Oil breaks Benjamin threshold again
NEW YORK — Oil once again beached the $100 mark yesterday after having crossed the threshold last week for the first since October 2008.
Escalating violence in oil-producing Libya and increasing demand in the U.S. were blamed.
Libya produces only 1.6 million barrels of oil per day, about 2 percent of global demand, but the disruption is putting pressure on world supplies.
The International Energy Agency said Wednesday that up to 1 million barrels per day were shut down
Since the uprising in Libya and other Mid East and North African countries began in mid-February, oil prices have shot nearly $17 per barrel, and diesel has increased more than 30 cents a gallon.
The national average diesel price in the U.S. is $3.768.
In Canada, diesel is averaging about 1.22 a liter, up about 10 cents from a month ago.
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