World Report: April 28, 2006 Vol. 11 Iss. 25
- This Issue:
- Table of Contents
- Cover Story
- Cover Story - Spanish Version
- Mini-Lesson
- Comprehension Quiz
- Teacher's Guide and Worksheets
Full Tank, Empty Wallet?
Last week, gasoline prices revved up to an average of $2.78 a gallon. So, what's driving up the cost of gas? The rising cost of oil. Crude oil prices reached a record high of $72 a barrel last week. That is a 64% increase from the price at this time last year.
Crude oil is a black, sticky liquid pumped from deep underground. It is a limited natural resource and is used to make fuel.
Adding to the problem: Demand for gasoline is up compared to this time last year. But gas production has dropped in recent weeks. Many oil refineries have temporarily closed to perform maintenance to prepare for the summer.
Energy officials say the average price of gas this summer is expected to be 25 cents higher than it was last year. Will this put the brakes on anyone's summer travel plans?
