Monday, February 21, 2011

$4 Gas Sure Thing As Libyan Unrest Sets Crude Climbing

Crude oil for April delivery gained $5.69, or 6.3%, to $95.40 a barrel over the past two days of Libyan unrest and military attacks on hundreds of civilians.

Colonel Muammar Gadafi set off the first round of skyrocketing American fuel prices in 1970 when he nationalized the foreign oil fields of his nation following the Congressional action of crimping the oil depletion tax allowance by another significant percentage increment in 1969.

Muslim Brotherhood actions against his 40-plus year regime over the weekend sent crude prices sailing every higher and higher on thermals of trepidation and uncertainty over supplies.

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