SINGAPORE (AP) -- Oil futures are holding steady above US$120 a barrel in Asia after surpassing that mark the first time on threats to supply and a weakening of the U.S. dollar.
Light, sweet crude for June delivery rose 19 cents to US$120.16 a barrel in electronic trading on the New York Mercantile Exchange by midmorning Tuesday in Singapore. The contract surged to a trading record of US$120.36 a barrel overnight before settling at US$119.97 a barrel, up US$3.65 from Friday's close.

Threats to supply emerged over the weekend and on Monday from Iraq, Nigeria and Iran. Also, a pullback in the recovery of the dollar against the euro and yen pushed investors back to commodities such as oil as a hedge against inflation.

http://biz.yahoo.com/ap/080505/oil_prices.html?.v=12

I heard about this on the news. Honestly, I don't think we will ever see so called "cheap" gas prices anymore. peoples are just gonna have to cut back on that fast food and star bucks spending. jejje.