Oil price over $147 for the first time-now above $80

[Matt-hurricanewatcher]

At this rate I believe the economy should start falling apart...Maybe because of the fast weaking of the dollar could be the sign of it going on right now. I say 130 dollars by June.

[vbhoutex]

Personally I think it is near its peak. I don't see 130 but what do I know? At this point I sure don't see the economy falling apart-far from it.

[TexasStooge]

My response to this by a way of a pic via email:

[HURAKAN]

A gas station in Nashville, Tenn., advertises its version of gas prices. (AP photo)

Record setting reaches new territory

World braces for the next round
By AP

NEW YORK -- Gas and oil prices pushed further into record high territory yesterday, with retail gas reaching a U.S. national average of US$3.51 a gallon for the first time and crude nearing US$120 as the U.S. dollar fell to a new low against the euro.

At the pump, the national average price of a gallon of regular gas rose 0.8 cent US yesterday to US$3.511, according to a survey of stations by AAA and the U.S. Oil Price Information Service. Prices for diesel -- used to transport most food, industrial and commercial goods -- also rose overnight to a record of US$4.204 a gallon.

Gas prices are nearly 66 cents US higher than last year, when they peaked at a then-record of US$3.23 in late May, and have prompted many analysts to raise their estimates of where gas is going to go.

"I wouldn't rule out the possibility that we could get to (US)$4," said Antoine Halff, an analyst at Newedge USA LLC.

Gas prices are rising for many reasons, including oil's record run. Light, sweet crude for May delivery rose to a new trading record of $119.90 before retreating to settle up $1.89 at a record $119.37 a barrel on the New York Mercantile Exchange. The contract expired after the Nymex closed, which contributed to its spike higher as investors scrambled to square bets. June crude futures, which now become the focus of trading, rose $1.44 to settle at $118.07 a barrel, nearly $2 shy of the $120 level.

Complete Article

[TexasStooge]

I'm beginning to think that there's a gas gouging scam. Don't ask me why, I just got a sick feeling in my stomach about all this.

[cycloneye]

http://www.cnn.com/2008/LIVING/04/23/ga ... index.html

The above gas station with those over $4.00 a gallon prices is in California.

Below is what occured today in the Oil Market.At least no big rise in prices today as it was mainly flat.(Market closed at $118.30)

http://money.cnn.com/2008/04/23/markets ... 2008042312

[Opal storm]

Highest I've seen around here is 3.54 for reg. It's ridiculous, and it's only going to get worse as we get into summer. I think tourism is going to take a major hit this season, nobody is going to want to anywhere with these prices.

[Cyclenall]

Someone should do a study on the theft of gas and the rise of prices. I wonder how many more reports there are of that compared to 1 year ago.

[Cookiely]

Someone should do a study on the theft of gas and the rise of prices. I wonder how many more reports there are of that compared to 1 year ago.

When the price started to go up, I read an article that said there were more thefts. I put a locked cap on my station wagon. If your talking about people leaving the station without paying, I don't think they would be that stupid with security cameras catching your car tag. Unless you used an old tag or stolen one you wouldn't get away with it.

[Stephanie]

http://www.cnn.com/2008/LIVING/04/23/ga ... index.html

The above gas station with those over $4.00 a gallon prices is in California.

Below is what occured today in the Oil Market.At least no big rise in prices today as it was mainly flat.(Market closed at $118.30)

http://money.cnn.com/2008/04/23/markets ... 2008042312

The Atlantic City casinos have already been hit by the opening of the slot parlors in PA, the smoking ban and now the gas prices. However, they are saying that the New Jersey shore rentals for the summer are moving along nicely. People are sticking closer to home, but probably spending less.

$3.34 Regular at my local gas station. I feel like I'm getting gas to go to work to get money to buy more gas. Something needs to be done about this.

[Derek Ortt]

it cannot be a price gouging scam


OIL IS A TRADED COMMODITY! Blame the futures traders

[Matt-hurricanewatcher]

One gas station is now up to 3.65/gallon.

