Gas at New Record, Oil Higher Too

By: Associated Press Email
By: Associated Press Email

New York (AP) The national average for gasoline prices has hit $3.60 a gallon.

And oil futures have surged to a new record near $120 a barrel.

The markets have reacted to nws of labor actions overseas threatening crude supplies.

AAA and the oil price information service report that gas rose 0.4 cent overnight to the new record. Prices are 66 cents higher than a year ago.

Light, sweet crude for June delivery rose to a record $119.93 a barrel in electronic trading on the New York mercantile exchange overnight, but has since retreated from the high of the day.

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