Oil jumps above $90 per barrel for the first time since 2008; gasoline may hit $3 by Christmas
Chris Kahn, AP Energy Writer, On Tuesday December 7, 2010, 12:29 pm EST
NEW YORK (AP) — Oil prices on Tuesday jumped above $90 a barrel for the first time in more than two years, a key milestone for Wall Street analysts who say tightening supplies will eventually send prices above the $100 mark next year.
The recent surge in oil pushed gasoline and other fuel prices higher as well. Average heating oil and diesel prices are expected to increase year-over-year for the first time since 2008, and the Oil Price Information Service said gasoline prices may hit a national average of $3 per gallon before Christmas day.