Oil hits new record, then falls back
UPDATE: The run-up in oil prices receded Monday, the Associated Press reports.
The AP writes, "Crude oil futures swung wildly on Monday, rising to a record and then tumbling as investors wrestled with whether they should put stock in Saudi Arabia's promise to boost production. Retail gas prices rose to a record $4.08 a gallon. Light, sweet crude for July delivery fell 25 cents to settle at $134.61 a barrel on the New York Mercantile Exchange after earlier soaring to a trading record of $139.89. Earlier, they dropped as low as $132.84."
Analysts blamed the weakening dollar. "We have a weaker U.S. dollar, and the buyers are out in force right now," James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com, told the AP.
The rapid rise in prices has led to speculation that there may be an oil price bubble. The worry about energy costs has roiled the stock market this morning, the AP reported.
The soaring energy costs have also impacted Florida. The state has become a "hotbed for grease theft" as biodiesel makers hunt for supplies, Craig Pittman reported. Gas thefts are also on the rise in some cities, leading to sizzling trade in locked gas caps, Times staff writer Stephanie Garry reported in this story today.
-Asjylyn Loder, Times Staff Writer
freedom marches on, certainly at the gas pumps. thanks to the oil whores occupying the white house, we are in a terrible mess. what will the price be next year? 15.00 a gallon? more???
Posted by: | June 16, 2008 at 04:42 PM
I'm scared, this is out of hand, and Bush of course is doing NOTHING. This is economic terrorism! Instead of crippling us with plane crashes and bombings, they are ripping us a new one with the gas. The one thing that controls our whole economy.
Posted by: Anthony | June 16, 2008 at 06:03 PM
This comment has been removed by The Fueling Station. We welcome the debate, but insults and obscenity will be removed.
Posted by: Dr_Dug | June 16, 2008 at 06:13 PM
What Dr. Dug Said.
Posted by: | June 16, 2008 at 06:41 PM
Waaaahhhh! What a bunch if whiners.
1. Complain about high prices.
2. Block any new initiatives to explore, drill or refine.
3. Complain about higher prices.
4. Repeat #1-3 for decades.
Posted by: Tino | June 17, 2008 at 07:50 AM
Whoa Tina, they really got you hooked in. Line & sinker! Are your opinions commission or royalty based? Or are you on a program like,
"will blog for gas!"
...and where do I sign up?
Posted by: chris | June 17, 2008 at 09:10 AM