Oil Reclaims $100, as $4-a-Gallon Gasoline Seems Likely

Energy May 09, 2011 No Comments

Crude oilLight, sweet crude for June delivery rose $5.37, or 5.5%, to settle at $102.55 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled up $6.77, or 6.2%, to $115.90 a barrel.

Oil futures clawed back some of the ground lost last week, reclaiming the $100 mark after heavy flooding and problems at a Mississippi refinery triggered a surge in gasoline prices.

The rally erases a sizable portion of last week’s decline and raises the likelihood that U.S. drivers will soon be paying an average $4 a gallon at the pump.

via Oil Reclaims $100, as $4-a-Gallon Gasoline Seems Likely – WSJ.com.

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Rod Sherkin

Rod is a former senior executive, responsible for Purchasing, for both Pillsbury and Ball Packaging back in the 80’s and 90’s. Since then, he has continued to work in the Purchasing field as both a consultant and founder of the website Propurchaser.com.

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