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Iran report pushes oil, gas prices to new

NEW YORK -- Oil prices shot to a new record near $127 a barrel Tuesday on concerns that Iran may consider cutting crude oil production, according to the Associated Press.

Gas prices, meanwhile, rose to a new record over $3.73 a gallon Tuesday, and their advance shows little sign of slowing with Memorial Day weekend, the traditional start of the summer driving season, just 10 days away.

Posted by Peter C. T. Elsworth  at 3:09 PM to Crude oil market , Gas prices | Permalink

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