Gas Up 6 Cents; Norway Strike Pushes Oil Higher
(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.
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