Oil Hits $100 A Barrel For The First Time

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M60o93H7pQ09L8X1t49cHY01Z5j4TT91fGfr Oil Hits $100 A Barrel For The First Time
Published: Wed, January 02, 2008 - 1:39 pm
Last Updated: Wed, January 02, 2008 - 2:00 pm
Crude oil prices have reached $100 a barrel for the first time. Traders credit this price rise to increasing demand for oil in the United States, Asia, and the Middle East, in addition to escalating tension in both the Middle East and, recently, Nigeria. Militant attacks in Nigeria have reduced the country's crude output by 20 percent, while booming economies in Asia have increased demande for jet-fuel, diesel and gasoline. Several Mexican oil ports have been closed because of weather conditions, which are also said to have added to price gains. Oil prices have quadrupled since 2003, and many analysts are worried that gas prices could rise to $4 a gallon by spring.


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