Oil Settles Above $105, As Gasoline Demand Rises

[Purveyor]

(03-23) 13:03 PDT NEW YORK, (AP) --

Oil prices made up for a week-long slump following the Japanese earthquake and are now trading at the highest levels since September 2008.

Prices climbed early Wednesday after an Energy Department report showed that gasoline consumption continues to grow despite sharp price increases at the pump.

Traders also kept a wary eye on pro-democracy protests and outright rebellions in North Africa and the Middle East. The region supplies 27 percent of the world's oil. Crude prices jumped after a bomb exploded at a crowded bus stop in central Jerusalem, killing one person and wounding 20 others. Authorities called it the first major Palestinian militant attack in the city in several years.

Benchmark West Texas Intermediate crude for May delivery added 78 cents to settle at $105.75 per barrel on the New York Mercantile Exchange. Oil hasn't settled that high since Sept. 26, 2008.

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http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/03/23/national/a130355D42.DTL

[Lucinda]

1. Anyone surprised?

I'm not.

[Runework]

2. hmmm

Oil stocks BP and Total gained 1.5% and 1.2%

[NightWatcher]

3. speculation has nothing to do with it, huh?

http://www.cbsnews.com/stories/2009/01/08/60minutes/main4707770.shtml

[abelenkpe]

4. I sincerely doubt Demand has risen

but do believe that speculators are taking advantage of the situation.

[ej510]

5. Price manipulation rearing its ugly head again. Fuck Wall Street.

[taterguy]

6. What situation?

[Shagbark Hickory]

7. I honestly feel like I owe George Bush an apology.

This is unacceptable and our lack of energy policy is going to lead us to double dip recession.