Oil price updates=How is the price at the pump in your area?

[cycloneye]

Folks,we may have to prepare to pay for much higher gas at the pump as things continue to unravel in extreme violence in different countries that produce oil. Here,in Puerto Rico,we are around 85.9 a liter.I imagine,that will go up to above 90.9 soon. As I post this,the big and bloody violence in Libya is one of the most important producers of oil and that has caused Oil prices to shoot up dramaticly. Let's see how high those oil prices get while this violence tide sweeps the middle east.

Benchmark crude for March delivery was up $4.13, or 4.8 percent, at $90.13 a barrel in electronic trading on the New York Mercantile Exchange, while Brent crude in London spiked $2.35 a barrel, or 2.3 percent, to $104.84, having earlier struck a two and a half year high above $105

http://www.cnbc.com/id/41704691

[cycloneye]

Today's Oil market was a repeat of the past few days as it continues to rise and you know what that means for all of us.

U.S. crude oil futures ended more than 8 percent higher on Tuesday, driven by worries of supply disruptions after a citizen revolt in Libya against leader Muammar Gaddafi shut down about 8 percent of its daily oil output.

On the New York Mercantile Exchange, U.S. light, sweet crude [CLCV1 93.57 7.37 (+8.55%) ] for March delivery, which expired at the close, settled at $93.57 a barrel, up $7.37, or 8.55 percent. The day's total trade included business done electronically on Monday, when floor trade was shut due to the U.S. Presidents Day holiday.




http://www.cnbc.com/id/41710184

[cycloneye]

U.S crude crossed the $100 a barrel line today. Brent crude at London closed at $110 a barrel.

http://www.cnbc.com/id/41726474

U.S. crude futures briefly crossed the critical $100 mark Wednesday, the first such move since October 2008, as escalating violence in Libya shook crude markets and extended supply worries.

In London, Brent crude futures rallied above $110 a barrel, posting the biggest three-day percentage gain in a year.

Between 300,000 and 400,000 barrels per day of Libyan output — up to 25 percent — has been shut down, according to Reuters

[vbhoutex]

What I don't completely understand is why the Libyan crisis is spiking out oil prices as much as it is. Most of the oil out of Libya goes to Europe, not the US. I know the whole ME is in turmoil and that is causing some of the rise, but many seem to be blaming it on the Libyan crisis and I don't think that is the major cause for the US.

[cycloneye]

What I don't completely understand is why the Libyan crisis is spiking out oil prices as much as it is. Most of the oil out of Libya goes to Europe, not the US. I know the whole ME is in turmoil and that is causing some of the rise, but many seem to be blaming it on the Libyan crisis and I don't think that is the major cause for the US.

The jitters are in panic mode and cling to any disruption of oil production anywhere and oil has stopped being produced in Libya and only that has caused this spike.But,what I have heard from some economists on TV is that all the ME unrest may spread to the biggest oil producer Saudi Arabia and that really could spike to uncharted territory the price of oil and of course the price at the pump.

[RL3AO]

Just think what would happen if this spread to Saudi Arabia.

[HURAKAN]

Just think what would happen if this spread to Saudi Arabia.

The United States would probably intervene in the situation and put down the unrest. Lets hope nothing of this magnitude ever happens.

[HURAKAN]

Link: http://www.npr.org/2011/02/23/134003954 ... tern-Libya

Libya is divided in 2 at the moment. Looks like a civil war is happening.

[Stephanie]

What I don't completely understand is why the Libyan crisis is spiking out oil prices as much as it is. Most of the oil out of Libya goes to Europe, not the US. I know the whole ME is in turmoil and that is causing some of the rise, but many seem to be blaming it on the Libyan crisis and I don't think that is the major cause for the US.

Honestly, I think that if there's an opening to increase oil prices, they will do it. However, I must admit that what has been happening in the Mid East now can and will have profound affects on oil prices from here on out.

[HURAKAN]

Link: http://www.latimes.com/news/politics/la ... 1198.story

3rd largest city falls to the opposition

[mf_dolphin]

Oil prices are driven by the commodity markets not actual supply and demand. When there's a potential issue the speculation alone drives the price up and we pay more.

