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Oil Hits $100 a Barrel for the First Time

Jad Mouawad | New York Times

New York Times - Oil prices reached the symbolic level of $100 a barrel for the first time on Wednesday, a long-awaited milestone in an era of rapidly escalating energy demand.

Crude oil futures for February delivery hit $100 on the New York Mercantile Exchange shortly after noon New York time, before falling back slightly. Oil prices, which had fallen to a low of $50 a barrel at the beginning of the year, have quadrupled since 2003.


Sean Paul Kelley January 2, 2008 - 2:39pm
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( categories: AgonistWire | Global Energy )

I'm Left to Wonder...

Sean-Paul - Is this the price we (that is, average Americans) pay for the Gulf Oil States remaining on the dollar standard ??

jbaspen January 2, 2008 - 3:10pm
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Better to ask Ian that question, although I assume his answer

would be, "yes."

“Is not our first thought to go on the road? The road is our source, our vault of treasures, our wealth. Only on the road does the ‘traveller’ feel like himself, at home.”
Ryszard Kapuscinski

Sean Paul Kelley January 2, 2008 - 3:14pm
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Compared to other currencies

Is there a website that has tracked the cost of oil compared to currencies that have not tanked in the last year?

You would clearly see a much more stable price of oil, although whether or not the final number would be roughly no increase I cant say off the top of my head.

I know the price of gas has been essentially unchanged in Canada for the last 12 months....

bobbob January 2, 2008 - 3:54pm
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I know that Jeff Saut at RJFS has followed the same

question you just addressed and has written about it often in the last year.

“Is not our first thought to go on the road? The road is our source, our vault of treasures, our wealth. Only on the road does the ‘traveller’ feel like himself, at home.”
Ryszard Kapuscinski

Sean Paul Kelley January 2, 2008 - 3:59pm
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Found a good link

http://europe.theoildrum.com/node/3106

Looks like a barrel has still gone up by ~50% relative to most currencies. I'm a bit surprised - thats higher than I expected.

bobbob January 2, 2008 - 6:31pm
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