BREAKING: Oil hits $100 a barrel

Oil is starting 2008 with a bang: Today, for first time ever, a barrel of crude oil traded for $100. Oil has traded close to $100 for months but there is just something about breaking the $100 barrier. "This is an important psychological number" said Rick Mueller, an analyst with Energy Security Analysis Inc. Emil Pena director of the Energy and Environmental Systems Institute at Rice University in Houston says, "These prices are here to stay. ... We have to come to grips with these high prices. I hope this will lead to us becoming more efficient and increase our energy education." The reasons are the same as always - high demand and low supplies - but the only thing I am really concerned about is how much gas will cost in 2008?

[Source: Bloomberg]

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