Thursday, July 24, 2008

Nation & World

Another Record High for Crude Oil Prices

Posted May 5, 2008

Oil futures have surpassed the once unthinkable price of $120 a barrel.

Against that backdrop, analysts say there is little that U.S. officials can do to moderate the surging price of oil. And most—if not all—mainstream economists ridicule (or worse) the gas-tax-holiday proposals put forward by presidential hopefuls John McCain and Hillary Clinton as a costly political gesture that would provide little if any real savings to motorists.

Oil reached its latest milestone on a mix of threats to overseas crude oil supplies. A threat by Kurdish rebels in Iraq to attack American interests has investors concerned. And an attack on an oil facility in Nigeria cut oil supplies. Meanwhile, defiant comments by Iranian leaders about the country's nuclear program raised worries about broader conflict in the Middle East.

Light, sweet crude for May delivery rose to a trading record of $120.21 a barrel on the New York Mercantile Exchange. The falling dollar is also sending crude prices higher.

Reader Comments

120 for a bushel

just check out the Dubai story of how they're riding the oil profits to growth on this site. makes you wonder why we're selling them grain and corn at 5-10 dollars a bushel, when it should be more along the lines of what they're selling us oil at. Eye for an eye...

Price of gas

I believe that gas prices are rocketing because the government can make any excuse to raise it up. The ones that are suffering the most are people with hardly any income. I can't afford to have my car on the road anymore. Now I settle with making very little. PEOPLE WON'T BE DRIVING WHEN GAS REACHES $10 A GAL. EVEN AT $5 WHO CAN AFFORD TO GO TO WORK, especially making low wages. IF EVERY BUSINESS OWNER COULD MAKE THE SAME PROFIT OIL COMPANIES MAKE WE'D ALL BE RICH IN THIS COUNTRY.

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Ken Walsh on the Presidency

Ken Walsh (Charlie Archambault for USN&WR)

Having covered the White House for U.S. News full time since 1986, Ken Walsh brings perspective and insight to his magazine column.

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