Record High Gas Prices On The Map

National Average Now $3.577 A Gallon; Oil Prices Rise Sharply On Reported Persian Gulf Incident

(CBS/AP)  As expected, retail gas prices rose further into record territory Friday, nearing $3.60 a gallon. Meanwhile, oil prices rose sharply on news that a ship under contract to the U.S. Defense Department fired warning shots at two boats in the Persian Gulf.

At the pump, gas prices rose another 2.1 cents Friday to a record national average of $3.577 a gallon, according to AAA and the Oil Price Information Service. Gas prices have been following oil futures higher, but are also rising due to concerns about whether gasoline supplies are adequate to meet peak summer driving demand.

There is often a spike at the pump in the summer, but this time the rise in gas prices is extreme, reports CBS News correspondent Jeff Glor. The average fill-up is $8 more than it cost last year.

With gas prices higher than ever, thieves are targeting several U-Haul lots (listen) in Florida, reports CBS News correspondent Peter King.

Soaring gas prices are driving some commuters to embrace the somewhat radical idea of taking public transportation in car-centric Los Angeles, reports CBS News correspondent Ben Tracy. Train ridership in the city has increased by 700,000 passengers over last year.

Analysts expect gas prices to continue rising for at least another month; predictions of how high prices will rise range from $3.70 to $4 a gallon. To a large extent, how high gas prices peak depends on what oil does.

Lately, analysts have recently raised their oil price predictions to $125 to $130 a barrel. Earlier this week, the expiring May crude contract rose as high as $119.90 as investors scrambled to square positions.

However, the Federal Reserve is expected to cut interest rates less sharply next week than originally thought. Because rate cuts tend to weaken the dollar, a smaller than expected cut could push the dollar higher, and send oil prices down.

Meanwhile, crude prices rose on initial reports that a U.S. ship had fired on two Iranian boats; the news raised concerns that a conflict between U.S. and Iranian forces could cut oil supplies from the region. Later reports said the origin of the boats was unclear.

But the news was enough to send light, sweet crude for June delivery up to $119.55 before the contract retreated to trade up $2.94 at $119.00 a barrel on the New York Mercantile Exchange.

The incident at first appeared to be the latest in a series of encounters between U.S. forces and Iranian boats in the Gulf. Early this month, the USS Typhoon fired a flare at an Iranian boat that came within about 200 yards of the ship. In January, several Iranian boats made what the Navy described as provocative moves near a U.S. ship in the Strait of Hormuz. And in December the USS Whidbey Island fired warning shots at a small Iranian boat officials said was rapidly approaching the ship.

On Friday, oil prices were already up before the report on news of a pipeline attack in Nigeria and a looming refinery strike in Scotland.

In Nigeria, the Movement for the Emancipation of the Niger Delta, or MEND, said its fighters hit an oil pipeline late Thursday, the fourth conduit the group has attacked in the past week. MEND said the pipeline belongs to a Royal Dutch Shell PLC joint venture. A Shell spokesman confirmed one of its pipelines had been hit, but provided no additional details.

Earlier this week, Shell said an earlier attack cut its Nigerian oil production by about 170,000 barrels a day.

Separately, workers at an ExxonMobil Corp. joint venture in Nigeria cut production by an unspecified amount to demand more pay.

Adding to the supply concerns, BP PLC said it will shut down a 700,000 barrel-a-day pipeline system that carries oil from the North Sea to refineries in the U.K. on Saturday in anticipation of a strike at Scotland's Grangemouth refinery expected to begin Sunday.

The refinery supplies power and steam to the pipeline; if it shuts down, the pipeline can't operate.

Oil's rise came as the dollar strengthened. A stronger dollar typically encourages selling by making commodities such as oil less effective hedges against inflation, and by making oil more expensive to overseas investors. Analysts say the dollar's steady decline over the past year is the chief culprit behind this year's rapid rise in oil prices.

But, notes Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Ill., "that connection between oil and the dollar can be broken easily by supply issues," which drove trading on Friday.

