Oil almost to record high of $146/barrel

Posted By on July 3, 2008

Oil is up again nearing $146/ barrel due to declining U.S. inventories and escalating concerns over the possibilty over conflict with Iran. The Saudi’s oil minister made comments that they would not be boosting production also added to the rise in price. With continued weakness in the U.S. dollar and concern that the European Central Bank might raise interest rates later today (Thursday) also is contributing to the trading up of oil. In Europe, light, sweet crude for August delivery rose $2.28 to a record $145.85 a barrel in electronic trading on the New York Mercantile Exchange.

Comments

  • Update 4/2011: As we face the rise in oil once again, I wanted to record the July 2008 peak price across the U.S. for regular unleaded gasoline — $4.11.
    “Starting in July 2008 gasoline prices took an historic plunge dropping from a U.S. average high of $4.11 a gallon all the way down to $1.70 in January 2009.”

Desultory - des-uhl-tawr-ee, -tohr-ee

  1. lacking in consistency, constancy, or visible order, disconnected; fitful: desultory conversation.
  2. digressing from or unconnected with the main subject; random: a desultory remark.