Oil Price Settles at New High of $41.72

[Rosco T.]

(so much for Bandar's "October Suprise" eh??)

http://news.yahoo.com/news?tmpl=story&cid=509&u=/ap/20040524/ap_on_bi_ge/oil_prices_4&printer=1

WASHINGTON - The price of oil reached a new high Monday, settling at $41.72 per barrel as traders shrugged off Saudi Arabia's pledge to immediately pump more crude because other OPEC (news - web sites) members refuse to formally increase the cartel's daily production quota.

Meanwhile, the average retail price of gasoline nationwide soared 4.7 cents last week to $2.064 per gallon — also a record — one week ahead of the start of the busy summer driving season, according to Energy Department statistics released Monday.

(more)

[napi21]

1. Beware of Sept!

Shrub may have asked Bandar to hold off till just before the election so Shrub can make it look like his friendship with the Saudi's is an asset American's can't afford to lose.

You realize when the price of gas rises to unbelievably high rates, it actually seems GOOD when it goes down to levels higher than they were in the past. Oil companies do this all the time, and have for years. When prices were .25 a gal, and went up to .65, we all thought it was great when they went down to .39.

I think that's really what's beind this whole thing. "Get all the people screaming about $2.35/gal....they'll be happy when we only charge $1.45.