Oil Inches Toward $57

Oil Inches Toward $57

MELBOURNE (Reuters) - Oil prices edged toward $57 a barrel on Monday as the IMF forecast high energy costs to stay for the next two years on worries that robust demand would strain global supplies despite moves by OPEC producers to raise output.

U.S. light crude for April delivery traded up 5 cents to $56.77 a barrel, less than $1 under the all-time peak at $57.60 struck last Thursday.

The April contract is due to expire at the close of business on Monday and May crude futures on the New York Mercantile Exchange rose 4 cents to $57.28 a barrel.

International Monetary Fund chief Rodrigo Rato warned on Saturday that the world would have to live with lofty oil prices for at least the next two years because of strong demand and constraints in supply.

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http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=7954392

I can not find where I read that but it was said that is what it would be to be the same in 1970 cost, and that hurt us, when we had that oil trouble. I am not sure, as it hurts me now, but I live on a fixed income.

My wallet is bleeding badly and I need to take a road trip later this week. I figure it will cost my $150 to drive to Florida.
And I am not on a fixed income.