Oil prices surged past $143 a barrel for the first time ever Monday, June 30, 2008, and the price for a gallon of gas hit an all-time high in the United States.Supply concerns and a fragile global economy continue to drive the price of oil to new highs, as well as continued tensions in the Middle East.
''The main factors behind the rise today are the U.S. dollar remains fragile and geopolitical tensions, particularly surrounding Iran,'' said David Moore, a commodity strategist at the Commonwealth Bank of Australia in Sydney. ''That's unsettling for the oil market.''
At the pump, meanwhile, U.S. gas prices continued to climb, reaching a national average of $4.086 a gallon, according to a survey of stations by AAA, the Oil Price Information Service and Wright Express. Gas prices last hit a record on June 16 when a gallon of gas cost $4.08.