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Oil hovers near $115 record high!

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posted on Apr, 17 2008 @ 10:52 AM

Oil prices are hovering close to $115 a barrel, having crossed the record mark on Thursday after a US inventory report raised concerns about supplies

One analyst said: "The market is driven by investors piling money into oil because of the weakening dollar. Until the dollar really stabilises, financial investors will continue to prop up prices."

The market is also being plagued by a drop in supply, with OPEC insisting that supplies are solid.

This isnt good. According to the Energy Information Admin. (Official Energy Statistics from the US Government

West Texas Intermediate (WTI) crude oil prices, which averaged $72.32 per barrel in 2007, are projected to average $101 per barrel in 2008 and $92.50 per barrel in 2009.

The projected higher costs for crude oil will contribute to higher petroleum product prices. Motor gasoline prices are projected to average $3.36 per gallon in 2008, up 55 cents from last year. Diesel prices are projected to show even larger increases in 2008, averaging $3.62 per gallon, or 74 cents above the 2007 average price. The monthly average gasoline price is projected to peak at about $3.60 per gallon this spring, while monthly diesel prices are expected to average about $3.90 per gallon in March and April. Weekly diesel prices have already crossed the $4.00-per-gallon threshold in many regions of the country.

Some powers are making a ton of money based off of fear and problems related in oil nations.

Just wait till this summer......

[edit on 17-4-2008 by Master_Wii]

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