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Arrrrrgh! $100 a barrel oil!

The NYT just reported that crude oil closed above $100 a barrel for the first time. Crude oil prices rose $4.51 to close at $100.01 on the New York Mercantile Exchange.

Get ready for pump prices to go up. It usually takes about a week for prices at the gas station to reflect oil prices.

The story quotes Tom Kloza, an analyst with Oil Price Information Service, who says, “We’re looking at retail prices for regular unleaded of $3.50 to $3.75 in April and May. Those will be records.” The all-time record of $3.22 a gallon was set last May.

Brace yourself for oil prices to jump that $100 mark again. I'm sure this won't be the last time.

Posted by Dan Thanh Dang on February 19, 2008 5:26 PM | Permalink

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About the blogger

A native of Vietnam, Dan Thanh Dang has lived in Maryland most of her life and has been a Baltimore Sun reporter since 1990. She's written about everything from mayoral elections and murder to energy prices and online dating. These days, she writes about a topic she's all too familiar with, spending money -- how to save more of it, blow all of it, use it wisely and avoid getting ripped off in the process.
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