New Type Energy||Renewable Energy

energy prices rose yesterday as an October chill across much of the United States sent thermometers plummeting, along with the weakening US currency.

Benchmark crude for November delivery gained $1.50 to settle at $73.27 on the New York Mercantile Exchange. The last time crude closed above $73 was in late August, with the US driving season in full swing.

Heating oil rose 4.16 cents to settle at $1.89 a gallon and natural gas jumped 11 cents to settle at $4.88 per 1,000 cubic feet.

Even though there are enormous supplies of all three due to the recession and there is little chance of a shortage in the near term, crude prices have risen 5 percent in three trading days.

It is the weakened US currency that continues to lure global investors who can buy oil for a bargain because it is priced in the dollar. There are billions of dollars entering energy markets despite huge surpluses, especially in natural gas.

The US dollar index, which tracks the dollar against other major currencies, is down 14 percent since early March, and crude has jumped by about $20 per barrel in the same time.

There are also hopes that energy demand will rise as the economy recovers.

Retail gasoline prices have edged up, but are still below $2.50 per gallon. Last year, a gallon of gas cost about $3.25 at this time, according to the auto club AAA, Wright Express and Oil price Information Service.

In other Nymex trading, gasoline for November delivery gained 3.1 cents to finish at $1.799 a gallon. In London, Brent crude rose $1.36 to settle at $71.36.