Video: Oil price hits record high

Don’t buy that new flat-screen TV just yet and hold off on buying that iPhone because gas-prices aren’t getting any lower. The averagre retail price for a gallon of regular gasoline rose to a record high to $3.7929 on May 16th. An increase of nearly 17 cents in the past two weeks.

Areas like Chicago and New York are already seeing prices of more than $4 a gallon for regular gas. If things keep going the way they are right now, gasoline prices could rise to $4 a gallon on a national average basis.

Crude oil prices surged to a record $127.82 a barrel this past Friday.

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Source: Reuters