Oil prices jump past $100

Source: Associated Press

The price of oil passes $100 per barrel for the first time since October 2008.

Benchmark West Texas Intermediate crude on Wednesday rose $4.59 to $100.01 in afternoon trading on the New York Mercantile Exchange.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2011/02/23/AR2011022302466.html

It rose five bucks TO 100.

Not - it rose from five bucks to 100.

You will see some significant increases at the pump, soon.

inching up up up by the day...

Sorry. That's the wholesale price in commodities. It doesn't include markup and taxes.

It was about $3.10, retail, where I am at, but we should be seeing some big spikes.

so that's $3.36/gallon

there's your recovery - stock market bailed out, hyperinflation and no jobs

stop supporting brutal dictators that causes uprisings that makes the goddamned 'speculators' and 'financiers' nervous
and maybe it won't be quite that bad.

geithner wants what you buy sky high, and your wages crashed into nothing -

nobody busts the middle and working classes like geithner - U-poor.com



Source: Times of India

PTI, Feb 17, 2011

WASHINGTON: US Treasury Secretary Timothy Geithner has said that he is in favour of expansion of H-1B visa programme, offered to highly skilled professionals and students to live and work in the country.

"I agree with you on H-1B," Geithner said in his testimony before the Senate Committee on Finance when Senator Orrin Hatch from Utah said that expansion of H-1B visa programme would help the US in a big way in competing with countries like India and China.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4736980&mesg_id=4736980

Source: Times of India

PTI, Feb 17, 2011

WASHINGTON: US Treasury Secretary Timothy Geithner has said that he is in favour of expansion of H-1B visa programme, offered to highly skilled professionals and students to live and work in the country.

"I agree with you on H-1B," Geithner said in his testimony before the Senate Committee on Finance when Senator Orrin Hatch from Utah said that expansion of H-1B visa programme would help the US in a big way in competing with countries like India and China.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4736980&mesg_id=4736980

When was the last time we used oil from Libya?? This is speculators making a mint again......this needs to stop.

Libya supplies 27% of Italy's needs and in the absense that, now there's is a complete shutdown , they'll take up alternatives you may have wished to have bought.

The speculators may well be making a mint but it's a necessary evil - someone has to take up the options.

that oil from someplace. Aka demand leads to higher prices.

Plus, while the last run up was due mostly to speculation, trying to make that same argument now, is not completely correct.

It's interesting, when you think about it.

Everyone blames the speculators on driving up the price on a finite resource. Given the fact that oil supplies are tight globally, it takes nothing to drive up its cost now.

One of the TV news channels here in the UK s here had one of the UK workers on the line from one of the oil units. The local tribesmen , whatever that means, armed with AK47s , had already stolen all of their vehicles and were in the process of looting everything else.

When Iranian oil flow decreased and everyone else's increased so that there was actually more oil in the supply chain than previously.

Oh, wait. I guess that would have been pure bullshit speculation then.

Maybe this time the other OPEC nations have not been uncapping wells and redirecting oil tankers away from Libya to their shores?

What happens there affects everyone who uses oil whether they buy their oil directly from libya or not.

The only way this wouldn't affect us is if A) we got zero oil from them and B) we were to require all the countries that do sell us oil to only sell to us and no anyone else.

K&R

6 or $7/gal

So it's been actually going down for the past few days after the initial spike driven by the incipient civil war in Libya.

I know the Obama administration today asked OPEC to increase output to mitigate the rise in pricing, so we may be seeing the effects of that announcement here.

Scary, but possible.

Yippee!!

1) protest 2) riot.

The price of shipping will skyrocket, forcing the price of food to go up. Then the trickle down begins. The price of all fossil fuel components that go into farming will further drive up the cost.
(let along everything else in our society)

At that point, things will get interesting.

But until then, the mouth breathing sofa lounging fox news watching stuffer food eating morons of this nation will blame it all on the liberals.

Weeeeee!

that makes the 1970s look good

wikipedia

if you want to know more, watch Michael Ruppert's film 'Collapse'

http://en.wikipedia.org/wiki/Collapse_%28film%29