Price of Oil Surges Past $132 a Barrel

As the price of oil reached above a new record of $132 a barrel, prices on the New York Stock Exchange started to fall. The rise has been blamed on anxiety about stretched supplies and a strong demand for energy.

Experts around the world give a variety of reasons for the increase. Venezuela points to speculators gambling in the oil markets. China sees a higher demand as the cause with developing nations needing more diesel as they catch up with the rest of the world. There was also an unexpected drop in the U.S. oil inventory.

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