MagicMtnDan
03-05-2004, 02:02 PM
LONDON - Oil prices forged new one-year highs on Friday as concerns political strife in Venezuela could spin out of control combined with expectations that OPEC will keep its vow to cut output next month.
U.S. gasoline refiners made plans for possible supply disruptions in Venezuela despite assurances from OPEC’s third-biggest producer that this would not happen. The Bush administration said it was “extremely concerned” about surging gas prices.
On Thursday, the head of the U.S. Energy Information Administration said that he expects the average U.S. retail gasoline price to hit a record high this month.
U.S. gasoline refiners made plans for possible supply disruptions in Venezuela despite assurances from OPEC’s third-biggest producer that this would not happen. The Bush administration said it was “extremely concerned” about surging gas prices.
On Thursday, the head of the U.S. Energy Information Administration said that he expects the average U.S. retail gasoline price to hit a record high this month.