New York Times
May 7, 2008, Jad Mouawad

Oil jumped to another record on Tuesday, and the government said it expected gasoline prices to peak at a national average of $3.73 a gallon in June, just as the summer driving season kicks off. The new forecast from the Energy Department came on a day oil futures rose above $122 a barrel in New York trading after rebels in Nigeria renewed their attacks against oil installations. By day’s end, crude oil for June delivery closed at a record $121.84 a barrel, up 1.6 percent from Monday’s close. Oil prices have nearly doubled in a year. Gasoline is selling for a national average of about $3.61 a gallon, according to AAA, the automobile club, a penny less than the record set on May 1 but 58 cents higher than a year ago. ...

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