Premium…Did You Say, Bruce…?
I realize I’m going to be spending more on gasoline now that I own a car that runs on premium, and what is more get’s almost ten miles per gallon less. But…geeze…
LONDON: Concern that Turkey may attack Kurdish militants in Iraq and disrupt petroleum shipments pushed crude oil to a record price Tuesday, nudging $88 a barrel and extending a rally that has added $8 in a week.
Crude oil for November delivery rose as much as $1.84, or 2.1 percent, to $87.97 a barrel in electronic trading on the New York Mercantile Exchange, the highest level since the futures were introduced in 1983.
In early London trade, the contract was at $87.45.
Oil is closing in on the inflation-adjusted high of $90.46 seen in 1980, the year after the Iranian revolution and at the start of the Iran-Iraq war. Prices this year have averaged $67.
The latest surge in oil prices came after Turkey talked over the weekend of invading northern Iraq to pursue rebel fighters from the Kurdistan Workers’ Party, or PKK.
You want to get people’s attention here in America? Instead of issuing terrorist threat alerts on a color scale, they should issue them on a cost of a gallon of gas scale. The Homeland Security Administration rose the terrorist threat level to $4 a gallon today…
