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    Repiglican Roast

    A spirited discussion of public policy and current issues

    Location: The mouth of being

    I'm furious about my squandered nation.

    Wednesday, May 21, 2008

    Oil soars to settle above $133


    U.S. light crude for July delivery settled at $133.17 a barrel, up $4.19, on the New York Mercantile Exchange. Prior to the 10:30 a.m. ET report, oil was down 29 cents to $128.69.

    Over the last four days, oil has gained more than $9 per barrel.

    "There is a tremendous amount of fear and greed driving this market," said Stephen Schork, publisher of industry newsletter The Schork Report. "This is a runaway train. I don't think the fundamentals justify the runup."

    Earlier Wednesday, oil prices soared past $130 a barrel for the first time amid continuing supply concerns and a weakening dollar. The contract retreated just before the government data were released.




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