Experts: Record Gas Prices Near Despite Recent Drop
Nationwide fuel costs surged again in the last week, the Energy Department said Tuesday, pushing prices higher than they've ever been at this time of year.
Analysts warn that gasoline prices soon will rise by as much as 20 cents a gallon -- which would put California's average at nearly $3.50. And it's not just gasoline. High oil costs are trickling through the economy, pushing up the price of food, airline flights and cruises as well as retail prices for a host of products derived from crude oil and its byproducts.
Oil had been steadily cruising toward $100 a barrel but took an unexpected U-turn Tuesday, plunging more than $3 a barrel in New York futures trading as worries mounted that the long, painful climb in energy prices had cut into consumer budgets, weakening demand and the U.S. economy.
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Los Angeles Times | Elizabeth Douglass and Ronald D. White | November 14, 2007 07:52 AM