Crisis In Libya Causes Gas Prices To Keep Climbing

LOS ANGELES (CBS/AP) — The average price for a gallon of regular unleaded gasoline is at $3.973, but it could soon top $4.

Oil prices are climbing Monday as traders prepare for prolonged fighting in Libya and continue to worry about supply disruptions that might occur elsewhere in the region.

Benchmark West Texas crude for May delivery gained $1.81, nearly two percent, at $103.68 on the New York Mercantile Exchange.

International forces including the U.S. smashed Libya’s air defenses over the weekend, and a top French official said Monday that international intervention could last “awhile.”

Oil traders said they’re increasingly concerned about political stability in North Africa and the Middle East, which produces 27 percent of the world’s oil. The Libyan uprising has halted that country’s exports, and experts said it’s unclear when oil shipments will return.

Trading in April crude ends Tuesday. That contract rose $1.33 to $102.40 on the Nymex.

(TM and © Copyright 2011 CBS Local Media, a division of CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

  • Shannon F.

    I think this is such B.S.! I don’t believe for one minute that our gas prices are risining because of what’s happenng in Libya. I do believe that it is the excuse that the gas companies are using to suck as much money out of us as possible and to have, what appears to be, a great excuse to do so. We really do need to organize a national gas out day. Have one day when no one buys gas, it’s really the only way to to let the gas companies know we won’t put up with these rising prices.

  • So what!!


  • TT

    they did turn a profit last year …and oil was low….

  • Saber 1

    Sell our goods for the same price as they sell oil to us. OPEC is holding the USA hostage. Libya sells there oil to the UK, so I really don’t get why it is effecting our prices. We should be drilling in the USA, however, the left wing tree huggers are stopping it. Fair trade never developed, wheat food and medicine for the same price of oil, simple.

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