Oil prices have continued to move higher today, hitting a new record high of $130.47 as investors continue to push prices higher in reaction to the slumping American dollar.

Last week it had started to look as though the dollar was making a comeback, but that has changed, and now the dollar is once again dropping, and as a result oil prices are moving into new territory. The euro is moving higher, and is now sitting above $1.5750 in Asian trading.

To put things more in perspective as far as just how strong oil prices have been moving lately… today is the 11th time in the last 13 trading sessions that oil has hit an all time high, or record high closing price… or both.

The bottom line is that, unfortunately, if you were hoping to see some relief in your gasoline prices, don’t hold your breath. The way oil is moving we could be looking back at $4 gasoline as the “cheap days”. Let’s hope that is not the case.

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