The usual suspects were all present this week - fear and uncertainty over the possibility of military action in Iran, civil unrest in Nigeria, and the seemingly inelastic and insatiable demand for energy 'round the world - and oil ended up setting record highs nearly every day this week. Friday's market close saw the black bubbly stuff top the $75 mark, topping off a five-day increase of 8.4%. As many are quick to point out, prices are still 20% lower than those of 1980 when adjusted for inflation, but give it a couple a weeks and we'll probably be there. Keep in mind that this isn't investment advice; rather, that comes with a CNN/Money piece that recommends two oil stocks while staying away from the auto sector.
Then there are gasoline prices, which are tracing their own upward trajectory on the heels of the MTBE-to-ethanol changeover. The "S" word - shortages - is now being thrown around the East Coast. If any readers have information on this, please speak up in the Comments.
On a personal note, we here at Autoblog had the opportunity last night to personally verify that at least one local fuel station has a pay-at-the-pump limit of $100.00 per transaction. Ouch.
[Sources: MSNBC, CNN/Money]