Friday, June 06, 2008

$200 by Labour Day

Anyone want to bet? Oil hit $139 a barrel today:
"Oil prices shot up more than $11 to a new record above $139 Friday after Morgan Stanley predicted prices would hit $150 by the Fourth of July. The unprecedented jump is all but certain to drive gas prices well past the $4 mark in the coming weeks."
This has passed the realm of "getting serious" and is now officially into the "almost an emergency" stage. $4/USgallon for gas is about $1.05/litre (1 US gallon = 3.79 litres), still not what we're paying up here (I paid $131.5 yesterday).

It wasn't that long ago I was a little freaked when oil went over $50/barrel. I'm really starting to wonder where this is all going.