Just aroung the corner the local gas station has been raisng its prices at a remarkable rate and 3 dollar gas isn't to far away.
SINGAPORE (AP) -- Oil prices rose above $71 a barrel Thursday in Asia, arresting a recent decline as falling U.S. crude inventories suggested demand is improving.
Benchmark crude for July delivery rose 41 cents to $71.44 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. On Wednesday, it rose 56 cents to settle at $71.03.
Prices dipped below $70 a barrel earlier this week from an eight-month high near $73 the previous week on investor concern that the economy may not recover as fast as some traders anticipate.
The rally was predicted and weakness in dollar as well as constrained supplies is driving the increase.
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