Middle East strife, US economy to fuel oil, gasoline prices

Continued tensions in the Middle East, a strengthening US economy, and increased oil demand by China and the US are fueling high oil and gasoline prices, analysts for Standard and Poor's Equity Research Services said May 25 during an S&P-hosted teleconference."The strengthening [US] economy has increased the demand for oil with powerhouses China and the US pushing it forward," said Beth Ann Bovino, economist with S&P. "The risk in Iraq also drove prices to record highs with oil prices up $10[/bbl] since the beginning of the year and retail gasoline prices up 58¢[/gal]" over the same time period, she said."Crude oil prices are over $41[/bbl] reflecting in our view over a $5[/bbl] ...

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