Oil prices touched a two-year high Monday on tighter inventory and expectations that U.S. economic growth will boost demand this year.

Oil for February delivery touched $92.58 a barrel, up $1.20 from last week's close, before closing at $91.65. Only about a month ago, oil had been trading around $81 a barrel.

Analysts expect the prices to continue to grow, with some predicting that oil could hit $100 a barrel early this year. U.S. commercial crude inventories totaled 339.4 million barrels for the week ended Dec. 24, down 1.3 million barrels from a week earlier, according to the U.S. Energy Information Administration.

Higher oil prices also are hiking up gas prices. The national average gas price for regular unleaded is $3.07 a gallon, up 2 cents from a week ago and 14% from a year ago, according to the AAA auto association.


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jjcmdude

Please go to transgas.com and then call all your reps and ask why the U>S>Gov is not pushing this project big time, lots of jobs to be had here.

February 12 2011 at 1:08 PM Report abuse rate up rate down Reply
ccm989

Its never good when the price of oil rises to $100 barrel -- that means the stock market will sink and the price of commodities will skyrocket. And our economy will tank again. And all because the speculators want a bigger payday. Worldwide greed and stupidity from New York/London/Hong Kong are going to crash the economy AGAIN (a replay of 2008).
Tankers offshore are loaded with oil. The refineries are brimming with it. There is no oil shortage. Only greed.

January 04 2011 at 8:31 AM Report abuse +2 rate up rate down Reply
1 reply to ccm989's comment
Grady Wynn

I can set pop up controls to: block all web pop ups, but it doesnt last long before returning to "allow all web pop ups". It appears that aol wont allow web pop ups to be blocked.

January 04 2011 at 4:40 AM Report abuse rate up rate down Reply
mikfete58

INFLATION will set in even higher with each uptick the price of oil takes! Auto parts giants AutoZone and Advance Auto have already marked up prices on "staples" such as automotive bulbs, oils and parts. Truckers will have to pay more for their diesel, so consumers will automatically have to apy more for goods, whether it's auto parts OR GROCERIES!

January 04 2011 at 4:08 AM Report abuse +3 rate up rate down Reply
2 replies to mikfete58's comment
mikfete58

...GREAT DEPRESSION 2 IS HERE!

January 04 2011 at 4:09 AM Report abuse +4 rate up rate down Reply
ALBHB3

I hear a great deal on a diesel comming and ill be waiting again laughing all the way to the bank

January 03 2011 at 9:26 PM Report abuse +2 rate up rate down Reply
1 reply to ALBHB3's comment
don917

I suspect we'll be seeing some really good deals on SUVs and Full Size pickups this coming year. It's pretty obvious that the Federal Government has no incentive to keep the price of oil down, in fact the higher it goes the sooner they'll have up all driving econoboxs !!!!!

January 03 2011 at 7:23 PM Report abuse +3 rate up rate down Reply
2 replies to don917's comment
Scott

nobama's response will be another cash-for-clunkers for any car that you just paid off!

January 03 2011 at 11:30 PM Report abuse +1 rate up rate down Reply
jshedl10411

Explain to me how expectations have pushed the price to triple Jan 2009 rates with unemployment at over 20%. Expectations are what started the recession.

January 03 2011 at 6:53 PM Report abuse +4 rate up rate down Reply