Crude Futures Rise Above $57 a Barrel as Gasoline Jumps

[NNN0LHI]

SINGAPORE (AP) - Crude oil prices jumped above $57 a barrel Friday, boosted by rising prices for gasoline, as well as an investment bank report saying strong demand and tight supplies could cause a "super spike" in prices.
After a brief runup of more than $2 a barrel, light, sweet crude for May delivery was up $1.70 to $57.10 a barrel in afternoon trading on the New York Mercantile Exchange. The contract advanced $1.41 on Thursday.

Unleaded gasoline futures rose more than 4 cents to $1.707 a gallon, after gaining more than 5 cents Thursday.

Tom Kloza, director of Oil Price Information Service, said the recent surge in gasoline futures means average U.S. pump prices are likely to rise above $2.25 a gallon within a few weeks.

http://ap.tbo.com/ap/breaking/MGBYCH0Q07E.html

[phantom power]

1. Interesting. I usually think of it the other way.

An increase in crude --> increase in gasoline. This report has it the other direction.

[Nordmadr]

2. So now costs in gasoline cause the price of oil to go up huh?

That's odd.

Maybe all this continued bad news on supplies and so forth has a little something to do with it. I don't know, call me silly, but it sure seems we are pumping just about all the good black stuff we can.

Demand exceeding Supply.

People better "wakey-wakey" from their naps, lots worse things than Social Security and Medicare going on here.

Don't expect any further downward trends in the cost of gas, or any other oil derived product for that matter.

Yet another peak oil warning.

Olaf

[Earth_First]

3. But...but...but...peak oil doesn't exist!

:sarcasm:

[Mr. Sinister]

4. Who cares about peak oil?

What about Terry???!!! Let's get our
priorities straight.

[WildClarySage]

5. Oh puhleeze, Terri is sooooo yesterday...

today's deathwatch is the Pope. Hopefully, Jerry Falwell will take a nasty turn around monday so we can switch to him when the Pope gets old.