In other Nymex trading Friday, May gasoline futures rose 3.79 cents to $3.0565 a gallon after earlier rising to a new trading record of $3.0815, and May heating oil futures rose 5.47 cents to $3.3028 a gallon. May natural gas futures rose 16.2 cents to $11.105 per 1,000 cubic feet.

In London, Brent crude futures rose $2.86 to $117.20 a barrel on the ICE Futures exchange.

[quetzal0666]

Time to Switch oil from the Dollar to the Euro.

[forthepeopl1]

hey ben this would help

please this is a simple thing to fix, why are you bending over for all of the wallstreet scum.
you have the right to do what this paulson/ben did for wallstreet,saying they had to to save america. so you can say the same thing, but this time you would be saveing america, and not wallstreet.
you must come out and stop the forcloseing of all these millions of homes, now,
ALL YOU HAVE TO DO IS MANDATE THAT ALL MORTGAGES THAT HAVE BEEN TAKEN OUT FROM 2000 TO 2007 BY ALL AMERICANS TO BE RE-FI A.S.A.P. NO EXCEPTIONS,


NO MATTER WHAT THE CREDIT IS, THEY WILL RE-FI EVERYONE AT JUST OVER PRIME, AND AT A RATE OF 40% OF WHAT IS OWED ON THE PROPERTY( PERSONAL HOMES ONLY)!!
WHY, BECAUSE MOST HOST ARE SELLING AT FORCLOSER FOR 20 TO 30 CENTS ON THE DOLLAR, SO AS TO WHAT PAULSON SAID TO BEARSTEARN 2 DOLLARS IS BETTER THAN NO DOLLARS SO TAKE THE DEAL..NOW REMEMBER ALL OF YOU, IF THIS COMPANY IN 6 MONTHS LOST 98% OF THEIR VALUE FROM 700 BILLION TO WHAT IS IT NOW. AND FOR SOMEONE TO COME IN AND BUY IT FOR NOTHING, WHAT IS THE REAL VALUE OF ALL THESE HOMES???NOBODY KNOWS, SO WHY NOT JUST START OVER??? AND STOP THE BLEEDING FOR ALL AMERICANS.

[e-mail]
DAVID A BELANGER
FOR COMMON SENSE THIS IS SO EASY TO FIX DONT MAKE IT HARDER THAN IT IS PEOPLE.

AND LOOK AT THIS MORNINGS NEWS, THE GREAT POTATOHEAD PAULSON,AND BEN ARE IN TALKS WITH ANOTHER WALLSTREET FIRM GOING DOWN. MERRILL LYNCHWHAT MORE BAILOUTS FOR WALLSTREET COMING.

[forthepeopl1]

and the ag should be all over this c/r/a/p/


Under Treasury Secretary Henry Paulson%u2019s .. Former leadership at
Goldman Sachs, the company has been instrumental to its penetration of Western
capital and other markets. - - Henry Paulson was vastly effective in Communist
China%u2019s .. Interests and enabling their access to Western economic assistance
and high technology

In late January 2006, Goldman Sachs purchased a stake in the Industrial and
Commercial Bank of China (ICBC), China%u2019s biggest bank, for $2.58 billion
Treasury Secretary Henry Paulson''''''''s .. Personal stake .. In this transaction
was $25 million

A PERSONAL BAIL OUT for : Treasury Secretary Henry Paulson and His
Criminal Friends

(Mar 27, 2008 (ruters.com) BBC) ... White House Resists Pleas for .. Mortgage Bailout
WASHINGTON (Reuters) - As clamor rises for federal help for homeowners
who face losing their homes .. U.S. Treasury Secretary Henry Paulson .. Seems
to be digging in heels against the effort.

U.S. Treasury Secretary Paulson sounded a tougher note than ever against any
possibility of bailout for individual mortgage holders, singling out the growing number
going "under water" as their loans exceed the diminishing value of their properties.

[forthepeopl1]

time to take up arms americans before bush declare a state of emergency..and its comming with them saying they are getting ready to attack IRAN.....

[noloyalisti]

Well we had to pay for the invasion and occupation, what did we expect? No one should really complain, especially the Grand Oil Party (GOP) supporters.

