Oil on fire - Navtej Kohli

Navtej Kohli Blogspot brings some more recent news on rising Crude Oil Prices

Retail gas prices and crude oil futures reached record highs Monday amid a backdrop of Mideast tensions and dollar concerns, but crude ended the day lower.

The national average price for a gallon of gasoline climbed to $4.086, according to a daily survey by motorist group AAA. That was up 0.7 cent from $4.079 the previous day, and eclipsed the previous mark of $4.08 set June 16.

Gas prices have risen 2.9% in the last month and are almost 38% higher than where they were a year ago.

Meanwhile light, sweet crude for August delivery settled down 21 cents at $140 a barrel after earlier setting a trading record of $143.67 a barrel, 50% above the price at the end of 2007.

Despite the pullback, oil prices remain consistently over $140 a barrel.