The old song What A Difference A Day Makes took on new meaning in the 'Boro. The regional gas price news warned that new fighting in the Middle East had forced an increase in the price of a barrel of oil. The cost for a barrel of oil closed last Friday at $106.91 on the NYMEX — $4.25 more than the week prior ($102.66).
Well, local discounters jacked their price of regular gas up 24-cents. In one-day, prices rocketed from $3.25 Monday and then $3.49 the next day.
Iraq is the second largest crude producer in the Organization of the Petroleum Exporting Countries (OPEC). The market is concerned that violence will spread to the main oil-producing areas in southern Iraq and threaten supplies. In addition, continued conflict could delay the re-opening of a key pipeline in the region that has been closed since March. Saudi Arabia, the top OPEC producer, could be urged to increase supplies to offset potential shortages and meet growing global demand.