Oil prices keep surprising the 'experts.' Back over $70 and not a hurricane in sight!

Energy futures jumped Wednesday after the government reported larger-than-expected declines in gasoline and oil inventories and an unexpected decline in refinery activity. Light, sweet crude for October delivery rose $1 to $72.73 a barrel on the New York Mercantile Exchange. This comes after experts were predicting oil would fall due to increased inventories and increased output from refineries coming back on line.

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- David Adams

Comments

And why should this surprise anyone? Most of our oil is purchased from countries that hate Americans! We need to either promote opening up more domestic fields and mines, provide generous tax incentives (both state and federal) for energy efficient homes and vehicles), and incentives for honest alternative fuels (not ones that can only work with federal subsidies and or massive amounts of other high demand resources (such as water).

I don't think drilling for more domestic oil will do anything. Remember, we have only 1-2% of the worlds oil reserves and we consume 25% of the world's oil. Any oil pumped, regardless of whether it comes from Alaska or the Gulf of Mexico will go to the highest bidder on the open world market (China/India).