Oil Rises Above $110 Per Barrel

Oil is climbing above $110 per barrel as the dollar weakened and the government reported an unexpected drop in U.S. crude supplies.

Benchmark West Texas Intermediate oil for June delivery gained $1.89 at $110.16 per barrel on the New York Mercantile Exchange. Meanwhile, retail gasoline prices increased slightly to $3.84 per gallon.

Oil rose early in the day as the dollar dropped relative to other major currencies and made crude cheaper for investors holding foreign currency.

The Energy Information Administration later reported that U.S. oil supplies shrank by 2.3 million barrels last week. Analysts expected an increase of 1.6 million barrels. The EIA report also said that gasoline demand is falling, adding to industry surveys that suggest American drivers are buying less gasoline as prices rise.

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  • by Obama Snake Oil co Location: Washington on Apr 21, 2011 at 04:52 AM
    Hmmm, so Asthema is aggravated by the burning of coal. BHO said this in a speech yesterday. Funny, no doctors, even specialists said....no, wrong. So as he spawns and new lie in order to shut down the coal industry, just like he did US Oil, expect everything to rise. Even S&P now knows we are being presided over by an idiot how has no idea what to do. Well hopey changey people, dig deep in those pockets, pay cut once again coming your way. A fool and his money....
  • by Whazzup? Location: Ayden on Apr 20, 2011 at 04:36 PM
    When BHO made the statement that America will have to get used to high gas prices a few days ago, it revealed his intentions; let the price of gas reach the sky. He intends to have countries that sell us this oil at these astronomical prices funnel some of the profits to reach terrorists who want to destroy our country and way of life. When this is accomplished, BHO and his left wing environmentalist will be happy as a shark in a feeding frenzy.
    • reply
      by Fact Bringer on Apr 20, 2011 at 05:21 PM in reply to Whazzup?
      That's quite an interesting conspiracy. What do you think our president's motive is, for wanting such chaos and failure in our nation's energy consumption?
      • reply
        by Demosthenes on Apr 20, 2011 at 07:06 PM in reply to Fact Bringer
        Barack Obama: I think that I would have preferred a gradual adjustment. The fact that this is such a shock to American pocketbooks is not a good thing. But if we take some steps right now to help people make the adjustment, first of all by putting more money in their pockets, but also by encouraging the market to adapt to these new circumstances more rapidly, particularly U.S. automakers… Sounds like he only objects to the speed. Liberals like Gore have been screaming for years for higher gas prices as a control mechanism on usage.
        • reply
          by Fact Bringer on Apr 20, 2011 at 10:18 PM in reply to Demosthenes
          I think price manipulation underines capitalism. So do bail-outs, as they cancel out the risk inherent in investing. As far as setting prices, this has been a manipulated market and that needs to stop. It's not one party or the other that manipulates commodity prices. But I won't vote for a candidate that can't define "derivative." Waiting for a smart republican candidate.
        • reply
          by Demosthenes on Apr 21, 2011 at 09:33 PM in reply to Demosthenes
          I would agree with most of that. I think you're unfairly prejudiced against Republicans, but that's ok because I can't stand the drooling and often incoherent Democrats. To be honest though, I'd rather have a stupid but honest man in charge instead of an intelligent conniver. Both parties are morally bankrupt, but I just can't stand all the whining of "poor pitiful me" from the Left.
      • reply
        by Obama Snake Oil co on Apr 21, 2011 at 04:49 AM in reply to Fact Bringer
        Socialism! He sympathizes with the muslim terrorists....keep up...
  • by Stan Location: G'ville on Apr 20, 2011 at 04:16 PM
    When President Obama took the oath of office in January 08,the average price at the pump was $1.70 per gallon. The price has risen to an average of $3.80 today. Obama is not the only reason for the skyrocketing cost but the problem needs to be corrected in order to prevent the economy from slipping into a depression.
  • by to Mad Mother on Apr 20, 2011 at 04:15 PM
    You obviously are doing something wrong like many others. Spend less, get a mobile home, cut up your credit cards, eat more beans, drive a clunker till the wheels fall off or whatever it takes to live within your means and be financially viable within your financial limits. Many live well on much less than you make. The rest of the world is catching up with us. That's a good thing.
  • by USA Location: USA on Apr 20, 2011 at 03:51 PM
    T-R-U-M-P- .
  • by Surprised Location: Grifton,nc on Apr 20, 2011 at 03:21 PM
    UNEXPECTED.......are you kidding me....where did it go by the way????? It's not like someone MISS COUNTED.
  • by bargin brand or Charmin on Apr 20, 2011 at 02:15 PM
    When times got tight, my late father use to joke about using the Sears catalog in place of toilet paper. When things got really tight he told of how they would use corn cobs in rural SC in place of toilet paper. The more I think about it, with out houses (he was born in 1915) maybe they really did use corn cobs. It is inevitable that our standard of living will decline. My ECU Professors in the 1970s were simply showing us the facts in support of the declining standard of living we would experience. So, I'm content with a healthy nest egg and some of my wants vs. needs. With 77% in stock it makes things interesting. If I don't call the next recession as close as I got the last one, ECU will loose some of its inheritence.
  • by break the piggy bank on Apr 20, 2011 at 01:59 PM
    Per USA Today last week: expect to pay 30 to 40 cents more per gallon for gas this Summer.
  • by Big Red Location: Greenville on Apr 20, 2011 at 01:03 PM
    Hey, folks! While we're arguing about who dropped the ball, remember Standard and Poor's put a shot across our bow on Monday, by threatening to drop our triple A rating. This is REALLY serious. Government spending is so out of control, we may be in second world status by the end of the year. Also, our so called "friend", Saudi Arabia cut their production, which increased the price of oil; more money for them, less in our pockets. Obama, the Democrats as well as the GOP had better get on the stick, because if the dollar defaults.....well, you ain't seen nothin' yet!
    • reply
      by OSOC on Apr 20, 2011 at 01:46 PM in reply to Big Red
      Yeah, I caught it on Fox since the other news media didn't really describe what it meant. Some of the other business web sites described it as a can of sardines would sell for $90 dollars....gas? Consider you could not afford to drive a car.....
    • reply
      by James on Apr 20, 2011 at 02:58 PM in reply to Big Red
      Red, the new repubs are trying their best, but it's very difficult without the total control of all three houses that the dems have held the past few years. If you all want a real CHANGE FOR THE BEST, do whatever it takes to vote obama and his like out of office.... ASAP. Also hold the repubs to the fire if they pull an obama and drop their promises.
    • reply
      by Surprised on Apr 20, 2011 at 03:22 PM in reply to Big Red
      Everyone is entitled to make a dollar, it's the AMERICAN way, LOL
  • by Fact Bringer Location: Greenville on Apr 20, 2011 at 12:22 PM
    Obama dropped the ball on this. In 2007, Senator Obama said the FTC should investigate big oil for price manipulation. In 2008, during his campaign, Obama recommended the justice dept investigate energy traders. He also wanted a "windfall profits tax penalty" .. None of this has been discussed since.
    • reply
      by OSOC on Apr 20, 2011 at 12:37 PM in reply to Fact Bringer
      See Below!
    • reply
      by James on Apr 20, 2011 at 02:55 PM in reply to Fact Bringer
      In other words, just say he's a liar... which most people already know.
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