NEW YORK – Oil prices hit $100 per barrel Wednesday as forces loyal to Libya's Moammar Gadhafi clashed with protesters expanding their control over parts of that OPEC nation.
In afternoon trading benchmark West Texas Intermediate crude for April delivery was up $3.48, or 3.7 percent, at $98.90 per barrel on the New York Mercantile Exchange. Prices climbed as high as $100 earlier in the day, hitting triple digits for the first time since Oct. 2, 2008. WTI has jumped 18 percent since Valentine's Day.
In London, Brent crude added $5.33, or 5 percent, at $111.11per barrel on the ICE Futures exchange.
3 comments:
I don't know how many million oil wells we have across America that have been sitting idle for the last 50 years, but it's a whole bunch. The oil has been tapped and the switch has been turned off for 50 years in order that we save our reserves for bad times.
Reports have that we are sitting on 200 years worth of supply. This is without drilling any more wells.
If our government is choosing to hold our own citizens hostage to foreign oil and not defend us by using a couple of those 200 years' supply while paying the middle east billions to finance their unrest, well, then, I guess we just became a third world country who knuckles under to the middle east.
Bow down and kiss their hand, America?
I think not. How Obama handles this should be closely watched.
I am hearing by summer time, the price will be close to $5.00 a gallon. Looks like I will be staying close to home this summer.
Hardworkinggal.....stay close to home, grow a garden. Learn how to can. It will give you a great deal of satisfaction and a sense of accomplishment. Not to mention it will save you some money. Stock up a closet - turned into a pantry - with canned goods and other non-perishables. I heard yesterday that 99% of all Americans are 9 meals from starvation. They are accustomed to going to the grocery store when their supply runs low. What happens when the store doesn't have food on the shelves? Or when the food is too expensive to afford? Angry, desperate mobs, thats what happens. Use you time wiseley everyone. Trouble could be right around the corner. If not - you've lost nothing. You'll always have plenty to eat.
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