Oil surges amid Mid-East turmoil
NEW YORK — Oil prices shot up by more than $5 a barrel yesterday, surpassing the $108-mark for the first time since 2008.
Anti-government protests in Libya are being blamed for the sudden price spike, which could translate to more than a nickel-a-gallon at the pump today.
According to news reports, one producer in the country has shut down 100,000-barrel-per-day production.
Libya, the third-largest oil producer in Africa, produces around 1.6 million barrels of oil per day,
There are concerns others could follow in Libya – and other regions of North Africa and the mid-east — if the unrest continues.
In Canada, the national average for diesel last week was $1.16 a liter. That’s expected to increase when the new weekly average comes out this week.
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