Gas jumps above $3.67, oil passes $126 on Venezuela concerns

Source: (AP)

NEW YORK (AP) — Oil rose above $126 a barrel for the first time Friday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member. Gas prices, meanwhile, rose above an average $3.67 a gallon at the pump, following oil's recent path higher.

On Friday, The Wall Street Journal published a report that suggested closer ties between Venezuelan President Hugo Chavez and rebels attempting to overthrow Colombia's government. Chavez has been linked to Colombian rebels previously, but the paper reported it had reviewed computer files indicating concrete offers by Venezuela's leader to arm guerillas. That appears to heighten the chances that the U.S. could impose sanctions on one of its biggest oil suppliers.



"If we put on sanctions, I'm sure Chavez would threaten to cut off our oil supply," said Phil Flynn, an analyst at Alaron Trading Corp. "Obviously that would have a major impact on oil prices."

Light, sweet crude for June delivery vaulted to a new record of $126.25 on the New York Mercantile Exchange before retreating slightly to settle up $2.27 at a record $125.96. Oil futures set new records for the fifth straight day, and ended the week up $9.64, or 8.3 percent.



Read more: http://finance.myway.com/jsp/nw/nwdt_rt_top.jsp?news_id=ap-d90ib5eo0&

And sadly, I'm afraid that many here on DU would cheer if the democratically elected Chavez were overthrown.

And business as usual (we only allow right wing dictators that torture and oppress their own peasantry while obediantly fitting into the neo-liberal model that benefits our owning/ruling class -- fall outside that model and it's the economic hitmen, when not actual military, are sent in to settle the matter).

next week. It cost me $30.00 to fill up my little putt putt. I don't know what people are going to do at these prices if they're living from shitty paycheck to shitty paycheck, especially if they allowed themselves to be conned into going into debt for a Saudi's Ulitmate Vengeance.

Santorum spots, again? http://wonkette.com/politics/sex/you-can-only-spread-santorum-so-far-190256.php

Something reeks......

except for the hedge fund speculators who are playing around with oil bets.

folks who "reviewed computer files indicating concrete offers by Venezuela's leader to arm guerillas" have an interest in the price of oil going up? Are they making the computer files available to anyone who wants to take a look?

Probably will be over $3.90 by tomorrow.

Let me pick - Saudi!

Mr. Hugo Chavez all he needs to do is THREATEN to cut off our oil supply. No need for hostilities, forget about pulling out the heavy artillery.

Just WARN the U.S. and poof the price of oil goes up.

Interestingly, Mr. Chavez WANTS the price of oil to go up. He absolutely loves the fact that oil is going up astronomically.
This is creating a HUGE transfer of wealth, from oil-guzzling nations to oil-producing nations. The amount per day is staggering.

down when these crises abate.

While I have the option to curtail my driving, many here in the West have commutes that are not a good match with car-pooling or are otherwise unavoidable to maintain employment. And there's the trickle down effect on commodities trucked around the state.