Another record for Chimpy. Oil Price at New High of $41.72 Per Barrel

[NNN0LHI]

http://ap.tbo.com/ap/breaking/MGBFB8WZMUD.html

WASHINGTON (AP) - The price of oil reached a new high Monday, settling at $41.72 per barrel as traders shrugged off Saudi Arabia's latest pledge to boost production one week ahead of the busy summer driving season.

Light crude oil for July delivery rose $1.79 a barrel, or 4 percent, on the New York Mercantile Exchange, exceeding the previous record of $41.55 set a week ago.

Meantime, the retail price of gasoline is averaging more than $2 per gallon nationwide. snip

Nevertheless, the combination of tight refining capacity in the United States, strong demand from China and fears that terror attacks could disrupt the global oil supply chain have given traders and speculators plenty of fodder to push prices higher.

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[Don_G]

1. Tight Refining Capacity

Small decreases in output and the Iraq-Turkey pipeline was bombed again.

I wonder how much the Cheny Double-Secret Energy Plan is responsible for the oil companies' record profits?

[LSparkle]

2. Just wait until consumers feel even more of the pain ...

Most produce and other goods go by trucks or air or some form of transportation requiring fossil fuel. If people are hurting now, just wait until a few more months down the line when the increased fuel prices are fully passed along ...

[Snoggera]

3. I don't think there will be much of a wait.

Prices are going up already, and the forecast is still for 2.9% inflation? I would laugh, but I am too pissed at yet another meaningless statistic being thrown at the public.

[izzie]

4. Did not Bush say something on this when he ran?

You know he knew these people and could talk to them.