses in the first three months of 2006, reports CBS News correspondent Anthony Mason.
In related news:
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