Oil costs climb to nearly $90 a barrel, raising consumer energy bills

Brent crude reached $89.68 per barrel on August 27, up $2.27 from the previous day and roughly $21.90 higher than a year ago. The increase reflects ongoing supply-demand pressures, and analysts note that sharp oil price rises typically show up quickly at the gas pump. Since crude accounts for more than half of a gallon's price, consumers may face higher fuel and everyday costs.