Oil Prices Set New Record, Topping $71 a Barrel Crude oil prices hit record highs of more than $70 a barrel. At the end of trading Tuesday, the price settled at $71.60 -- a 95-cent increase over Monday's record close. President Bush, saying he is concerned about higher gas prices, promised the government would stop any price gouging.
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Oil Prices Set New Record, Topping $71 a Barrel

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Oil Prices Set New Record, Topping $71 a Barrel

Oil Prices Set New Record, Topping $71 a Barrel

Oil Prices Set New Record, Topping $71 a Barrel

  • Download
  • <iframe src="https://www.npr.org/player/embed/5349315/5349316" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Sign of the times: At a gas station in New York, an attendant changed gas prices Tuesday. Reuters hide caption

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Reuters

Prices for crude oil hit record highs of over $70 a barrel. At the end of trading, oil settled at $71.60 a barrel. The price is a 95-cent increase over Monday's record close. Saying he is concerned about higher gas prices, President Bush promised that the government will stop any price gouging that might make gas costs rise.

Daniel Yergin, chair of the Cambridge Energy Research Associates, says it's due to concerns in three categories: Threat, Reality and Operations. Threat includes worries about Iran. Reality includes the rebel attacks affecting Nigeria's oil production. And Operations has to do with new environmental regulations requiring the additive ethanol. Ethanol is highly corrosive, so refineries must be careful in shipping it.

Robert Siegel talks with Yergin, who is the author of The Prize: The Epic Quest for Oil, Money, and Power. He is also co-author of The Commanding Heights: The Battle for the World Economy.