Published On Mon Jan 31 2011
Due to the protests in Egypt, the chaos is causing the price of crude oil per barrel to skyrocket. By early afternoon in Europe, crude for March delivery was up 40 cents at $89.74, a barrel in electronic trading on the New York Mercantile Exchange. The contract increased $3.70, to settle at an increadibly high $89.34 on Friday. This could be the first time that we would be seeing three-digit futures crude prices since the market collapse in September of 2008.
I think that this problem is very serious, and could actually bring on another huge dip in the market like 2008. The increase in price for crude oil per barrel will could cause many things to change, including taxes. Overall if this chaos gets to much further out of control we could be seeing some serious problems in the world.
http://www.thestar.com/business/article/930742--egypt-chaos-could-push-oil-to-100-a-barrel
Due to the protests in Egypt, the chaos is causing the price of crude oil per barrel to skyrocket. By early afternoon in Europe, crude for March delivery was up 40 cents at $89.74, a barrel in electronic trading on the New York Mercantile Exchange. The contract increased $3.70, to settle at an increadibly high $89.34 on Friday. This could be the first time that we would be seeing three-digit futures crude prices since the market collapse in September of 2008.
I think that this problem is very serious, and could actually bring on another huge dip in the market like 2008. The increase in price for crude oil per barrel will could cause many things to change, including taxes. Overall if this chaos gets to much further out of control we could be seeing some serious problems in the world.
http://www.thestar.com/business/article/930742--egypt-chaos-could-push-oil-to-100-a-barrel
