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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: CalculatedRisk	10/18/2004 11:53:03 AM
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U.S. gas prices top $2 a gallon AAA: Average cost hits $2.005 a gallon, up from $1.997 Friday, as oil surges again. October 18, 2004: 10:22 AM EDT money.cnn.com NEW YORK (Reuters) - The cost of gasoline in the United States inched above $2 a gallon Monday, nearing their record, as crude oil prices reached a record high above $55 a barrel, keeping the spotlight on sizzling energy costs ahead of the November U.S. presidential election. The average cost of a gallon of regular gasoline hit $2.005 a gallon, up from Friday's $1.997, according to the AAA motorist group's daily survey. That kept prices moving toward the record $2.054 hit May 26, and more than 15 cents above the month-ago average. Average prices are 42.5 cents above the year-ago average, according to the AAA data. U.S. crude futures have been sizzling well above $50 a barrel, with heating oil futures also touching record highs above $1.50 a gallon. In electronic trading Monday morning in advance of the open outcry session, New York Mercantile Exchange crude futures for November delivery were down 24 cents at $54.69 a barrel, but overnight had hit another all-time NYMEX futures trading high of $55.33 a barrel.

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