Oil Prices Affected by Middle East Turmoil
As the world watched the growing political unrest in Libya, an OPEC member, crude oil prices spiked. The price of the barrel ended the day at more than $95, up nearly $6. Gasoline prices are rising as well, with the average price of a gallon going for $3.19. Peter Beutel, president of the energy research firm Cameron Hanover, says that fear is taking a toll. "One of the reasons prices have jumped as fast and high as they did this morning was that there is a fear that this could at some point become a Saudi problem."
