Gas prices inch closer to $4 while oil gyrates
NEW YORK - Retail gas prices jumped a cent Friday to a new national average over $3.96 a gallon, putting them on a course to hit $4 by early next week. Oil futures, meanwhile, traded in a narrow range as investors tried to determine whether recent price declines were temporary.
Almost all oils burn in air generating heat, which can be used directly, or converted into other forms of energy by various means, for example, heating water into steam which is funneled into a turbine which turns a huge magnet. This spins and generates electricity. Oils are used as fuels for heating, lighting (e.g. kerosene lamp), powering combustion engines, and other purposes. Oils used for this purpose nowadays are usually derived from petroleum, (fuel oil, diesel oil, petrol (gasoline), etc), though biological oils such as biodiesel are gaining market share.