I just hope we wise up soon, but with these budget shortages, our education system will go further down the drain. We will have to depend on the war profiteers educating us through their mainsteam media outlets.

[swwils]

It is time for the people to step up,and take the country back.Gas will reach 6$ a gallon if we don''t do something about it.People should contact their Senators,Congressmen,and the ones at State levels.Our country is commiting suicide slowly but surly.

[patriotic9]

Why did the enemies of United States decide to take oil in cheaper prices from Arabs and in return supporting their those enemies who were brought into Palestine after WWII to occupy the land of those Palestinians by force who had nothing to do with the actions of Hitler, to buy HATRED, TERRORISM and 9/11 against our nation?

Because Americans are GOD-NEGLECTED and NON-AMERICAN EUROPEAN INVADERS IN PALESTINE are GOD-CHOSEN, because United States is an UNHOLY LAND and a land far away from America is a HOLY LAND!

Why shouldn''t we halp Arabs in the destruction of Israel on Palestine, far away from the concentration camps in Germany, to enjoy OIL in cheap price?

Why should we protect GOD-CHOSEN NON-AMERICANS and NON-AMERICAN HOLY LAND, to buy HATRED, TERRORISM and 9/11 against GOD-NEGLECTED AMERICANS and UNHOLY LAND UNITED STATES?

Because CHRISTIANITY is PSYCHOSIS and CHRISTIANS are PSYCHOTICS!!

[brianp55]

It is those gd Oil Futures Speculators on Wall Street who are driving up the price of oil. Unless it can be proven that the oil companies are deliberately reducing production or refining capacity, they are simply benefitting from the speculators'' actions. The solution is to find a way to control the spastic and hysterical bidding of these speculators.

[patriotic9]

Why did the enemies of United States decide to take oil in cheaper prices from Arabs and in return supporting their those enemies who were brought into Palestine after WWII to occupy the land of those Palestinians by force who had nothing to do with the actions of Hitler, to buy HATRED, TERRORISM and 9/11 against our nation?

Because Americans are GOD-NEGLECTED and NON-AMERICAN EUROPEAN INVADERS IN PALESTINE are GOD-CHOSEN, because United States is an UNHOLY LAND and a land far away from America is a HOLY LAND!

Why shouldn''''t we halp Arabs in the destruction of Israel on Palestine, far away from the concentration camps in Germany, to enjoy OIL in cheap price?

Why should we protect GOD-CHOSEN NON-AMERICANS and NON-AMERICAN HOLY LAND, to buy HATRED, TERRORISM and 9/11 against GOD-NEGLECTED AMERICANS and UNHOLY LAND UNITED STATES?

Because CHRISTIANITY is PSYCHOSIS and CHRISTIANS are PSYCHOTICS!

[speakinup]

fortheperverts - and you far left libs claim the President tries to use fear as a tool.


What a big bunch of hypocrits.

[martin9p2]

Why do prices rise when a guy on a boat fires at another guy on another boat? Why doesn''t the following story ever happen?.............

Tillie Phatbottom went to the pump out back of the feed mill, and said "I ain''t payin'' that," at which time speculators in NY and London took note of the fear. Oil futures dropped $18.75 per gallon to $98.50.

[patriotic9]

Why shouldn''''''''t we halp Arabs in the destruction of Israel on Palestine, far away from the concentration camps in Germany, to enjoy OIL in cheap price?

Why should we protect GOD-CHOSEN NON-AMERICANS and NON-AMERICAN HOLY LAND, to buy HATRED, TERRORISM and 9/11 against GOD-NEGLECTED AMERICANS and UNHOLY LAND UNITED STATES?

Because CHRISTIANITY is PSYCHOSIS and CHRISTIANS are PSYCHOTICS!

[dat1guysd]

terrorism has many faces, this looks like economic terrorism too me. if anybody thinks differently, open your eyes, America is getting hit hard, with fuel prices soaring, jobs are being lost, work is being sent too other countries...we are on our knees

[speakinup]

Because CHRISTIANITY is PSYCHOSIS and CHRISTIANS are PSYCHOTICS!- Posted by patriotic9




Ha ha ha ha ha ha ha ha ha ha ha ha ha

I bet the very first words out of your mouth when yo hit your thumb with a hammer is "G D It!".

