Gas Prices Hit All-Time High in Triangle
Gas prices rose to a record high across the Triangle Saturday, averaging $3.184 for a gallon of regular unleaded gasoline, according to AAA.
Posted — UpdatedThe average cost of a gallon of regular unleaded gasoline rose to $3.184 in Raleigh, Durham and Chapel Hill, according to AAA and the Oil Price Information Service. Diesel fuel also set a new record of $3.612 per gallon.
A month ago, the average price of regular gas stood at $2.961. A year ago, it was at $2.366.
Light, sweet crude oil spiked to $103.05 per barrel early Friday before falling 75 cents to settle at $101.84 on the New York Mercantile Exchange.
Adjusted for inflation, those prices are just below crude oil's all-time high of $103.76 set in early 1980 during the Iranian hostage crisis.
Energy analysts blamed the slumping dollar, tensions in the Middle East and profit-taking by investors who bought into oil's recent run-up and sold on Friday.
"Right now, there's a lot of trading based on emotion," Shum said. "Emotions are high, and that could keep crude oil at elevated levels, but the market faces the risk of a price collapse."
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