Sort of spin-off from gas price - oil price

**Dutchie** · 02-24-2011, 09:18 AM

Just heard that oil hit the $120 mark this morning because of the unrest in Libya and the entire Middle East and North Africa. (It seems that Libya has one of the highest oil reserves in the world. We also heard something yesterday on our news that we have gas stations that belong to the Libyan government. WTH ! )

We also heard that our gas price will be $ 8.95 per gallon by the end of the week because of the oil price.

UGH!!!!!!!

**imagine** · 02-24-2011, 09:28 AM

Originally Posted by Dutchie

Just heard that oil hit the $120 mark this morning because of the unrest in Libya and the entire Middle East and North Africa. (It seems that Libya has one of the highest oil reserves in the world. We also heard something yesterday on our news that we have gas stations that belong to the Libyan government. WTH ! )

We also heard that our gas price will be $ 8.95 per gallon by the end of the week because of the oil price.

UGH!!!!!!!

How much of an increase is 8.95 a gallon for you?

**Russ** · 02-24-2011, 09:33 AM

Unrest in Libya and yet...

The oil markets have been the main point of interest, especially as Libya accounts for a chunk of the world's oil supplies at a little under 2 percent of global output.

from this website: Libya clashes hit world stocks as oil surges- MSN Money

**Dutchie** · 02-24-2011, 09:38 AM

Originally Posted by imagine

How much of an increase is 8.95 a gallon for you?

It is about $0.98.
Our gasoline is very high.
(I got a tank full for 1.56 euros per liter last week and they predict that it will be 1.75 euros per liter.)
But this would be the highest it has ever been.

**Dutchie** · 02-24-2011, 09:41 AM

Originally Posted by Russ

Unrest in Libya and yet...

Our news has just come with the following - Saudi Arabia has said that they could pick up the shortfall of Libya and that has helped bring the oil price down a little. It's now around $115.