Syrian Crisis Lifting Crude Oil Costs; Gas Prices to Follow?
From USA Today
By Gary Strauss
That September drop you were expecting for gasoline prices? Don’t hold your breath.
Currently, gasoline averages $3.55 a gallon nationally, down from $3.63 a month ago.
Most analysts had expected a drop to about $3.40 by early fall on seasonal demand slumping following the summer driving season.
Not now. Some forecasters predict a short-term spike of up to 10 cents a gallon. Crude oil prices and gas futures are soaring on growing fears that if the U.S. military strikes at Syria for its handling of civil unrest, Middle East oil supplies could be disrupted.
The price of domestic crude oil for October delivery jumped above $112 a barrel early Wednesday on the New York Mercantile Exchange – a two-year high. It settled at about $110. Benchmark Brent crude oil, up 1.5% in London, settled near $116 a barrel, a six-month high.
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