Continued Hostilities in Libya as Oil Settles to $105.44; National Average Gas Price Rises Again to $3.52
March 7, 2011 — -- Crude oil futures settled at $105.44 for April delivery, up $1.02 from Friday, according to the New York Mercantile Exchange.
Oil had hit a high of $106.95 a barrel today in early trading, as hostilities continued in Libya.
As expected, the Department of Energy released a higher weekly national average gas price today.
The national average is $3.52 per gallon, up from $3.38 per gallon last week and 77 cents high than a year ago. This is the highest price ever posted during the month of March.
The least expensive gas is in the Rocky Mountain region again: $3.30 a gallon. According to AAA's daily gas prices, California has the most expensive gas at $3.90 for regular grade.
The skyrocketing prices were enough to inspire pranksters to modify a gas station price to read LOL, alluding to the surprise that commuters often face when they fill up.
The pain at the pump depends on three factors: location, location and location. In Orlando, Fla., one gas station that is closest to the airport is selling gas at $5.39 today, 10 cents more than last week's price of $5.29.
Although unrest in Libya has yet to disrupt global oil supply significantly, analysts have said the markets remain concerned that the revolts percolating in the Middle East might affect supplies in the top oil exporters of the world.
Charles Dewhurst, national energy practice leader at BDO, said those concerns may turn into a reality. $4.00 per gallon in Massachusetts
Drivers on the go can use their mobile device to find the closest and cheapest gas. GasBuddy released a mobile app for iPhones in December and is hoping to release a version for Blackberry devices by the second quarter this year. The free app uses GPS and cellular triangulation technology to provide listings for gas stations. GasBuddy also has an app for Android devices and Windows phones.
