Oil Price Check A plan by Congress to force the Bush administration to stop pumping oil into nation's emergency reserve has not yet stabilized prices. Oil hits a new high at $127 a barrel, and drivers now pay $3.79 a gallon for regular gas. Supply appears to be driving the spike, as the oil cartel OPEC says it will not increase output before its meeting in September.
NPR logo

Oil Price Check

  • Download
  • <iframe src="https://www.npr.org/player/embed/90620489/90620461" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Oil Price Check

Oil Price Check

Oil Price Check

  • Download
  • <iframe src="https://www.npr.org/player/embed/90620489/90620461" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

A plan by Congress to force the Bush administration to stop pumping oil into nation's emergency reserve has not yet stabilized prices. Oil hits a new high at $127 a barrel, and drivers now pay $3.79 a gallon for regular gas. Supply appears to be driving the spike, as the oil cartel OPEC says it will not increase output before its meeting in September.

STEVE INSKEEP, host:

NPR's business news starts with a check on oil prices.

Even as President Bush signed a plan to ease the pressure on oil prices, the White House said it wouldn't work. Congress forced upon the president a plan to stop pumping oil into the strategic petroleum reserve. And certainly they haven't affected prices yet by doing that, because crude oil prices are more than $127 per barrel. That is a new high, although oil prices have been climbing so much that record highs are not big news anymore.

Right now it's worries about supply that do seem to be driving the spike in prices. The oil producing cartel OPEC has said it will not increase output before its meeting in September.

Regular gas and diesel remain at record highs and drivers now pay about 3.79 per gallon for regular. Diesel is more than $4.50 per gallon.

Copyright © 2008 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.