Monday, February 21, 2011

Libya Unrest Creates Oil Price Surge

Libya is a major oil producer. Curious how this all leads to inflation at the pump.

Reuters: Libya turmoil prompts oil surge, hits equities
Brent crude gained $2.50 a barrel to hit a new 2-1/2 year high above $105.

3 comments:

Glynn Kalara said...

My Prius just keeps getting sweeter and sweeter. I hope OIL goes to $500 a barrel. It's the only way we'll ever switch to electric etc.

Ed said...

If only we could have had a leader with the guts to raise the price, or a populace that saw the need for sacrifice. Ross Perot was right.

Jim Sande said...

There are millions of acres that are leased to oil companies that are to this day unexplored for oil. I do believe that there is a peak oil time but I think its a ways off. The only way we end up switching is when its completely gone and oil companies have extracted every last little penny out of it. Sorry but I am the pessimist. The only people who will change over to electric or hybrid are the smart ones. The top of the smart pyramid is tiny.