STEVE INSKEEP, host: NPR's business news starts with a check on oil prices.</s>STEVE INSKEEP, host: Even as President Bush signed a plan to ease the pressure on oil prices, the White House said it wouldn't work. Congress forced upon the president a plan to stop pumping oil into the strategic petroleum reserve. And certainly they haven't affected prices yet by doing that, because crude oil prices are more than $127 per barrel. That is a new high, although oil prices have been climbing so much that record highs are not big news anymore.</s>STEVE INSKEEP, host: Right now it's worries about supply that do seem to be driving the spike in prices. The oil producing cartel OPEC has said it will not increase output before its meeting in September.</s>STEVE INSKEEP, host: Regular gas and diesel remain at record highs and drivers now pay about 3.79 per gallon for regular. Diesel is more than $4.50 per gallon.
A plan by Congress to force the Bush administration to stop pumping oil into nation's emergency reserve has not yet stabilized prices. Oil hits a new high at $127 a barrel, and drivers now pay $3.79 a gallon for regular gas. Supply appears to be driving the spike, as the oil cartel OPEC says it will not increase output before its meeting in September.