Although crude oil on the New York Mercantile Exchange closed last week below $70 per barrel for the first time since October, a major winter storm that pummeled the east coast pushed crude oil back up to the mid-$70s range.
According to the U.S. Dept. of Energy (DOE), prices increased all week as frigid temperatures blanketed the Midwest and Northeast. DOE reported that the country's oil, natural gas and heating oil supplies have all dropped more than expected. However, retail gasoline prices have yet to show a corresponding increase.
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