Soaring Past $147.00 A Barrel

In reading the money news article by Associated Press Writer, Madlen Read, Friday July 11, 2008, I was hit with oil fatigue. It was shocking when the oil had soared to $100.00 a barrel back in February 2008. Now here we are averaging at $150.00 a barrel just 5 months later. Putting the national average at over $4.00 a gallon while the price has hit San Mateo California at $5.21 and 9/10 a gallon for regular with premium at $5.45 and 9/10.

The Managing Director of FACTS Global Energy in Energy in Singapore, Jeff Brown was quoted as saying, "There's always a fear premium in pricing. The tensions in Iran and the threat of supply disruption will help support oil prices,"

Of course the rising tensions between the Western countries and Iran with the 'Potential' of Nigerian militant group resuming their attacks on the Nigerian oil facilities seem to be having an effect on the 'traders and Investors' as they did their end-of-the-week-trade. And the shrinking American U. S. dollar was also to blame. Then there is also the possibility of a strike by oil workers in Brazil. But so far the only definite thing that has occurred is our devalued U. S. dollar. All the other factors for the rise during these 5 months were only probabilities.

There may not be much that we can do to stop the downward spiral of the U. S. dollar, however news on a repeat of possible threats seems to be having an effect on the 'trading and investing on Wall Street' thus controlling the price in the consumer market.