Archive - Mar 17, 2005

Headlines (5:36)
Oil Hits New High
Oil prices scraped a new ceiling of $57 dollars a barrel on the New York trading floor today as forecasters predicted that oil demand would be higher this year than last.  Gasoline and heating oil prices are already at an all time high as much of the north is dealing with a colder and longer winter.  Next week, OPEC will consider increasing oil output to keep prices low.  Most oil fields in therichest producing countries are already at or beyond daily pumping capacities. Multinational oil companies are reporting unprecedented profits on the higher prices.  Meanwhile, the Bush administration is formally asking OPEC nations to increase production as US manufacturers cut back on petroleum based products.