Oil prices hit another post-recession high this week as economists said the world will keep consuming more petroleum even with this month's destruction in Japan and the wave of uprisings in North Africa and the Middle East.
Benchmark West Texas Intermediate crude for May delivery settled Friday at $105.40 per barrel on the New York Mercantile Exchange. That was down 20 cents for the day, but oil still gained more than 4 percent this week. On Wednesday it hit $105.75 per barrel, the highest level since September 2008.
Retail gasoline prices have followed oil higher. The national average of $3.561 per gallon is the highest ever for this time of year. Pump prices are already above $4 per gallon in Alaska and Hawaii, and they're nearly there in California.