[brunota2003]

What I don't completely understand is why the Libyan crisis is spiking out oil prices as much as it is. Most of the oil out of Libya goes to Europe, not the US. I know the whole ME is in turmoil and that is causing some of the rise, but many seem to be blaming it on the Libyan crisis and I don't think that is the major cause for the US.

Honestly, I think that if there's an opening to increase oil prices, they will do it. However, I must admit that what has been happening in the Mid East now can and will have profound affects on oil prices from here on out.

Regardless of whether most of the oil goes to Europe or the U.S., oil is a worldwide "commodity", therefore when one oil producing country goes into turmoil, oil prices go up everywhere. Now, because most goes to Europe, our prices are not going up as drastically as they are in Europe, but there is still the "oh sh--" moment.

Also of note, the prices we see at the pump now are just finally catching up to the Egypt crisis' beginning stages, because the $100 we paid for for a barrel of oil, we aren't getting that oil until sometime in the future. So even if rainbows formed all over the ME today, gas prices would continue to shoot up.

Right now, look for $4 a gallon very soon...if unrest spreads to Saudi Arabia (which it will be doing such in March), look for prices to breach the $5 a gallon mark. A couple investors from Wall Street were talking on the Glenn Beck show Tuesday night that in the worse case scenario, we could easily see $7 to $10 a gallon (but that would require something in Iran to happen, and something in Venezuela...which the latter is already starting to take place with Venezuela selling the best oil to China, and we are starting to get second rate crude).

GB also showed a facebook page, there will be a rally/demonstration in Saudi Arabia on March 20th. Al Qaeda is backing Libya's protesters...things are turning very badly, very quickly in the Mideast...and I'm afraid things are about to turn very anti-American in many of those countries. Democracy fails in every instance that a country or empire has tried to set one up. Our Founders realized this, so instead of setting us up as a Democracy, they set us up as a Republic.

In any regard, I expect protests to start in SA here very, very soon...and gas prices by midsummer (July/August) to be nearing or above the $5 a gallon mark. If we get oil prices to sit at $120 a barrel for 3 or 4 months, followed by a spike upwards, I (and many others) fear our economy will crash.

[cycloneye]

Here is a good graphic that I found about how are the gas prices around the U.S.

[RL3AO]

Sooner or later we'll have to deal with the fact that we have enough coal to produce the fuel we need for centuries and that saving some carbon dioxide from entering the atmosphere won't matter much if our entire economy collapses.

[HURAKAN]

yeah, pick you poison!

[RL3AO]

And if we used our coal and natural gas, OPEC would have no choice but to lower their oil prices.

[cycloneye]

Oil has comed down in a big way on rumors that Gaddafi was shot. Let's see if that news is true or not.Another cause for oil to go down today was this report that Saudi Arabia may help fill Libya's vaccum of oil.

http://www.cnbc.com/id/41755714

[cycloneye]

The U.S cannot confirm that Gaddafi was shot,but still the oil market tumbled today.

http://www.cnbc.com/id/41747049

[somethingfunny]

Libya produces 2% of the world's oil supply; of that, 25% has been shut down... So we've lost half of one percent of global oil production. Doesn't exactly justify a $15 jump in the price of oil......speculators.

As soon as Gadhafi leaves, prices will come back down. You saw the Egyptian uprising affected prices upwards for a while, but when Mubarak stepped down and it was seen that the new government wouldn't do anything crazy with the Suez Canal, prices restabilized to where they were before. Also the Saudis and the rest of OPEC recognize that high oil prices contributed to the economic collapse in 2008, and they don't want that again. I'm not too worried about a huge permanent oil price spike.

For the sake of the Libyan people I hope Gadhafi is gone quickly.

[angelwing]

Sigh, had to get gas this AM, the cheapest by me at home in PA was $3.45! Took the turnpikes to work to NJ and got it for $3.15, the guy who filled my tank told me I am lucky he is about to change the price to $3.19

Can't wait to see what it looks like when I get home tonight