Glad we are such a source of frustration to evil.




brianp55 - it is definitly the speculators. (of course, that would be a hard sell to idiots like fortheperverts. - but who cares - he/she/it is insigificant)

[waynabq]

Bush supporters,

You''re all a bunch of blood sucking leeches, your monkey king is GIVING everyone a freakin'' rebate check, that''s welfare. I''m one of the "rich" Liberals who makes too much to get one ( I really don''t mind). Why isn''t there an uproar from the monkey worshipping army aka Bush supporters about this rebate check that is tantamount to a welfare check!!!

It''s a joke any way, all the money is going into the hands of big oil companies anyway. Why are Bush supporters such fools?

[alphaa10-2009]

Between Bush''s desire to start a war with Iran and the almost inevitable volatility of the region, price fixing oil majors think they can can claim almost any excuse for gouging the American public.

But too many Americans already understand the greed and irresponsibility of market players is behind most of the oil price increase. One estimate accuses commodity speculators of being responsible for about 60 percent of the crude price increase-- ie. without their greed, there would be a much-reduced burden on all of us.

When does the profit motive become greed? When Big Oil refuses to heed the same principle that nailed Wall Street speculators with the mortgage meltdown-- when market behavior does not grow the market, it poisons it.

Greed has no future. Oil majors should realize their greed threatens the health of the American economy-- and creates a threat to their own security.

Far-sighted, wise policies invest in the community and thereby create much greater wealth for all.

[underdogus]

the s.hit is hitting the fan!! by the way fans are 50% off at Home Depot,se hable espanol....

[quetzal0666]

Necesito un FAN para el Chiat, que estallara en la pared!!!

[speakinup]

When you all get tired of the speculators running your lives, start to think of renewable sources of energy. And, to get there, think Shale Oil.

The US has THREE times the amount of oil in shale that Saudi Arabia has in liquid oil.

It can be mined in an insitu fashion, economically (for about $30 a barrel) and environmentally friendly.

It is high time that someone started allowing us to tap our own resources (Democrats) instead of peeing your pants about some endangered blind fish.

The alternative should be apparent. No US will be left. Not far left that is.

[forthepeopl1]

HEY SEAKINUP- WATCH JUST WATCH....THEN YOU MAY SPEAK.

GOD HAS SPOKEN AND THE TIMES ARE HERE PRAY MY CHILD JUST PRAY FOR YOUR HERO BUSH

[bobnjersey]

[It is high time that someone started allowing us to tap our own resources (Democrats) instead of peeing your pants about some endangered blind fish.

The alternative should be apparent. No US will be left. Not far left that is.]
[Posted by speakinup at 03:58 PM : Apr 25, 2008]

from 2001 thru early 2007 the republicans had all the power ... democrats and liberals had none ... did the ones in power do anything about your shale oil between 2001 thru 2007?

[naucoming4u]

The super-sized SUV trend that started back in the 90s has come to haunt us all, whether we bought one or not. The increasing demand for oil in America has outstripped the lack of increasing supply in this country...

...therefore, we need to both create more supply by the oil shale in the heartland of this country...

...AND conserve.

[forthepeopl1]

AND FOR YOUR SHALE, THE FEDS HAVE IT ALL UNDER CONTROL. DONT YOU SEE THAT.MORON

COLORADO HAS THE BIGGEST SHALE IN THE WORLD, BUT THE BUSH FAMILY HAS IT TIDE UP ALREADY,AND CLINTON ALSO

[patriotic9]

terrorism has many faces, this looks like economic terrorism too me. if anybody thinks differently, open your eyes, America is getting hit hard, with fuel prices soaring, jobs are being lost, work is being sent too other countries...we are on our knees


--------------------------------------------------------------------------------

Posted by dat1guysd at 03:43 PM : Apr 25, 2008

You absolutely got it right. Bush''s policies helped our enemies who is getting richer by increase in oil prices and we are getting poor every. Al-Qaeda wants to make us financially and militarily bankrupt before they attack us again.

