Rising oil reminds experts of similar jump in 2008

AP News
|
Posted: Apr 20, 2011 3:21 PM
Rising oil reminds experts of similar jump in 2008

After climbing 20 percent this year, oil is starting to remind energy experts of 2008, when crude soared to record highs. Here is where oil currently trades and how market conditions in April compare to the same period in 2008.

In 2011:

_Benchmark crude (average so far in April): $108.89 per barrel

_US supply: 358 million barrels

_US demand (four-week average): 9 million barrels per day

In 2008:

_Benchmark crude (April average): $112.46 per barrel

_US supply: 320 million barrels

_US demand (four-week average): 9.29 million barrels per day

Source: Energy Information Administration