Your daily update on record oil prices: $110 per barrel

Lately, record oil prices have been a daily topic here on AutoblogGreen because every day the old record, set the previous day, is being beaten out by the day's closing price. Guess what? We're back at it today. That's right, a barrel of oil passed the $110 plateau for the first time ever. This latest price increase comes despite there being a surplus of oil available, which caused a brief dip in oil trading prices early in the day, and the fact that the demand for gasoline has remained mostly flat as of late.

These high crude oil prices have led to the highest ever average price for a gallon of regular-grade gasoline at $3.246 a gallon. Many "analysts" are attributing the cost spike to the weak dollar, which is causing investors to buy commodities at a higher-than-normal rate. Whatever the reason, perhaps the situation will scare more consumers into taking fuel efficiency more seriously when considering their next automobile purchase. If it's not time for a new car, there are always these tips to keep in mind.

[Source: CNN Money]

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