Nobody ever helped these ISLAMIC RADICALS then their PSYCHOTIC "CHRISTIAN RADICAL BROTHERS" in the United States.

CHRISTIANITY is PSYCHOSIS and CHRISTIANS are PSYCHOTICS!

These PSYCHOTICS want us to sacrifise our GOD-NEGLECTED MONEY and LIVES for a NON-AMERICAN CAUSE, NON-AMERICAN HOLY LAND and NON-AMERICAN GOD-CHOSEN PEOPLE in order to bring the 2nd coming of Christ and the Battle of Armagaddon!

[lovegetpeace]

Folks,
On May 15, 1948, the American President advocated the creation of the State of Israel in the heart of the Muslim Middle-East. 2 years later, 4.5 millions Palestinians were forced out of their homes and lands without compensation.

I am not going to say that this is Terrorism but I will say what a bleeding America is paying in Treasury and blood because of this dumb religious decision 60 years ago. This price keeps exploding as long as we continue UnConditional Support to Israel. I cannot believe we care a lot more about Israel than of ourselves.

2 weeks after 9/11, Osama Bin Ladin released his 1st video. In the video, he clearly listed the top 3 reasons for bombing the twin towers. The 1st reason was the US military base 60 miles from their Muslim''s holy Mecca in Saudi Arabia. The 2nd reason was the Palestine crisis. Osama is winning BIG here.

On Osama Bin Ladin 2nd released video, Osama states that they will destroy America Economically and not Militarily. So far, Osama is winning really Big here.

According to our US State Department, Anti-Semitics is exploding around the world:
http://www.reuters.com/article/t
opNews/idUSN1334791720080314?feedType=RS
SfeedName=topNews&rpc=22&sp=true

I just sit here and wonder why? Personally, I blame only the Zionists inside Israel and America.

[quetzal0666]

Wait till the Tomatoes are 1.99 each, lettuse 2.19
pound of beef 6.99
Onions 1.25 each.
Milk 6.99 a Gallon.
loaf of bread 2.89
And beer hits 12.99 a 6 pack.....

[dinkydog1]

Oil prices are going to stay up for two reasons; we are now a debtior nation running massive deficts making our dollar value plumet. Developing nations, China and Inda are spending the money we send over there for outsourced jobs and industry to compete with us for oil. Thank Bush for making all this possible.

[incog-nito]

Wait, wasn''t the record broken just last week? And the week before?...

[xraytwonine]

some iran boat came close to us and that''s why gas is expensive? shoot the mother*ucker already

[patriotic9]

The super-sized SUV trend that started back in the 90s has come to haunt us all,
Posted by NAUcoming4U at 04:12 PM : Apr 25, 2008

I respectfully disagree with you. It''s the involvement of psychosis (RELIGION) in our politics which is haunting us big time.

Why should we sacrifise luxuries in our lives including SUVs for a NON-AMERICAN CAUSE, NON-AMERICAN GOD-CHOSEN PEOPLE and a NON-AMERICAN HOLY LAND far away from any state or territory of the United States?

It''s the policy of supporting occupation of Palestine by the European invaders, which is haunting us!

We should have helped Arabs in the destruction of Israel to enjoy oil in cheap price, instead we supported the European invaders in Paletine to buy HATRED, TERRORISM and 9/11 against our nation and country.

[patriotic9]

Posted by lovegetpeace at 04:17 PM : Apr 25, 2008

Great post!!

[andrew_693]

Don''t forget to fill up the pick up truck put your cowboy wanna be hat on, crank up the toby keith music and go on the road and break every possible law to display your stupidity. ......enjoy the republicon demise of america, while you are it don''t forget to burn trees, throw oil in the ocean, exterminate endangered species, burn a football field of the rainforest and hunt for your food like neanderthals as if there weren''t supermarkets providing a meal. Oh and don''t forget to read the bible while you are it, were you learned all these beautiful family values.

