New oil price increases taking effect Tuesday
A new round of oil price increases, the fourth since December, will begin this week, driving up gasoline and heating fuel costs once again, industry sources said Sunday. On Tuesday, Kuwait, Venezuela, Iraq, and Libya will raise prices ranging from 28 cents to $2.20 a barrel, sources said.
Other member states of the Organization of Petroleum Exporting Countries are expected to follow suit. But Saudi Arabia and the United Arab Emirates will likely hold the line for the time being.