Oil Prices Rise in Time for Memorial Day

Memorial Day weekend is the unofficial start of the summer traveling season and is usually the time when oil prices slightly rise. With less than two days until the weekend begins, bulk oil prices hit a record high of $132 a barrel. This shot up gas prices to $3.80 for the national average. The news comes in light of a report from the U.S. Energy Information Administration that claims gas and oil stocks had declined, as well as President Bush’s unsuccessful trip to the Middle East, requesting a higher production rate.

Analysts are now predicting a national average of $4 for gasoline within the next month and $140 a barrel come September.