U.S. light crude for October delivery set a trading high of $80.18 late in the session before pulling back slightly to settle at $79.91 a barrel, still up $1.68 a barrel and another record close. The old trading high was $78.77 a barrel hit Aug. 1.Get ready for the rise at the pumps very soon. We must make alternate sources of energy our top priority if we are ever to get out from underneath the strange hold of crude oil and the multinational oil companies. It is not just for the economic survival of our nation but it should be a top homeland security issue as well. We all know that our soldiers are dying in Iraq as a result of an "Oil War". What would be poetic justice is if oil was rendered worthless and the big oil companies impotent.
In its weekly inventory report, the Energy Information Administration said crude stocks plunged by 7.1 million barrels last week. Analysts were looking for a drop of 2.7 million barrels according to a Dow Jones poll.
A reported slowdown in production from Alaska's North Slope, as well as a gathering storm in the Gulf of Mexico also pushed prices higher.
We need a new direction in this nation away from fossil fuels. Will we elect someone with the leadership to bring us to that goal? If we do not we will soon be a former superpower on our way to being a third world nation.