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Oil again flirting with $100 per barrel

Staff And Wire Reports
By Staff And Wire Reports
1 Min Read Nov. 9, 2011 | 14 years Ago
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Oil prices are soaring again, but motorists don't need to worry -- yet. The price of crude has jumped 22 percent since the beginning of October and is nearing $100 a barrel.

For most of the summer, oil prices drifted lower on fears that the United States was headed toward another recession. But those concerns have started to wane as the economy stabilizes. Political tensions in the Middle East, which produces 29 percent of the world's oil, also have helped drive up crude prices at the fastest clip since February.

In Western Pennsylvania, gasoline prices dropped for a third week. The average price for a gallon of regular unleaded gas is $3.409, down 5.4 cents from a week ago, AAA's Fuel Gauge said. The average in Pittsburgh is $3.438, and in Greensburg, it's $3.423.

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