Oil surges past the 30 dollar threshold

(Undated-AP) -- Anyone hoping for some relief from rising heating oil and gasoline prices will just have to keep hoping.<br><br>Prices for crude oil have broken above 30 dollars a barrel, for the first

Monday, February 14th 2000, 12:00 am

By: News On 6

(Undated-AP) -- Anyone hoping for some relief from rising heating oil and gasoline prices will just have to keep hoping.

Prices for crude oil have broken above 30 dollars a barrel, for the first time since the eve of the Gulf War in 1991.

In New York futures trading, crude for delivery in March rose 81 cents to 30 dollars, 25 cents a barrel.

Cuts in oil production by the OPEC nations have kept oil surging. Prices are up 166 percent from last February, when the fuel fell as low as eleven dollars, 37 cents a barrel.

Analysts say oil has been pushed above the 30 dollar level by a report of shrinking oil inventories and by word that Iraq has slashed its oil exports in its latest spat with the U-N.