Gasoline Gains as Looming Syria Strike Sends Crude Above $112
Source: Bloomberg
Gasoline jumped to a five-week high, following crudes rally, amid concern that any U.S. military strikes against Syria will lead to a widespread Middle East conflict and oil supply disruptions.
Futures rose as much as 2.3 percent. West Texas Intermediate crude surged to the highest level since May 2011. U.S. officials arent limited to a one-day operation, an administration official said as the U.K. drafted a United Nations resolution to condemn last weeks suspected chemical attack in Syria. Syrian Foreign Minister Walid al-Muallem said yesterday we have the means to defend ourselves, and we will surprise people with them.
Were off the highs, but until we have a clear feeling on how the aftermath of this potential strike in Syria will go, you cant afford to be short, said Phil Flynn, senior market analyst at Price Futures Group in Chicago. All the major oil producers are on opposite sides of the conflict.
Gasoline for September delivery rose 3.89 cents, or 1.3 percent, to $3.073 a gallon at 9:46 a.m. on the New York Mercantile Exchange. Prices touched $3.1033, the highest intraday price since July 22. Trading volume was 10 percent above the 100-day average.
Read more: Link to source
Just received notice that our mid-michigan area prices are going up .25 as I type.
Happy Holiday...
David__77
(23,218 posts)Saber rattling has real world impacts, lowering people's standard of living. Enough with the bellicosity.
Deep13
(39,154 posts)Andy823
(11,495 posts)Last night it was up to almost $112.00. I just got back from town. Yesterday the price of gas was $3.89, and has been for at least a month now, today it had dropped to $3.79, ten cents less. This was at the station that seems to drop first, and the other follow within a day. I live in rural Washington state.
Here is the link: http://money.cnn.com
dipsydoodle
(42,239 posts)aka you made the bed..................
Obviously not you personally : your administration.
MrTriumph
(1,720 posts)My business caters to mature people who keep up with the news. When the debt ceiling crisis hit 2 summers ago, our business took a hit. No, the same has already started since the US began threatening war with Syria.
Has it struck anyone in Washington DC that the US badly needs a period of peace?
Supersedeas
(20,630 posts)do oil companies ever really lose?
cstanleytech
(26,080 posts)at any news even one of someone breaking wind in a meeting of OPEC.
JDPriestly
(57,936 posts)The Koch Bros. & Co. must be just elated, overjoyed, out-of-their-minds-happy.
Think of the campaign contributions to our politicians that just a tiny percentage of the profits will mean. Woo-hoo!! Toot! Toot!
Democracy on the march.
Saving lives in Syria. Goody for us!