Oil Prices are at 3 Year High at $107.

Oil price continue rise; closing at $107.94 a barrel.ABC News:

The weekly national average gas price showed the highest price ever during the month of March and the seventh consecutive increase this week, according to the Department of Energy. Prices are at their highest level since 2008, in part because of the Japan earthquake and turmoil in the oil-producing Middle East. But analysts say the price of oil and gas would still hover at a surprisingly high level despite geopolitical concerns.

The national average gas price is $3.60 today, according to the Department of Energy, up 3 cents from a week ago and 80 cents from one year ago. Last week’s national average was an updated $3.56 per gallon for regular gas, the 13th consecutive week that the average was above $3 a gallon, according to the DOE. The last time gas rose higher than $3.50 was Sept. 29, 2008, when the weekly average hit $3.64.

Oil futures settled today at $103.98 after reaching a high of $105.76 earlier in trading. On Friday, oil futures settled at $105.40 a barrel, the third consecutive day above $105, according to the Chicago Mercantile Exchange Group.

The summer driving season is going to be fun, fun, fun!

Yeah Right!

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