Oil just keeps going up and up. The latest. This hits the pocketbook faster than anything a politician proposes.

Oil futures extended their seemingly relentless advance Wednesday, rising to a new record near $124 a barrel as investors captivated by the market’s upward momentum looked past the government’s report of an increase in crude and gasoline supplies. At the pump, gas prices rose for the first time since last week.

Light, sweet crude for June delivery hit a new trading record of $123.90 in after-hours activity on the New York Mercantile Exchange after settling up $1.69 at a record close of $123.53 a barrel.

That means gas will er has gone up too. And will keep going up.

At the pump, meanwhile, the average national price of a gallon of regular gas rose Wednesday for the first time since last week, adding 0.8 cent to $3.618, according to a survey of stations by AAA and the Oil Price Information Service. Gas prices are back within a cent of the record $3.623 a gallon set last week, and are expected to rise to an average of $3.73 a gallon next month, according to the latest Energy Department forecast.

And may make it to $4 a gallon sooner rather than later. Not good at all. Hillary has proposed a gas tax holiday for the summer. Problem with that is summer will be here before she or, more likely, Obama gets elected. Any relief, if it is to come, will be from the Bush administration. Dems haven’t come thru with their promise to bring down gas prices either. Typical empty rhetoric.