MONEYWATCH
Oil prices slump as U.S. jobs numbers disappoint
May 04, 2012
May 04, 2012
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CONTINUED...
world supplies were threatened by a host of small production outages and the prospect of drastically reduced production from Iran, the world's third biggest exporter.
Those developments raised the prospect that world supplies would be at their most tenuous just as the summer driving season in the developed world was arriving. The price of the U.S. benchmark oil rose to $110. International oil spiked even higher, to $128 per barrel.
Gasoline prices in the U.S. appeared to be on track to soar past $4 per gallon nationwide and break the 2008 record of $4.11
That picture has now been turned
world supplies were threatened by a host of small production outages and the prospect of drastically reduced production from Iran, the world's third biggest exporter.
Those developments raised the prospect that world supplies would be at their most tenuous just as the summer driving season in the developed world was arriving. The price of the U.S. benchmark oil rose to $110. International oil spiked even higher, to $128 per barrel.
Gasoline prices in the U.S. appeared to be on track to soar past $4 per gallon nationwide and break the 2008 record of $4.11
That picture has now been turned
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