Gas Up 6 Cents; Norway Strike Pushes Oil Higher

Business

0  Updated at 3:50 pm, July 9th, 2012 By: ABC Digital
Share This Story

iStockphoto/Thinkstock(NEW YORK) — The average price for a gallon of regular gas is $3.41, up nearly 6 cents from a week ago, according to the U.S. Department of Energy.  This price is still 23 cents lower compared to a year ago.

Crude oil traded higher on global markets Monday. Oil futures spiked 1.8 percent thanks in part to a workers strike in Norway that is threatening to shut down the country’s substantial production operation.  The country is the world’s eighth-largest oil exporter, responsible for about 2.2 percent global supply, which is already stretched because of sanctions on Iranian oil.
 
Norwegian unions are on strike demanding a retirement age of 62 instead of 65.

Copyright 2012 ABC News Radio