Oil Prices Climb

By: Associated Press
By: Associated Press

Oil prices hit a six-month high Wednesday, climbing above $62 a barrel after a government report showed a drop in U.S. oil supplies for the second straight week.
Benchmark crude for July delivery rose $1.21 to $61.31 a barrel on the New York Mercantile Exchange before noon. Crude prices jumped to $62.14 earlier in the day, the highest price for crude since Nov. 11.

In London, Brent prices rose $1.23 to $60.15 a barrel on the ICE Futures exchange.

Crude stockpiles dropped by 2.1 million barrels for the week ended May 15, according to Energy Department's Energy Information Administration. Gasoline inventories dropped by 4.3 million barrels.

That was a bigger decline than analysts had expected, especially for gasoline.

One of the main drivers this year for energy prices has been the enormous amount of crude and gasoline in storage.

A number of issues, from fires at refineries, to falling inventories, to the first big driving holiday of the year, are sending prices upward.

Retail gasoline prices have risen every day this month.

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  • by Anonymous on May 22, 2009 at 07:27 AM
    They are approaching $3 a gal.
  • by Anonymous on May 21, 2009 at 10:41 AM
    Time to get out the bicycles or share a ride.
  • by Arch Location: Lansing on May 20, 2009 at 06:21 PM
    Yeah, Jimmy. Clearly you follow politics enough to know that Granholm is in bed with the Middle-Eastern oil refineries. God forbid you actually connect the dots between our former president and those same companies. Ahh, you conservatives are sore losers. Maybe if you keep whining, Barack Obama will actually turn into a Republican and you can shut the hell up again! I could only wish...
  • by Anonymous on May 20, 2009 at 02:24 PM
    Here comes another high on the roller coaster. Will it be higher than $5/gal.
  • by Jimmy Location: Jackson on May 20, 2009 at 12:08 PM
    Anonymous you are very correct something needs to be done about this. LETS START BY WATCHING WHO WE VOTE FOR FOR GOV. Thanks JEN!!!
  • by Anonymous Location: jackson on May 20, 2009 at 11:22 AM
    i went 2 the tanner yesterday on n. west ave gas was 2.27 by the time i left the tanner was only in there for about 15 min. gas had jumped to 2.49!! thats 22 cents in less than 15 min! ridiculous! but then again its a holiday weekend! something needs to be done about this!
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