Oil hits record near $140 a barrel on dollar, fireMonday June 16, 11:13 am ET
By John Wilen, AP Business Writer
Oil futures shoot to a record near $140 a barrel on falling dollar, North Sea fire
NEW YORK (AP) -- Crude oil futures hit a record near $140 a barrel Monday as investors shrugged off Saudi Arabia's promise to boost production and instead focused on a weaker dollar. Retail gas prices rose to a record $4.08 a gallon.
Light, sweet crude for July delivery soared to a trading record of $139.89 before retreating to trade up $2.10 at $136.96 a barrel on the New York Mercantile Exchange.I've been thinking about how high gas/oil will go this summer. People who say gas will consistently rise all the way up to $10 a gallon have no understanding about supply and demand or basic economics. There will be a point when people simply will not pay higher prices and that will be the cutoff point. In my area people are starting to conserve gas much more than before, but there is still a ways to go before any major conservation picks up. Once prices get high enough, there will be a point when people simply will not understand why there are federal blocks on nuclear energy, oil drilling, and now extreme regulations on coal while energy and food prices (both of which are very much connected) hit record levels. Of course, there are some politicians who see the only cure for high gas prices is a nationalized gas industry (heaven forbid), but I highly doubt people will ignore the fact that there are huge potentials for energy diversity within the U.S.
Tags:
coal, energy, food, gas, inflation, nuclear, oil
Posted at: 09:25 AM | Add Comment
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