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Oil Flirts With $130

By Justin Gardner | Related entries in Economy, Energy, Gas, Money, Oil

Here in Kansas City, MO, the gas prices are nearing $3.70 a gallon. And with news like this, I’m guessing we’ll see $4.00 very soon.

From AP:

The June contract for light, sweet crude traded as high as $129.58 on the New York Mercantile Exchange before settling back to $129.12, up $2.07. The imminent expiration of the June contract created additional volatility in the market, and raised the very real possibility that crude could hit $130 before the end of the day, when the contract was ending.

Oil’s trek toward $130 coincided with the Labor Department’s report of an unexpectedly sharp rise in wholesale inflation last month. The combination raised fears that inflation will slice into Americans’ discretionary spending, and that sent stocks falling sharply on Wall Street. [...]

Oil prices are now about twice as high as the were just a year ago. Prices have been propelled by a number of factors, including supply concerns, soaring global demand and a sliding dollar.

Do note in this story that oil prices are TWICE as high as they were last year. Why? Well…it couldn’t have anything to do with our devalued currency, could it? All of that borrowed money to fight a war we don’t have to?

Nawww….

This entry was posted on Tuesday, May 20th, 2008 and is filed under Economy, Energy, Gas, Money, Oil. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “Oil Flirts With $130”

Avinash_Tyagi Says:
May 20th, 2008 at 9:22 am
Don’t forget the planned strike on Iran
Bob Aman Says:
May 20th, 2008 at 8:41 pm
It was 4.03 here in Webster, NY when I last filled up my tank. Admittedly, that was also Mobil, and at least here, they’ve got some of the highest prices, but my car was totally empty and there wasn’t another station in the area. :-/
ezpt Says:
May 21st, 2008 at 1:28 pm
No doubt most Americans are upset with current gas prices. But did you know that you are paying far less than most if not all your G8 allies?

I am Canadian and kills me to hear yanks complain so loudly about $4/gal gas when we in British Columbia have been paying over $4/gal for over a year. Currently I pay $1.44 a Litre for Super. ($1.39/L for reg) so that’s 1.39 x 3.78 which is $5.25/gal. Yes that’s in CND but that’s equal these days. Actually today the CND is stronger than the USD.

You know in Britain and Europe they are paying even more.

The days of cheap oil and gas are gone. Watch documentaries such as ‘A Crude Awakening’ and ‘End of Suburbia’ for some insight into the next great depression. It’s pretty scary stuff.

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