A new all-time high for oil prices was reached this afternoon on the New York Mercantile Exchange. At $113.93 a barrel, this caused the national average for a gallon of gasoline to become $3.39.
The price jumps are due to the construction of oil pipelines in both Nigeria and the Caspian region being interrupted, along with a halt on Mexican exports in the Gulf Coast because of stormy conditions. Don’t these guys know American soccer moms need to drive their kids to practice? Seriously, guys, get back to work.
Prices on oil have risen 18% since the beginning of the year, and it’s not even summer yet. As the weather gets warmer and hot chicks start driving cars fast with the top down, the demand for oil, and thus the prices for it, will increase.
Even our own disappointing value of the dollar is sabotaging oil prices. As the dollar declines against the euro, many foreign investors keep betting against it, causing it to fall more. Can’t a brotha catch a break?
There is a feeling that a couple of very influential men in the Middle East could do us a major ‘solid’ by releasing some reserves all over this place. But, that remains to be seen:
On Saturday, Saudi ArabiaÃ¢â‚¬â„¢s King Abdullah also suggested that new oil discoveries in the kingdom would remain untapped to preserve the nationÃ¢â‚¬â„¢s wealth for future generations, according to various wire reports. Ã¢â‚¬Å“Let them remain in the ground for our children and grandchildren who need them,Ã¢â‚¬Â the king said in a speech, according the official Saudi Press Agency.
This guy is going to feel really dumb when he sees us all using oil-less flying cars and hydrogen jetpacks by then. We will be, right?
New York Times: Oil Prices Surge to a New High, April 15, 2008