I remember people saying $4.00/gallon gas was a possibility this coming summer. Who knew they were being conservative in their estimation? We’ll be damn lucky if that is the high point!

Oil rises above $130 for first time

Oil prices rose above $130 a barrel Wednesday for the first time, as supply concerns mounted and the dollar weakened.

Light, sweet crude for July delivery hit a record $130.47 a barrel in electronic trade on the New York Mercantile Exchange after closing at $128.98 in the floor session. By afternoon in Europe, it had retreated to $129.77 a barrel, up 79 cents.

The June contract, which expired Tuesday, settled overnight at $129.07 a barrel.