US will stop sending oil into strategic reserves (AP)

Courtesy Ytop stories  Fri, 05/16/2008 - 12:01pm

High gas prices posted at a Shell gas station in Redwood City, Calif., Wednesday, May 14, 2008, as a Toyota Prius hybrid drives by.<br /><br />Gas prices roared above $3.75 a gallon Wednesday, while oil prices fell as an Energy Department report gave a mixed picture of the nation's petroleum reserves.<br /><br />At the pump, the average national price of a gallon of regular gas rose 2.6 cents overnight to a record $3.758 a gallon, according to AAA and the Oil Price Information Service.<br /><br />Gas prices are 67 cents higher than a year ago, and are expected to continue rising at least until the Memorial Day weekend.<br /><br />(AP Photo/Paul Sakuma)AP - The Energy Department says it has canceled oil shipments into the Strategic Petroleum Reserve beginning in July when the current purchase contract expires.



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