Posted on 06/26/2008 4:53:20 PM PDT by tobyhill
NEW YORK (CNNMoney.com) -- Oil reached $140 a barrel for the first time ever Thursday following reports that Libya may cut production and an OPEC official said crude could hit $170 a barrel this summer.
Meanwhile, the dollar's decline against the euro added further upward price pressure.
"I think this is just a combination of all those" factors, said Mark Waggoner, president of Excel Futures in California.
Light, sweet crude for August delivery ended the trading day at a record settlement of $139.64 a barrel, up $5.09, on the New York Mercantile Exchange - the third-largest single-day jump on a dollar basis in trading history. The previous settlement mark of $138.54 was set June 6, when oil prices jumped a record of $10.75 a barrel.
Just before the close, oil spiked to an intraday record of $140.39 a barrel. The previous trading high of $139.89 was set June 16.
(Excerpt) Read more at money.cnn.com ...
This is such BS.
Adam Smith must be going nuts, wherever he is.
RBOB gasoline is within two cents of its peak. Whatever the posted price at your local retailer might be is probably not going down anytime soon.
Even though drivers in the US have cut consumption rather dramatically, we hear the same excuse from the oil pit every day: It’s a matter of supply and demand and China needs so much oil for its economy.
Okay...we are China’s main customers. It would be smart to totally boycott everything Chinese, thus helping to bring down their economy and their need for oil.
And still Congress ignores this fact. We are definitely not in charge of the country any longer.
How would we fill our Wal-Mart carts with useless, plastic objects?
I paid $4.05 today, down from the local high of $4.19 about three weeks ago.
Really! Now its just the speculators selling to each other, short and long short and long, back and forth back and forth .... SHEESH !
Gas futures was up over 10 cents today.
The congress needs to remember one thing, “Oh what a tangled web we weave, when first we practice to deceive”.
Sir Walter Scott
With skyrocketing gas prices, it is clear that the American people can no longer afford the Republican Rubber Stamp Congress and its failure to stand up to Republican big oil and gas company cronies. Americans this week are paying $2.91 a gallon on average for regular gasoline – 33 cents higher than last month, and double the price than when President Bush first came to office.
“With record gas prices, record CEO pay packages, and record oil company profits, Speaker Hastert and the Majority Congress continue to give the American people empty rhetoric rather than join Democrats who are working to lower gas prices now.
“Democrats have a commonsense plan to help bring down skyrocketing gas prices by cracking down on price gouging, rolling back the billions of dollars in taxpayer subsidies, tax breaks and royalty relief given to big oil and gas companies, and increasing production of alternative fuels.”
- Nancy Pelosi, April 24, 2006
http://www.house.gov/pelosi/press/releases/April06/Rubberstamp.html
So it took Bush and a Republican controlled Congress six years to double gas prices and it took the a Democratic controlled Congress less than two years to double them again. Now that’s progress!
Actually in my locality it *did* go down today ... $4.29 today vs. $4.33 yesterday, with the competition across the street (which is Full Serve) dropping from $4.35 yesterday to $4.29 today
Yawn. Even $4.19 gas is a bargain. In europe it’s almost $9.
My family’s SUV takes almost $180 to fill up.
Thank you communists.
I swear a gas station operator near me watches the futures ticker; he raised a nickle this morning right after the unleaded gasoline futures hit a new cycle high (4.23 retail).
BOR is beating up on the CEO’s of big oil right now. What an idiot
Then they’d dump the 1.x trillion dollars they’ve collected from our various debts and we’d be looking at even higher price increases.
Gasoline prices have been falling slightly the past couple weeks. RBOB gasoline rose ten cents today. Expect your local retailer to bump his price about that much sometime soon.
They giveth you the 10 cents and taketh away.
Here in Texas it’s running about $3.88 but it will be back up tomorrow.
Okay...we are China’s main customers. It would be smart to totally boycott everything Chinese, thus helping to bring down their economy and their need for oil.
A good strategy, except China is one of the largest buyers of U.S. debt. They stop buying our t-bills and our economy crashes...
It’s a global world. Best get used to it.
I heard in Europe that 50% is in taxes?
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