US Crude Crosses $100 Mark; Brent Tops $110

US Crude Crosses $100 Mark; Brent Tops $110

www.cnbc.com

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 calculations, marking the first cut in oil supplies related to the recent wave of anti-government unrest in North Africa and the Middle East.

(visit the link for the full news article)

So what does this add to the already mounting problems in the U.S..most of the big financial heads seem to think that in a matter of time Saudi Arabia will fall to protests.

Seems in my opinion the S&^t is starting to go in the direction of the fan.can we as Americans in our fragile economic state be able to even afford 5 dollar gasoline?

Ifeel this will have a very negative effect on the economy.

www.cnbc.com
(visit the link for the full news article)

reply to post by alchemist2012


I wouldnt be suprised to see the SPR tapped if things get worse.

reply to post by SirMike


I thought that was nearloy impossible to open"SPR"

Originally posted by alchemist2012
reply to post by SirMike

 

I thought that was nearloy impossible to open"SPR"

Clinton opened it in 2000 when rising gas prices were seen as threatening manbearpig presidential bid.

All it takes is an executive order.

reply to post by SirMike

Are you cereal!!!!!, I dont see them opening it up.this really would not be a crisis but more of a reality check.we as Americans have been living beyond our means.and more thsn the stock markets are due for an correction

I remember when
it was at $30.00 barrel...
100 bucks is nothing
compared to what we will be
seeing... It could reach up to $200.00
and what are we the people going to
be able to do about it?
I hope these people have something
*up their sleeves* or were going to be
screwed....

reply to post by alchemist2012


It happened: www.cbsnews.com...

I would agree that the SPR is for emergencies only, and higher prices arent an emergency. A supply interuption maybe, but not a speculatory bubble.

reply to post by SirMike


In my very fiber i feel the world is starting to de-stabilize and it will be only a matter of time before 1.WWIII 2.Civil War in numerous countries.3.A World Government to handle the wars and protests

reply to post by alchemist2012


Its all about perspective I suppose. I was talking to my Dad about current event the other day and he pretty much said "been there, done that".

While 100 dollar oil is very bad for the economy, I think we'll be seeing $200 in very, very short order.

If protests start in Saudi Arabia well.... You better hope your ready for the biggest economic crunch we have ever seen. It'll make 2008 look like a walk in the park.

Collapse of Industrial civilization anyone? There is no elasticity with oil. S#$% is hitting the fan and the world is coming apart at the seams. I'm expecting anything to happen at this point... Attack on Iran, false flag.. You name it.
Anything to divert attention from the fact we have lost the wheels to this vehicle and are now dragging sparks

And we have Ghaddaffi threatening to blow up the libian pipeline. Think that might cause a spike?