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Oil Prices now at $65 per Barrel

by Phantom Ace ( 93 Comments › )
Filed under Economy at May 28th, 2009 - 5:59 pm

Oil prices continue their surge. Prices today closed at over $65 per barrel. If this continues, any economic recovery will be choked off.

Oil prices jump above $65; first time for 2009

NEW YORK (AP) – Oil prices rose above $65 per barrel Thursday as OPEC maintained crude production levels as expected and a pair of economic reports suggested an economic rebound may push energy prices higher. Benchmark crude for July delivery added $1.56 to reach $65.01 a barrel on the New York Mercantile Exchange, a six-month high.

In London, Brent prices gained $1.80 to $64.30 a barrel on the ICE Futures exchange.

Instead of spending $700 Million to create a new energy source, our government spends that on a stimulus that will just fuel inflation and debt. This increase in Oil Prices might be the first signs of Inflation.

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This entry was posted on Thursday, May 28th, 2009 at 5:59 pm and is filed under Economy. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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