Oil: $100 per Barrel Answered
Twas bound to happen - so why not open the new year with a new high?
U.S. crude for February delivery jumped $4.02 to $100 a barrel on the New York Mercantile Exchange before slipping to $99.42. The previous trading record was $99.29 set Nov. 20. Oil prices ended 2007 by gaining nearly 60 percent for the year, the largest jump this decade.
"This market is really gonna fly," Ira Eckstein, president of Area International Trading Corp, said from the NYMEX floor.
In Nigeria, bands of armed men invaded Port Harcourt, the center the oil industry Tuesday, attacking two police stations and raiding the lobby of a major hotel, The Associated Press reported. Four policemen, three civilians and six attackers were killed. The Niger Delta Vigilante Movement claimed responsibility for the attack.
At 2.1 million barrels per day, Nigeria was the world's eighth-largest oil exporter in 2006, according to the U.S. Energy Information Agency.
Furthermore, the auto manufacturers are saying the new CAFE standards (35mpg for cars) are a very expensive goals. Mind you, there's cars 20+ years ago that exceeded this standard (CRX got in the mid 50mpg range).
Futurama did elude to $100 per gallon of gas in New York city by 2012... How could they be wrong? :D