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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 02:44 PM
Original message
Oil tops $110 a barrel, hits 30-month high
Source: MarketWatch

Crude-oil futures topped $110 a barrel on the New York Mercantile Exchange, hitting their highest level in 30 months. Momentum-buying as the end of floor trading approached carried prices all the way to $110.26, the highest since Sept. 22, 2008, when prices hit an intraday high of $130 a barrel. May crude kept the momentum going and at last check added $1.19, or 1.1%, to $110.01 a barrel on Nymex




Read more: http://www.marketwatch.com/story/oil-tops-110-a-barrel-...
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 02:47 PM
Response to Original message
1. I guess we will see how strong this recovery is. Nt
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William769 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 02:48 PM
Response to Original message
2. And our Government is powerless to do anything about it.
:sarcasm:
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physioex Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 02:53 PM
Response to Reply #2
4. We were warned by....
President Carter in 1980. Get what we deserve.
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Thunderstruck Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 03:46 PM
Response to Reply #4
13. Yep. We are 3 feet from the cliff's edge going 120mph. Sad, really. We were warned.
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Javaman Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 09:09 AM
Response to Reply #13
20. You're an optimist...
LOL

I think the front wheels are cresting the edge.
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Purveyor Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 02:49 PM
Response to Original message
3. This will push gas over $4 here around mid-mich. Now at 3.90unl/reg with diesel at $4.10 eom
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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 02:55 PM
Response to Reply #3
5. geesh
It was $4.29 the other day when I was out and that was for regular unleaded. :(

:dem:

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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 03:07 PM
Response to Reply #5
7. Guess I'm lucky....only $3.70 - $3.75 around here.
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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 03:09 PM
Response to Reply #7
8. it is always more here
Can't win in rural California, nope. :grr:

It almost hit $5.00 before and it looks like it is headed that way again soon.

I have a credit card that give you 5% back on gasoline purchases. That helps some but not a whole lot when it is over $4.00 a gallon.

Time to stay home a lot again and drive at 55 mph only again.

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global1 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 03:03 PM
Response to Original message
6. There Are Those That Blame This On Peak Oil And.....
those that blame this on tension in the Mid East and those that blame this on Wall Street speculators and those that blame this on the fact that we won't by hybrids, electrics or cars that provide better gas mileage - BUT - you can give me all those excuses in the end though we'll be seeing the oil companies throw it in our face again with record profits.

I'll start believing all those other excuses when the oil companies start showing a quarterly loss.

$5.00/gal gas was predicted last fall - before any unrest in the ME and now they are just going to raise it to that level and say we warned you.

When we used to sing "She's real fine my 409 - I didn't know back then that this was referring to the price of a gallon of gas.
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physioex Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 03:13 PM
Response to Reply #6
9. Not really...
Not to say they aren't involved, the only person in the end that gets the blame is in mirror. When we as the American public failed to put in place public policies that would make us less dependant on foreign oil. I don't know if you are old enough to remember the message Raygun sent when he came to office and ripped up the solar panels and told everyone to live it up.

We are so far behind, that any real solution would take several decades to implement.
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eallen Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 03:21 PM
Response to Reply #6
11. Why should any of that cause losses for oil companies?
Peak oil is <i>why</i> I shifted some of my retirement accounts into oil (and other natural resources) a few years back. Because delivering a commodity and its derivatives becomes <i>more</i> profitable as that commodity's supply stalls and its demand increases.

The worst thing in the world for oil companies would be if we were visited by UFOs who supplied oil for free.

:hippie:
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pscot Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 04:12 PM
Response to Reply #11
14. +1
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StarburstClock Donating Member (583 posts) Send PM | Profile | Ignore Thu Apr-07-11 03:16 PM
Response to Original message
10. Good thing criminal speculative banks control it and the White House
Otherwise we'd have CHAOS!
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nc4bo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 08:30 PM
Response to Reply #10
18. Guess it was a swell idea to start drilling in the Gulf again? I hear the motherload's under there.
2nd dip here we come.
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indimuse Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 03:35 PM
Response to Original message
12. this was predicted month ago...
I would add more..but..not in the mood ...(now GO BACK TO SLEEP) ;)
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2Design Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 04:44 PM
Response to Original message
15. the rich are loving this - ceo is happy - never will gas be under
$1 again - too much banking on profits and shareholders - yeah for the rich - this is sure to slow consumption
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 06:50 PM
Response to Original message
16. 5 dollars by Memorial weekend or 4th of July.
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iris27 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-07-11 07:26 PM
Response to Original message
17. Welcome to round 2 of the recession. n/t
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:31 AM
Response to Original message
19. i guess it went to 111 today.
http://online.wsj.com/article/SB10001424052748704415104...

Commodity prices continued to gain strongly. Light crude for May delivery rose $1.27 to $111.57 a barrel in electronic trading on Globex, while gold for June delivery was up $12.20 at $1,471.50 an ounce.


so how strong is this recovery?
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Javaman Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 09:12 AM
Response to Reply #19
21. Check www.nymex.com. nt
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 11:12 AM
Response to Original message
22. Thank the futures traders for this nonsense, 112 today.
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