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May 12, 2008

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New Record For Oil Prices Causes Jump Locally

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By Gina Morss

Story Published: May 7, 2008 at 4:05 PM CDT

Story Updated: May 7, 2008 at 5:11 PM CDT

Chances are you might see some higher costs related to fuel surcharges locally.

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Oil futures surged to a new record today above $123 a barrel and that had prices at the pump rising from Peoria to Pekin to Bloomington by nearly 20 cents from $3.61 at many stations to $3.79.

Analysts say gasoline could jump to $4 a gallon by Memorial Day.

And Treasury Secretary Henry Paulson is acknowledging that rising gas prices will diminish the impact of economic stimulus payments. In an interview with The Associated Press, Paulson ruled out the notion of a second stimulus package.

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Wednesday, May 7 at 11:02 PM Sandi wrote ...

It's amazing the check are in the mail. and gas prices go up. Is it a coinicided. I don't think so.

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