Oil breaks $100, hits new all-time high

[STO4]

NEW YORK (AP) -- Oil prices hit new record highs Tuesday as a Texas refinery fire and fears of an OPEC production cut pushed crude to settle at over $100 a barrel for the first time ever.

U.S. crude for March delivery jumped $4.51 to settle at $100.01 a barrel on the New York Mercantile Exchange, topping the previous settlement record of $99.62 set Jan. 2.

http://money.cnn.com/2008/02/19/markets/oil-opec.ap/index.htm?cnn=yes


Where will it end ?

 

[White Rain]

I'm not feeling confident that it ever will!

 

[Missouri Mule]

Nominal high. It will have to get to about $105 reached in 1979 to break the record. We are not quite there yet.

But this is solvable. The solution for high prices is high prices. Although it is said that the demand is "inelastic" eventually we will see a decline in demand and prices will fall.

 

[Paladin]

The part that bothers me the most is that all of these fuel companies are posting record sales year after year. It seems their profitability is rising as quickly as the gas prices are when really it should be level or growing at a much more gradual price.