BREAKING: Barrel of Oil hits $100.30, gas back over $3

A barrel of oil just hit $100.30 high today and while it might go higher or lower for the rest of the day, it seems trading over $100 is becoming normal. Why is this important? In the U.S., the price of gasoline is over $3 a gallon again, according to the EIA. With a barrel of oil reaching new heights, pump prices probably aren't headed down anytime soon.
UPDATE: Oil closed at $100.74 (see above).
[Sources: Reuters, CNBC]
Reader Comments (Page 1 of 1)
Nick 1:18PM (2/20/2008)
And the bottled water in 20 fl oz bottles is still something like $5/gallon.
GAS IS CHEAP.
I can pay about $3 to move myself and 2000lbs of metal a 30-mile distance. I'd say thats a bargain.
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Kardax 1:23PM (2/20/2008)
BREAKING: Lascelles Linton uses BREAKING in more titles than all other AutoblogGreen writers combined.
Oil beating it's old high by a few cents isn't big news. If Saudi Arabia announces that their oil fields have peaked, THAT would be "BREAKING" news.
Seriously, save that exclamation for the really good stuff. Just some constructive criticism :)
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ug 1:24PM (2/20/2008)
GAS HAS TO BE CHEAP otherwise the cost of almost everything goes up. Once gas sells the same in volume as what you pay for bottled water or coke today, a loaf of bread will cost $10.
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TvLover 1:53PM (2/20/2008)
When did it ever stop being $3+ a gallon? Here in Dallas it has been hovering between $3.15 and $3.50 since all this crap started...and that is for regular!!!
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jeremie 2:21PM (2/20/2008)
I think it's time to rethink capitalism. The value of are lives is on the line. The amount of money "The Rich" need is killing us all. Where is corporate responsibility???
Vanity and Greed seem to be qualities that are running are world. Mine is bigger then yours... etc.
The energy wars are soon to come if we don't change are ways.
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Chad 2:21PM (2/20/2008)
Bottled water $5 a gallon in 20 oz size? I drink tap water which costs but pennies a gallon.
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Dave 3:02PM (2/20/2008)
jeremie,
sell your prius and buy a zap; I dare you.
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Steve 3:08PM (2/20/2008)
You might read a little more about the oil trading before writing a story like this. Turns out the trading volumes are very low, which causes increased price volatility. Demand for oil is trending down, and the economy is slowing down, helped along by these increases in oil prices. So oil is probably going to collapse in price relatively soon.
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dwf 3:34PM (2/20/2008)
Mid-February 2006: U.S. Avg. for Regular gas was about $2.25/gal
Mid-April 2006: U.S. Avg. for Regular gas was about $2.95/gal
Mid-February 2007: U.S. Avg. for Regular gas was about $2.08/gal
Mid-April 2007: U.S. Avg. for Regular gas was about $3.21/gal
Mid-February 2008: U.S. Avg. for Regular gas is about $3.04/gal
What do you think the price is going to be in about 2 months?!? Based the past two years, it could be $3.75 - $4.17 per gallon!
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Rojo 4:28PM (2/20/2008)
Hurray!
The more gas costs, the more demand there will be for EVs.
Come on mass media outlets: get off your doom-and-gloom woe-is-me recession rhetoric and start talking up the Teslas, Volts, Plug-in Priuses and the Peterbilt hybrids too!
Of course that's only the silver lining of the situation as we'll have to go through all kinds of financial hell until the (EV) products arrive. It only goes to show how fragile our economy is when it is so dependent on a fuel, though it accentuates our very real need to remove that dependency permanently and as soon as possible. (Speaking of doom-and-gloom rhetoric...)
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Amtoro 4:35PM (2/20/2008)
Water: A Pür or Brita filter would let you filter at home and have the same as bottled water for $0.17 per gallon.
Gasoline: An EV would let you charge-up at home and travel for $0.02 a mile.
It's nice to see how it all makes sense...
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A.Brien 11:48PM (2/20/2008)
Someone got to start a business of diesel made from grown alguë and sell that to the truckers.
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Matthijs 7:16AM (2/21/2008)
Breaking: In Holland the prices reach new heights we pay 1,553 euro per liter! That's $2.28 per liter.
Thats $2.28x3.7854118litres= $8,63 a gallon!
So please stop saying gas is expensive in the US. It is probably the most cheap of all developed county's in the world!
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Peekoyle 8:50AM (2/21/2008)
BRING IT ON!!!!
The higher the price of oil goes the more serious about EV's everyone will be.
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