Oil hits $100, first time since July

[Omaha Steve]

Source: AP-Excite

By CHRIS KAHN

NEW YORK (AP) - Oil prices have hit $100 per barrel for the first time in nearly four months.

The price of benchmark West Texas Intermediate crude rose as high as $100.79 in electronic trading on Wednesday.

Oil prices have been soaring for several weeks as the economy improves while tensions rise in countries that hold some of the world's major sources of crude.

Benchmark crude has surged 26 percent since the end of September. It crossed the $100 mark after the Labor Department reported that consumers paid less for gas, cars and computers. As inflation slows, it increases pressure on the Federal Reserve to do more to further stimulate the economy.


Read more: http://apnews.excite.com/article/20111116/D9R1SGA80.html

[nineteen50]

1. They are planning for the holiday travel gouge.

[lbrtbell]

2. Just in time for Thanksgiving travel!

:mad:

[TheWraith]

3. Not exactly.

Oil sold at that price isn't going to hit the gas stations until early next year. Any price increases before then, you can thank the gas stations for.

[Andy823]

4. Thats what I thought

However when I went to town today the price had dropped! In my town it dropped to $3.78 from $3.89 and today I went to a larger town to do my shopping and the price was down to $3.63, down from $3.79 last Friday!

I think oil is going to go up until the elections so the oil companies can make huge profits, again, just in case the republicans lose control of the house, and fail to take control of the senate.

[nineteen50]

6. In my town it's already up to 3.89 to 3.99 from 3'69 last week

[SixthSense]

10. read my mind

what a coincidence

[Firebrand Gary]

5. Starting in June 2012 the President should release oil from the strategic reserve.

Its about families, summer vacations a small amount of financial help to those who need it.

[nineteen50]

7. How about just forcing the speculators to take delivery of every ounce they buy.

[doc03]

9. Put a stiff tax on short term speculation. I remember a few months

ago one of the oil executives said $40-$50 of the oil price was purely from speculation.

[sarcasmo]

13. Righ on the money doc03 .

[doc03]

8. It's time to knock the economy back on its ass, Can't

have no recovery going before November 2012.

[high density]

15. Yup, this is the cycle

It seems like we will never escape it on this trajectory.

[Fool Count]

11. And they didn't even bomb Iran yet.

[BumRushDaShow]

12. Per Post #1 - Pre-holiday gouge.

This time around, the tangled web of ludicrous assertions being uttered by the business media for this regular gouging pattern, is truly breath-taking.

[unkachuck]

14. Is it speculation or the worlds' booming economy?....I wonder....n/t

[HCE SuiGeneris]

17. !

Well speculated :)

[Javaman]

16. Aaaaand we're off!

while oil is pegged to the US dollar, they claim that it's the "economy that's improving" that's causing the rise.

I believe it has more to do with the EURO tanking and the dollar being worth more against it that is causing the prise to rise.

I don't know about any of you, but the economy from my point of view, certainly isn't improving, well at least it isn't for the 99%, but so what else is new, right?