I do not normally advise the US to attack third world countries. Especially over oil. But in this case the mad man is attacking his own people. The chaos is shutting down the oil fields in Libya and rippling through the oil world. He is threatening to set the oil fields on fire. He ordered naval vessels to bombard Tripoli. Where is the 5th Fleet when you need them.
Posted today at 10:37 a.m.
U.S. gas prices jumped 6 cents overnight, as the recent spike in oil prices begins to hit filling stations across America. That marks the third day in a row that prices have risen, and brings the national average to the highest level since October 2008.
The national average price for a gallon of regular gas rose 5.9 cents to $3.287, motorist group AAA said Friday. Gasoline also jumped 6 cents overnight in Chicago, where prices averaged $3.497.
So far this week, gas prices have increased nearly 12 cents a gallon. And analysts expect prices to continue higher in the next few days following a sharp rise in the price of crude oil.
Gas prices were highest in Hawaii, where drivers paid $3.757 a gallon, on average. Wyoming had the lowest gas prices at roughly, $3.014 a gallon.
The jump in pump prices follows a surge in prices for crude oil, the main ingredient in gasoline. Oil prices were holding near $98 a barrel early Friday morning, one day after prices hit a high of $103 a barrel — the highest since October 2008.
Economists warn that an energy price shock could hurt the economic recovery in the United States. In general, every $1 increase in the price of oil costs consumers $1 billion over the course of a year.
That’s concerning because consumer spending makes up the bulk of U.S. gross domestic product, the broadest measure of economic growth.
Oil prices have been driven higher by political unrest in North Africa and the Middle East, where much of the world’s oil comes from. Despite the surge in prices this week, the amount of oil that has been taken off the world market has been relatively minimal.
More next week.