Oil tops $110 a barrel, hits 30-month high

[Roland99]

Source: MarketWatch

Crude-oil futures topped $110 a barrel on the New York Mercantile Exchange, hitting their highest level in 30 months. Momentum-buying as the end of floor trading approached carried prices all the way to $110.26, the highest since Sept. 22, 2008, when prices hit an intraday high of $130 a barrel. May crude kept the momentum going and at last check added $1.19, or 1.1%, to $110.01 a barrel on Nymex

Read more: http://www.marketwatch.com/story/oil-tops-110-a-barrel-hits-30-month-high-2011-04-07?dist=countdown

[xchrom]

1. I guess we will see how strong this recovery is. Nt

[William769]

2. And our Government is powerless to do anything about it.

:sarcasm:

[physioex]

4. We were warned by....

President Carter in 1980. Get what we deserve.

[Thunderstruck]

13. Yep. We are 3 feet from the cliff's edge going 120mph. Sad, really. We were warned.

[Javaman]

20. You're an optimist...

LOL

I think the front wheels are cresting the edge.

[Purveyor]

3. This will push gas over $4 here around mid-mich. Now at 3.90unl/reg with diesel at $4.10 eom

[CountAllVotes]

5. geesh

It was $4.29 the other day when I was out and that was for regular unleaded. :(

:dem:

[Roland99]

7. Guess I'm lucky....only $3.70 - $3.75 around here.

[CountAllVotes]

8. it is always more here

Can't win in rural California, nope. :grr:

It almost hit $5.00 before and it looks like it is headed that way again soon.

I have a credit card that give you 5% back on gasoline purchases. That helps some but not a whole lot when it is over $4.00 a gallon.

Time to stay home a lot again and drive at 55 mph only again.

[global1]

6. There Are Those That Blame This On Peak Oil And.....

those that blame this on tension in the Mid East and those that blame this on Wall Street speculators and those that blame this on the fact that we won't by hybrids, electrics or cars that provide better gas mileage - BUT - you can give me all those excuses in the end though we'll be seeing the oil companies throw it in our face again with record profits.

I'll start believing all those other excuses when the oil companies start showing a quarterly loss.

$5.00/gal gas was predicted last fall - before any unrest in the ME and now they are just going to raise it to that level and say we warned you.

When we used to sing "She's real fine my 409 - I didn't know back then that this was referring to the price of a gallon of gas.

[physioex]

9. Not really...

Not to say they aren't involved, the only person in the end that gets the blame is in mirror. When we as the American public failed to put in place public policies that would make us less dependant on foreign oil. I don't know if you are old enough to remember the message Raygun sent when he came to office and ripped up the solar panels and told everyone to live it up.

We are so far behind, that any real solution would take several decades to implement.

[eallen]

11. Why should any of that cause losses for oil companies?

Peak oil is <i>why</i> I shifted some of my retirement accounts into oil (and other natural resources) a few years back. Because delivering a commodity and its derivatives becomes <i>more</i> profitable as that commodity's supply stalls and its demand increases.

The worst thing in the world for oil companies would be if we were visited by UFOs who supplied oil for free.

:hippie:

[pscot]

14. +1

[StarburstClock]

10. Good thing criminal speculative banks control it and the White House

Otherwise we'd have CHAOS!

[nc4bo]

18. Guess it was a swell idea to start drilling in the Gulf again? I hear the motherload's under there.

2nd dip here we come.

[indimuse]

12. this was predicted month ago...

I would add more..but..not in the mood ...(now GO BACK TO SLEEP);)

[2Design]

15. the rich are loving this - ceo is happy - never will gas be under

$1 again - too much banking on profits and shareholders - yeah for the rich - this is sure to slow consumption

[sarcasmo]

16. 5 dollars by Memorial weekend or 4th of July.

[iris27]

17. Welcome to round 2 of the recession. n/t

[xchrom]

19. i guess it went to 111 today.

http://online.wsj.com/article/SB10001424052748704415104576250322290778118.html?ru=MKTW&mod=MKTW

Commodity prices continued to gain strongly. Light crude for May delivery rose $1.27 to $111.57 a barrel in electronic trading on Globex, while gold for June delivery was up $12.20 at $1,471.50 an ounce.


so how strong is this recovery?

[Javaman]

21. Check www.nymex.com. nt

[sarcasmo]

22. Thank the futures traders for this nonsense, 112 today.