From CNBC.com
U.S. crude futures briefly crossed the critical $100 mark Wednesday, the first such move since October 2008, as escalating violence in Libya shook crude markets and extended supply worries.
Between 300,000 and 400,000 barrels per day of Libyan output — up to 25 percent — has been shut down, according to Reuters calculations, marking the first cut in oil supplies related to the recent wave of anti-government unrest in North Africa and the Middle East.
After Libyan leader Muammar Gaddafi vowed in a defiant speech on Tuesday that he would not step down, promising severe punishment to his detractors, analysts fear that long-lasting supply disruptions or even permanent damage lies ahead for the OPEC member's oil industry.
Traders were intently watching what top OPEC exporter Saudi Arabia will do, even as its oil minister has reiterated assurances the kingdom and other OPEC members would be ready to act should a supply shortfall develop.
"I don't think Libya alone will take us to $150 a barrel, but, if unrest spreads in the Gulf countries, we could easily get there. That is why it is imperative the Saudis release some extra barrels into the market now to calm the situation, rather than simply trying to talk the price down," said Edward Meir, an analyst at MF Global in New York.
In the summer of 2008 when Oil went over $100 USD per barrel the economy was much stronger than it was today and the $4+ USD per gallon gas prices had little effect on local convention attendance. Today, however, the economy is far weaker and much more unstable so it looks like we will hit $4 USD before Memorial Day in many parts of the country (Gas is already about $3.60 USD here is so cal) and if Oil hits $147 USD we could easily see prices hit $5 USD per gallon during the summer driving season.
Your link insanity.
Brent climbs above $110...
Libya teeters on edge of civil war...
'1,000 People' Killed in Protests...
$4 Gasoline? Yes in California... $5?
Highest Prices in February Since 1990...
Hundreds back FACEBOOK call for Saudi protest...
Uprising Could Mean $140-Plus...
King orders $37 billion in handouts to citizens...
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