Speaking of record highs:  Oil prices are getting insane  
Friday, October 19th, 2007

Cripe!  Oil prices rose to over $88 a barrel on Tuesday.  Traders are worried about a possible problem between Turkey and Iraq, and escalation in political tensions in the Middle East is said to affect the oil markets.  Sure, blame Turkey:  as if we haven't done enough to raise tensions in the Middle East by now.

So sayeth CNN:

"Light, sweet crude for November delivery rose $1.94 to $87.07 a barrel on the New York Mercantile Exchange Tuesday after rising as high as $88.20 earlier, a trading record.

"Also Tuesday, November gasoline rose 2.51 cents to $2.1826 a gallon on the Nymex, while heating oil futures rose 2.86 cents to $2.3358 a gallon. Natural gas for November rose 3.7 cents to $7.482 per 1,000 cubic feet."

$88 a barrel?  Good grief!  A barrel of oil is the equivelant of 31 gallons.

   

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