Buffalo Boy's Blog
Giving You More Than Just My Two Cents
$100 oil?
NEW YORK (Reuters) - Oil thundered to a new peak above $88 a barrel on Tuesday as investors eyeing supply concerns and tensions in northern Iraq extended the nine-dollar rally that started last week
After reading this article it is beginning to look like a reality.
http://news.yahoo.com/s/nm/20071016/ts_nm/markets_oil_dc
What puzzles me is that gas prices were way higher after Katrina hit and oil prices weren't this high. Gas prices can't be far from surging themselves. We could be looking at $4.00 gas before Christmas if oil keeps surging.
Wouldn't that warm up the Christmas cheer!
There is no doubt another significant gas increase is on the way, and it seems not to make sense why the barrel price is higher but the cost at the pump is lower. Why? The powers that be have enough damage on their plate : the war on Iraq, the failing of no child left behind, the veto of the S-Chip, variable mortgage foreclosures... now is not quite the time to increase, nor is it right before holidays but lookout next memorial day $4 plus!
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