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Saturday, February 26, 2011

price of a barrel of Brent crude oil rise to highest

price of a barrel of Brent crude oil rise to highest : The average price of a gallon of self-serve regular gasoline in the Inland Empire rose 5.2 cents Friday to $3.632, its highest amount since Sept. 26, 2008.

The 23rd increase in 24 days pushed the average price in Riverside and San Bernardino counties 13.3 cents higher than a week ago, 30.1 cents above what it was one month ago and 68.1 cents greater than it was one year ago, according to figures from the AAA and Oil Price Information Service.

Continued Middle East tension has pushed oil prices to levels not seen since 2008, which was the only other year prices were this high,” said Jeffrey Spring of the Automobile Club of Southern California.

The price of a barrel of Brent crude oil, which is used to price the imported oil used by California refineries, on the ICE Futures exchange in London rose 72 cents Friday to $112.14.

Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull, vice president of strategic communications for the Western States Petroleum Association, a trade association representing oil companies in six western states. For the latest updates PRESS CTR + D or visit Stock Market news Today

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