Oil sets record near $128; pump price at high too

[Bob Brock]

It appears that those predictions of $4/gal. gas may have been a bit
on the conservative side.

http://biz.yahoo.com/ap/080516/oil_prices.html?.v=13

NEW YORK (AP) -- Oil prices surged more than $3 Friday, shattering a
previous record in a spike near $128 a barrel, as prices at the pump
pushed to new highs of their own.
The gains come 10 days before Memorial Day, the traditional start of
the peak U.S. summer driving season, suggesting that retail gas prices
have further to rise. Americans are now paying a national average of
$3.787 a gallon for regular gasoline, up nearly a penny from the
previous day, according to AAA and the Oil Price Information Service.

Diesel prices also have never been higher, meaning that even Americans
who don't drive will likely face even higher prices on all sorts of
goods because of increased shipping costs. A gallon of diesel now
sells for a record $4.482 a gallon.

(...)