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  1. #1
    Join Date
    Aug 2005
    Location
    Charleston, SC
    Posts
    327

    Angry Oil breaks $100, hits new all-time high

    NEW YORK (AP) -- Oil prices hit new record highs Tuesday as a Texas refinery fire and fears of an OPEC production cut pushed crude to settle at over $100 a barrel for the first time ever.

    U.S. crude for March delivery jumped $4.51 to settle at $100.01 a barrel on the New York Mercantile Exchange, topping the previous settlement record of $99.62 set Jan. 2.

    http://money.cnn.com/2008/02/19/mark...ex.htm?cnn=yes


    Where will it end ?

  2. #2
    Join Date
    Jan 2007
    Location
    heaven bound
    Posts
    4,830
    I'm not feeling confident that it ever will!

  3. #3
    Join Date
    Dec 2006
    Location
    Arkansas
    Posts
    1,615
    Nominal high. It will have to get to about $105 reached in 1979 to break the record. We are not quite there yet.

    But this is solvable. The solution for high prices is high prices. Although it is said that the demand is "inelastic" eventually we will see a decline in demand and prices will fall.

  4. #4
    Join Date
    Mar 2006
    Posts
    2,397
    The part that bothers me the most is that all of these fuel companies are posting record sales year after year. It seems their profitability is rising as quickly as the gas prices are when really it should be level or growing at a much more gradual price.



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