The Official Blog of the American Patriot: Michael J. Maxim, internet radio show host, author, and activist. In this blog you will find articles reposted from various news sources all over the internet. Many of them are used to research our show topics. You will also find original writings Michael J. Maxim posts on The Examiner and Associated Content. These are reposted here for the sole purpose of spreading information from around the internet.
NEW YORK (AP) — Oil prices are surging above $100 per barrel after OPEC unexpectedly announced that it will keep production levels where they are.
Analysts thought the 12-member group would boost production in an effort to cool off oil prices and take some pressure off the world economy. Increased global demand combined with violent uprisings in oil-rich countries of North Africa and the Middle East forced crude prices 25 percent higher from January to April.
Benchmark crude for July delivery rose $1.25 to $100.34 per barrel on the New York Mercantile Exchange. In London, Brent crude added $1.22 at $118 per barrel on the ICE Futures exchange.
Meanwhile, retail gasoline prices dropped another 1.3 cents overnight to a new national average of $3.748 per gallon.