Apr 21, 2006

Oil Breaks $75 per Barrel

Left: Traders in the oil futures pit of the NY Mercantile Exchange, courtesy of AP

(New York) Light sweet crude for June delivery rose to $75 a barrel in early afternoon trading on the New York Mercantile Exchange, setting a new record.

Brent crude for June rose to $73.15 a barrel on London's ICE Futures exchange over Western fears of the Islamic Republic's determination to push ahead with its uranium enrichment plans.

The likelihood increases that oil may hit $85 per barrel during the peak summer demand, which could send gasoline prices skyrocketing to $3.50 a gallon or more in the US.


-Sepp said...

Now the oils companies will each make 500 billion in profits.

historymike said...

They bhave been posting record profits for about 10 quarters now, sepp.

The free-markets-at-all-costs crowds have had difficulty apologizing for the excesses of the oil cartels and oligopolies. Even Adam Smith, icon of the free market crowd, disdained the "unnatural" rise of monopolies, oligopolies, and cartels. He saw government as the means by which corporate power could be reined in.

Hooda Thunkit said...

Well, as long as we keep buying. . .

And now, the rest of the world appears to be as addicted as we are to oil.

Yet, our own wells remain capped, Canada drills under the Great Lakes (while we do not) and all of our oil monies head to other countries.

Now, how smart is that???