A free thinker in the Heartland...

Thursday, July 06, 2006

Oil prices are... well you know

Guess what is up... again... from the Indianapolis Star:

Oil prices soared to a record above $75 a barrel Wednesday, propelled by geopolitical tensions and a rally in gasoline that analysts said could send average U.S. pump prices past $3 a gallon by the weekend.
Light sweet crude for August delivery briefly surged to $75.40 a barrel on the New York Mercantile Exchange before easing back to $75.20, an increase of $1.27. Gasoline futures jumped by more than 6 cents to $2.284 a gallon. The last time front-month oil futures settled above $75 was April 21. The previous intraday high, also set April 21, was $75.35.

Oil prices are roughly 26 percent higher than they were a year ago but still below all-time inflation-adjusted highs of around $90.

I love how they always throw in that last part, that somehow knowing that the prices are not at "all time record" highs should help. I myself would love a hybrid car, not to be all environmental but to not be such a slave to oil. Cars that get 60 miles to the gallon sound great with prices like this.