US gasoline prices up again

The price of crude oil rose again on Tuesday after Iran’s Ayatollah Ali Khamenei reiterated his nation’s position that it has a right to develop and use nuclear technology and said that there was no point in negotiating with the United States concerning the issue.  Also sending prices higher were continuing supply concerns after the shipping channel between Lake Charles, Louisiana and the Gulf of Mexico was shut down due to an oil spill.  The closure, which is expected to last for several days, has cut deliveries from three refineries and a liquefied natural gas terminal.

August contract Brent crude was up 63 cents to $71.27 per barrel on the International Petroleum Exchange in London, while West Texas Intermediate crude for August delivery was 50 cents higher to $72.30 per barrel on the New York Mercantile Exchange.  Meanwhile, Nymex August unleaded gasoline added 1.4 cents to 2.1925 per gallon.