Gasoline Gains as Looming Syria Strike Sends Crude Above $112

[Purveyor]

Source: Bloomberg

Gasoline jumped to a five-week high, following crude’s rally, amid concern that any U.S. military strikes against Syria will lead to a widespread Middle East conflict and oil supply disruptions.

Futures rose as much as 2.3 percent. West Texas Intermediate crude surged to the highest level since May 2011. U.S. officials aren’t limited to a one-day operation, an administration official said as the U.K. drafted a United Nations resolution to condemn last week’s suspected chemical attack in Syria. Syrian Foreign Minister Walid al-Muallem said yesterday “we have the means to defend ourselves, and we will surprise people with them.”

“We’re off the highs, but until we have a clear feeling on how the aftermath of this potential strike in Syria will go, you can’t afford to be short,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago. “All the major oil producers are on opposite sides of the conflict.”

Gasoline for September delivery rose 3.89 cents, or 1.3 percent, to $3.073 a gallon at 9:46 a.m. on the New York Mercantile Exchange. Prices touched $3.1033, the highest intraday price since July 22. Trading volume was 10 percent above the 100-day average.

Read more: Link to source

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Just received notice that our mid-michigan area prices are going up .25 as I type.

Happy Holiday...

[David__77]

1. Thanks for to Obama.

Saber rattling has real world impacts, lowering people's standard of living. Enough with the bellicosity.

[Deep13]

2. And here we find the real reason for military intervention. nt

[Andy823]

3. At CNN money it says oil has gone down to $109.78

Last night it was up to almost $112.00. I just got back from town. Yesterday the price of gas was $3.89, and has been for at least a month now, today it had dropped to $3.79, ten cents less. This was at the station that seems to drop first, and the other follow within a day. I live in rural Washington state.

Here is the link: http://money.cnn.com

[dipsydoodle]

4. Cause and effect

aka you made the bed..................

Obviously not you personally : your administration.

[MrTriumph]

5. And many businesses will suffer, too.

My business caters to mature people who keep up with the news. When the debt ceiling crisis hit 2 summers ago, our business took a hit. No, the same has already started since the US began threatening war with Syria.

Has it struck anyone in Washington DC that the US badly needs a period of peace?

[Supersedeas]

6. and the winner is....

do oil companies ever really lose?

[cstanleytech]

8. Nope the oil companies never lose and the price seems to rise

at any news even one of someone breaking wind in a meeting of OPEC.

[JDPriestly]

7. MISSION ACCOMPLISHED!

The Koch Bros. & Co. must be just elated, overjoyed, out-of-their-minds-happy.

Think of the campaign contributions to our politicians that just a tiny percentage of the profits will mean. Woo-hoo!! Toot! Toot!

Democracy on the march.

Saving lives in Syria. Goody for us!