[Regit]

I'm beginning to think that there's a gas gouging scam. Don't ask me why, I just got a sick feeling in my stomach about all this.

This is one of the simpler oil rises we've seen. When the dollar goes way down, oil goes way up. When oil goes way up, gas goes way up.

Pretty simple. There have been much more baffling rises in oil prices over the years.

[cycloneye]

Oil Market closes sharply lower



Finnally good news from the oil market as it fell over $2.00 as the Dollar got stronger today.

[feederband]

$3.63 here .....This is one contest I want to lose...

[HURAKAN]

I pumped gas today for $3.61. Last Sunday it was $3.47.

[Cryomaniac]

The oil price has wiped out it's losses from the other day, and is currently up $2.97 on the day, probably because of this:

http://www.reuters.com/article/newsOne/ ... 9920080425

[Nimbus]

The forties pipeline that carries oil from 70 platforms in the north sea to the UK may have to be closed this weekend.

http://www.forbes.com/markets/feeds/afx ... 35161.html

Kind of bad timing to close the straits of Hormuz don't you think?

[Cyclenall]

I think oil reached $120 today and the nation wide average gas price is $3.60.

[HURAKAN]

Oil sets new record near $120
Mon Apr 28, 2008 4:54pm IST
By Jane Merriman

LONDON (Reuters) - Oil hit a new record near $120 a barrel on Monday, boosted by a string of bullish factors that include a UK refinery strike and disruptions to Nigeria's output that highlight the market's anxieties over threats to supply.

Prices held firm below earlier highs, despite a rally in the U.S. dollar versus the euro and yen, which reflected growing expectations that the U.S. Federal Reserve may not cut interest rates this week.

U.S. light crude for June delivery was up 28 cents at $118.80 a barrel by 1055 GMT, after a lifetime high of $119.93. Prices are up almost 25 percent since the start of the year.

London Brent crude was up 6 cents to $116.40.

"The Federal Reserve will have a chance to bolster the dollar if it decides to hold the line on further rate increases," Edward Meir, analyst with broker MF Global, said in a research note. "Both these developments could possibly induce a correction in energy prices later in the week, but for now the trend appears higher still."

Crude prices have surged more than fivefold since 2002 as global supplies struggle to keep pace with rising demand in emerging economies, such as China.

The Organization of the Petroleum Exporting Countries (OPEC), that produces more than a third of the world's oil, has refused to pump more, saying the market is adequately supplied.

OPEC President Chakib Khelil blamed the fall in the U.S. dollar for high prices and did not rule out prices rising to $200 a barrel.

"Without geopolitical problems and the fall in the dollar, the prices of oil would not be at this level," he was quoted saying in Algerian government newspaper El Moudhajid.

A fall in the U.S. dollar has played a big part in oil's surge, boosting the value of commodities priced in the U.S. currency.

Gold, for example, hit a record high of more than $1,000 an ounce on March 17. But gold is now more than 13 percent below its peak as investors wait to see the direction of U.S. interest rates.

Investors are now focused on the Federal Reserve's interest rate setting meeting, which starts on Tuesday.

Financial markets had expected a cut in interest rates to help revive the flagging U.S. economy, but now some investors believe the Fed could signal its rate cutting is over.


SUPPLY DISRUPTIONS

The 700,000-barrel-per-day (bpd) Forties North Sea crude oil pipeline remained closed on Monday due to a strike at the neighbouring 210,000 bpd Grangemouth refinery after the collapse of talks over pensions.

Ineos, the owner of the Grangemouth refinery, expects striking employees to return to work on Tuesday. BP has said the Forties pipeline could then be back in operation within 24 hours but might take a few more days to get back to full flow.

In Nigeria, unidentified gunmen killed five policemen and seized several weapons in a raid on a police station in the oil-rich southern Nigerian state of Rivers on Sunday.

Last week a strike and attacks by rebels forced Nigeria's two largest oil firms, Exxon Mobil and Royal Dutch Shell, to shut some 369,000 bpd of production.

(Additional reporting by Fayen Wong in Perth)