BREAKING NEWS

Oil surges in end of 2010

By ASSOCIATED PRESS

JANUARY 1, 2011 00:58

NEW YORK — The price of oil is poised for another run at $100 a barrel after a global economic rebound sent it surging 34 percent since May.

Benchmark oil for February delivery rose $1.54 on Friday to end the year at $91.38 a barrel on the New York Mercantile Exchange. It reached $92.06 earlier in the day, the highest since Oct. 6, 2008.

Flying, shipping a package and ordering a pizza all likely would get more expensive next year if that happens and companies pass along higher energy costs. Some economists say rising energy prices will slow economic growth.

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