Oil closes at over $86.00 per barrel!

A new record high.

and his corporate master Paulson. Your rate cut to help your financial buddies is now going hit the middle class like a ton of bricks.

around here (Upper Delaware) haven't budged. :shrug:

Give them time. If this raise of +$2.51, or right at 3% increase in oil prices today doesn't correct itself tomorrow we'll see it at the pump soon enough.

they'r around 2.60 per gal. But I expect that to change soon.

2.87 today in Portland, Oregon.

"refineries" that were disabled as the cause for the high prices.

Okay, fine. so now we have oil that is at least $16 bucks higher than back then and the price at the pump doesn't move.

:shrug:

at this rate, oil can spike to $100 bucks and gas will only rise a few cents.

Something is not adding up here.

Either oil is grossly over valued or gas is greatly under valued.

What gives?

:)

The only "inheritance" I ever got was from a grandmother. It was 1/3 of her Osage Indian headright, the amount of which is determined by the price of oil and how much oil is pumped from the Osage Indian Reservation. During the Clinton presidency the yearly payout was about $6000 per year. Even though taxable, a nice little bonus every quarter. Now after 6+ year of the Bushies it's over $10K per year and with oil at $86 it'll go even higher.

So even though I'll get more money because of the price increase (the higher the price of oil the more the company will spend extracting as much oil as possible) I'll also pay more at the pump and there's the possibility we'll have more wells drilled on our family land. That's never a good thing.

I'd be more than happy to give up this little gubment bonus if we could wean ourselves from the ever escalating use of fossil fuels. I realize though that I'm in a very small minority of people with "oil interests" that hold that opinion.

Oh, wait . . .