Crude oil prices continue to soar


New York's main crude oil contract has soared to a record high in a "feeding frenzy" driven by fear of violence in Iraq or Saudi Arabia.

Benchmark light sweet crude for delivery in June rose 31 cents to $41.08 dollars a barrel, a record high close and just shy of the all-time trading high of $41.15 dollars set in October 1990.

It was the second successive record closing high.

In London, Brent North Sea crude for delivery in June rose 54 cents to $38.49 dollars a barrel.

Petrol in New York leapt 2.7 cents to a new record closing high of $1.4005 dollars for a gallon of regular unleaded.

"A lot of people are beginning to think that we just lost our grip in Iraq and things are getting a lot worse than we had thought," said Oppenheimer analyst Fadel Gheit.

The market would likely stay high unless the United States quickly showed it was in control of the situation, he said


I like your new avitar - it might be more appropriate for me to use it . . .

Concerning the topic, I can't speak for you poor folk on the wrong side of the pond, however, I think the mess the US is making in the great kitty litter makes it only to clear the US needs to dump GW Bush and his oily friends (that would include Blair I think) and put teeth behind the search for alternative energy sources. The wide spread use of hemp for "biodiesel" would be a good start and make it eventually possible for the US to emote the middle finger to ME oil interests.

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