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    Oil price climbs above $101 per barrel

    By CHRIS KAHN | Associated Press – Tue, Feb 14, 2012

    NEW YORK (AP) — Oil prices are above $101 per barrel as Greece and its creditors continue to work on plans to trim massive debts. Natural gas prices jumped as bargain hunters snapped up contracts that are still the cheapest in 10 years.

    Benchmark crude on Tuesday rose 32 cents to $101.244 per barrel in New York. Brent crude lost 15 cents at $117.24 per barrel in London.

    After approving spending cuts and other austerity measures, Greece said its borrowing costs fell slightly. Greece's economy remains a shambles, but analysts say the reforms should shield eurozone banks and keep the region's economy from sinking further.

    Natural gas surged 13 cents, or 5.2 percent, to $2.56 per 1,000 cubic feet.

    U.S. retail gasoline prices were flat at a national average of $3.51 per gallon.

     

    3 comments

    • Change
      Change  •  Boston, Massachusetts  •  3 mths ago
      Some people just don't get it. Unlike any other oil producing country in the world, the benefit is never and will never be passed to the people of this country via pump prices, or home heating cost. Why are we not looking at natural gas? Well, because, the main natural gas supplier has started shutting down production because they can't raise prices to where they want them. So there is no shortage of oil or gas, only gluts on the market. People seem to think that these companies are going to pass their savings down in the price. Exxon Mobil leads the way in showing that will never be the case.
    • G
      G  •  3 mths ago
      The scam artists at work ,OIL up again on bogoos news ,as always. It seems when the Asian markets open, Oil is traded with real fundamentals like Demand and stockpiles ,Here we trade OIL with speculative Anarchy!! ,anything to raise the OIL/Gasoline Futures ,it is blind greed insane.
    • TED
      TED  •  3 mths ago
      If we want clean energy who are we not looking more at natural gas??
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