[underdogus]

TENT SALE AT SEARS BUY ONE GET A FREE CANOPY se hable espanol

[patriotic9]

On Osama Bin Ladin 2nd released video, Osama states that they will destroy America Economically and not Militarily. So far, Osama is winning really Big here.

I think he is winning both financially and militarily. Please visit Walter Reed hospital one day.

[lovegetpeace]

Folks,
The US Central Intelligence Agency just intercepted a phone call from Osama Bin Ladin. Osama is telling the Nigerian warlords to continue their revolution so the price of oil goes as high as necessary to jump start the US 4th Great Depression.

Background: On Osama Bin Ladin 2nd released video after 9/11, Osama states that they will destroy America Economically and not Militarily. So far, Osama is a genius.

[quetzal0666]

50+ years of Supporting an Illegitimate Red Headed Stepchild of a country,
and here we are now!!!

[brianp55]

It''s true....our support for Israel has definitely put us on the wrong side of the oil issue.

[shanev137]

Abolish all the taxes on gasoline and that should take it back to $2 a gallon.

[underdogus]

It is definitely time to bring back the pinto,a well balanced high performance vehicle....

[rudy654-2009]

Abolish all the taxes on gasoline and that should take it back to $2 a gallon.


--------------------------------------------------------------------------------

Posted by shanev137 at 04:31 PM

How about first stopping the subsidies to the oil industry?

[mcvet]

Abolish all the taxes on gasoline and that should take it back to $2 a gallon.


--------------------------------------------------------------------------------

Posted by shanev137 at 04:31 PM : Apr 25, 2008
+ report abuse

LOL Yeah right!! LOL How long would it take Big Oil to push it right back up??? LOL

[efarris38]

CLINTON/BAYH 2008!!!!!!!!!!!!!!!!!!!!!!SAVE THE ECONOMY!!!!!!!!!!!!!!!!!!!!!!!!!

[michellem99-2009]

thank ya bush..He is the reason we are suffering..The drivers who will have to think about their driving habits. I was riding in a car in 88 and I asked do ya plan yer trips in yer car..She said no..Ye should..the days of joy driving are over. I ''member class mates buying a car for 25 dollars..Those were the days a new car 2000 dollars with the extras.Most used to look in the papar for their 1st set of wheels. Not today. I can''t drive. Blind from birth. I am a poor american

[s1ckd09]

Shale oil may be the answer, but for now, there is not a good technology for getting it. Interesting reading here: http://www.dailyreckoning.com/rpt/OilShale.html

But at least the big oil companies are investing in research (thank their profits for that). Oh, and anybody who thinks that the goverenment should be doing it? The only thing the government would do is contract big oil companies to do the research, and just add another middle man (like government always does) and therefore reduces the amount of money going into the actual project.

[bgwinnett]

Record High Gas Prices On The Map

___________________________________

Well, they don''t call it peak oil for nothing.

[lovegetpeace]

According to our US State Department, Anti-Semitics is exploding around the world:
http://www.reuters.com/article/topNews/idUSN1334791720080314?feedType=RSSfeedName=topNews&rpc=22&sp=true

I just wonder why???

[ponco seno]

Obama 08. Prediction-if Obama wins gas prices will drop a dollar a gallon, overnight.

[naucoming4u]

"...bring back the pinto,a well balanced high performance vehicle."

Posted by underdogus at 04:32 PM : Apr 25, 2008
............

And here is some other sentences that defy logic:

- Ted Kennedy, Drivers Training instructor.

- George W. Bush, English teacher.

And my favorite...

- Compassionate Conservatives strive for world peace.

LOL!

[lovegetpeace]

Hey s1ckd09,
"...But at least the big oil companies are investing in research (thank their profits for that)."

Great, let''s give them more Corporate Welfare.

No idiot will release an alternative energy idea that will mean your self-destruction.

There are a million ways to save gasoline right on the Popular Mechanics magazine issues from the last 30 years.

[lovegetpeace]

Folks,
Let''s all join together and prevent a shameful and embarrassing moment at Bush''s next press conference.

Please do not ask Bush that gasoline is going close to $5.00 a gallon.