(AP Graphic)
Reporting Anthony Silva
BOSTON (CBS) – Oil prices have been rising quickly for weeks, and that means you’re paying a lot more to fill up your car’s tank and your home’s oil tank. For the month, oil prices were up 5% and last week alone, gasoline prices jumped 17 cents a gallon.
Oil risk analyst Peter Beutel at Cameron-Hanover in Connecticut tells me the great concern is the political unrest spreading across the Middle East. Beutel says he sees prices rising to as much as $125 a barrel, but if political unrest spreads to Saudi Arabia, oil prices could double from that point.
In Beutel’s words, “It’s moving with the the speed of a contagious disease. Oil prices are moving with the speed of the measles. It difficult to compare this with other events because we have an entire region on fire.”
WBZ NewsRadio 1030′s Anthony Silva reports.
5 Comments
Don’t kid yourself.
This is nothing more than the oil companies and speculators seizing the moment to futher faten their wallets.
It’s taken them this long to realize all the regulations they were afraid of if the Democrats were elected to power aren’t coming, so it’s back to business as normal.
February 28, 2011 at 6:59 pm | | Report comment
If you haven’t checked out this blog yet you should…it has some really funny stories and it’s all clean and kid friendly stuff. http://www.jaredslighterside.blogspot.com
February 28, 2011 at 9:54 pm | | Report comment
Yep, it’ll be another year of record profits for ExxonMobil.
Glad I bought shares when the price took a sharp dip in ’08.
If you can’t beat ‘em, join ‘em.
February 28, 2011 at 7:26 pm | | Report comment
Obama is clearly in bed with the oil companies.
March 1, 2011 at 4:06 pm | | Report comment
Not as clearly as George W. was.
The entire gov’t is in the back pocket of big oil.
Nothing partisan about it.
March 1, 2011 at 5:48 pm | | Report comment