Tuesday - November 06, 2007

Oil $97 a Barrel 

Today, oil hit $97 a barrel. How much higher does it have to go before the left allows our vast and untapped oil fields off Alaska, Florida, and California to be exploited? High gasoline prices are in essence, a regressive  tax on the middle class and the poor, the very people the Democrats claim to represent. Yet, the left, every time the issue of drilling comes before them, opposes it. 

How much economic damage will our left do in the name of being green?

 Oil futures jumped to a new record above $97 a barrel Tuesday after bombings in Afghanistan and an attack on a Yemeni oil pipeline compounded the supply concerns that have driven crude prices higher in recent weeks.

Those concerns were also fed by a government prediction on Tuesday that domestic oil inventories will fall further this year while consumption rises.

At the pump, meanwhile, gas prices continued to rise, following oil's 39 percent price rally since August. The national average price of a gallon of gas jumped 2 cents overnight to $3.024 a gallon, according to AAA and the Oil Price Information Service.

Separately, the federal Energy Information Administration reported that diesel fuel prices reached a national average of $3.303 a gallon, a new record.

If oil prices continue to rise, it might be some time until consumers see relief at the pump. Some analysts predict prices could rise as high as $3.50 to $4 a gallon next summer.  Read more....

Author: The Machiavellian
Technorati Tags: Oil Prices Gasoline
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