US oil price crosses $120 per barrel

May 6th, 2008 - 8:57 am ICT by admin  

New York, May 6 (DPA) US oil futures rose above $120 per barrel in New York for the first time Monday after a reported attack on an oil pumping station in Nigeria over the weekend. Oil futures hit $120.25 per barrel on the New York Mercantile Exchange amid supply concerns in Nigeria over the rebel attack, according to Bloomberg financial news agency.

White House spokesman Scott Stanzel said President George W. Bush would raise the issue when he travels to oil producer Saudi Arabia next week.

The White House also reiterated calls for expanding domestic oil exploration in regions such as Alaska, which has been a long source of controversy with opposition Democrats and environmental groups.

Stanzel said the record oil price was “another example” of the need for the US to become less dependent on foreign oil.

“We have, here, in this nation, resources that we are not utilizing,” he said.

Rising petrol costs in the US, a consequence of the high oil price, has been a hot topic in recent weeks on the presidential campaign trail.

Democrat Hillary Clinton and Republican nominee John McCain have called for suspending the federal petrol tax over the summer, a move Clinton’s rival Barack Obama has called a political “gimmick”.

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