Oil prices hit $120 per barrel

Remember when it was a harrowing thought for crude oil to approach the $100 per barrel threshold?

Oil prices reached the $120 mark Monday morning as inflation continues to worry consumers and businesses. Oil prices started the day at $116.05 and jumped over $120 before coming down a bit, according toOil-Price.net.

Oil was trading in the high $119 per barrel range as of late morning, Arizona time.

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Gasoline prices nationally average $3.61 per gallon, according to AAA. Arizona's average is $3.45 per gallon -- the third-lowest in the country. Wyoming and Oregon are averaging $3.44 per gallon, according to AAA.

California has the most expensive gasoline, at $3.92 per gallon, according to AAA.