Oil prices spike on news; analyst predicts $70 a barrel

[struggle4progress]

Venezuela fire, Ecuador protests worry traders
By Edith Balazs

Associated Press

BUDAPEST, H UNGARY | Oil prices rose more than $2 a barrel on Friday, bouncing back from a dip earlier this week as markets reacted to a fire at a massive refining complex in Venezuela and developments in Ecuador, where protesters had forced a halt to production. <snip>

Markets also remained wary over Iran's nuclear ambitions, with expectations that the situation could escalate, said Sandra Ebner, commodities analyst at Deka Bank in Frankfurt, Germany.

"I do expect to see new highs and I would not be too surprised to see oil prices breach $70 a barrel soon," Ebner said. <snip>

http://www.daytondailynews.com/business/content/business/daily/0820oilprices.html

[phantom power]

1. Wow, it's a good thing we just passed an energy bill with

strong measures to eliminate American dependence on oil. Oh, wait. That was in my therapeutic-fantasy parallel earth.

This is going to suck. Hard.