SINGAPORE - Oil prices dipped on profit-taking Thursday after reaching record highs in the previous session on U.S. refinery outages and declines in U.S. oil inventories.
The decline was limited by worries over a potential tropical storm threat to oil and gas installations in the Gulf of Mexico, analysts said.
April 23 (Bloomberg) -- Whether it's $50 to fill up your Prius or $130 for the Ford Expedition, $4-a-gallon gasoline is coming to a pump near you.
Fuel prices are rising at a pace not seen since Hurricanes Katrina and Rita knocked out a third of the U.S. oil refining industry in 2005. Gasoline consumption is climbing twice as fast as last year and will accelerate when summer travel begins late next month.
Alternative fuels, as defined by the Energy Policy Act of 1992 (EPAct), include ethanol, natural gas, propane, hydrogen, biodiesel*, electricity, methanol, and p-series fuels. These fuels are being used worldwide in a variety of vehicle applications. Learn more about how the EPAct Program works by going to the EPAct Web site.
