MrChicken
I'm serious, I would really like to see your evidence that "The Oil companies and/or the gas stations are gouging again." Please be specific and include where you got your information.
U.S. Oil Prices Match 6-Month High
NEW YORK (Reuters) - U.S. oil prices matched six-month highs Friday after the world's leading producers agreed to cap production until the end of June, raising concerns pump prices will jump.
Crude oil for April delivery on the New York Mercantile Exchange (NYMEX) settled down 5 cents at $24.51 a barrel. It traded as high as $24.75 a barrel, matching its highest level since Sept. 24.
Prices have gained 35 percent in the last two months and many brokers and traders see the bullish trend pushing the price of crude up to $26 a barrel and higher, levels not seen since before the Sept. 11 attacks on New York and Washington.
OPEC oil ministers, meeting in Vienna Friday, said they agreed to keep production steady at 21.7 million barrels a day (bpd) for 10 members until the end of June.
OPEC President Rilwanu Lukman said at a news conference the cartel had between seven and eight million spare bpd in production capacity. He said 5 million bpd of that could be brought on quickly in the 75-million-bpd world market.
"The bulls really have a hold of this market," said broker Patrick Patten of United Energy in New York.
Production cuts this year by the Organization of Petroleum Exporting Countries (OPEC), signs of a faster-than-expected U.S. economic recovery and fears Washington was preparing to extend its war on terrorism to OPEC-member Iraq have combined to propel prices higher, traders said.
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