US oil price breaks 120 dollars per barrel for first time (Roundup)

Business News

May 5, 2008, 18:38 GMT

New York - US oil futures rose above 120 dollars per barrel in New York for the first time Monday after a reported attack on an oil pumping station in Nigeria over the weekend. Oil futures hit 120.25 dollars per barrel on the New York Mercantile Exchange amid supply concerns in Nigeria over the rebel attack, according to Bloomberg financial news agency. White House spokesman Scott Stanzel said President George W Bush would raise the issue when he travels to oil producer Saudi Arabia next week. The White House also reiterated calls for expanding domestic oil exploration in regions such as Alaska, which has been a long source of controversy with opposition Democrats and environmental groups. Stanzel said the record oil price was 'another example' of the need for the US to become less dependent on foreign oil. 'We have, here, in this nation, resources that we are not utilizing,' he said. Rising petrol costs in the United States, a consequence of the high oil price, has been a hot topic in recent weeks on the presidential campaign trail. Democrat Hillary Clinton and Republican nominee John McCain have called for suspending the federal petrol tax over the summer, a move Clinton's rival Barack Obama has called a political 'gimmick.'

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tonny from belgiumMay 5th, 2008 - 18:46:34

Relief could be so easy:tax the oil companies,not the consumers.It would refill the coffers of the Us state .Better even,nationalize the big oil companies.There is no justification what so ever for the enormous profits being made by them .Meanwhile people are bleeding through the nose to pay for their petrol.

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US oil price breaks 120 dollars per barrel for first time (Roundup)

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