$100 Oil Blues
If you thought $100 oil was behind us, think again.
All it took was an explosion at a 67,000 barrel per day refinery in Texas and up shot the price of oil futures today, closing above $100 for the first time, according to the Associated Press.
Or maybe it wasn’t that refinery explosion in Texas. As the AP reported, it could have been any
number of things that spooked investors:
“There was no single driver behind oil’s sharp price jump; investors seized on an explosion at a 67,000 barrel per day refinery in Texas, the falling dollar, the possibility that OPEC may cut production next month, the threat of new violence in Nigeria and continuing tensions between the U.S. and Venezuela.”
Whatever the case, it goes to show the price of oil dependence is only getting steeper by the day. It’s just one more reason why it is critical for America to have a diversified energy policy that includes clean, renewable fuels such as ethanol.
Source:
“Oil Jumps Above $100 on Refinery Outage,” by John Wilen, the Associated Press, February 19,
2008.
