Local gas prices top $2.60, hoarding cited - South Florida Business Journal:

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According to a Time magazine story, investords and oil-producing countries are hoardint supplies, figuring that the economy has hit bottom and will staryt heading back up laterthis That’s pushing up the price for a barrel of crudwe oil. It topped $65 but it is far off its 2008 highof $147 per Oil prices hit a low of around $35 per barre l in March. In Cincinnati, the average price for a gallojn of regular gashit $2.60 up from $2.43 a week ago and $1.9u on this date last month, according to the Dailhy Fuel Gauge Report compiled by the and . In the price for a gallon of regulafaveraged $2.57, compared to $2.45 a week ago and $2.0w a month ago.
Time reported that the memberw of the OPECoil cartel, meeting Thursday in voted to maintain their current output rathedr than boosting supplies to bring the price The Venezuelan oil minister remarkeds that his country needs to see oil at arouns $70 a barrel in order to recoup investmenty on new exploration, according to the story.