Oil Prices Hit Record $75 a Barrel
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Oil prices jumped to a record above $75 a barrel yesterday, propelled by a rally in gasoline that analysts said could send average American pump prices past $3 a gallon by the weekend.
Recent snags in oil-shipping and refining along the Gulf Coast have raised traders’ concerns about motor-fuel supplies at a time when demand continues to rise despite soaring prices.The start of a new fiscal quarter also has brought more speculative money into the market, brokers said.
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