By PABLO GORONDI, Associated Press Writer 22 minutes ago
Oil is trading above $134 per barrel on an analyst prediction that prices could hit $150 by July 4.
Prices jumped $6.43 Friday shortly after Ole Slorer of Morgan Stanley released a report saying he expected a "short-term spike in oil prices," on the back of rising demand in Asia, Dow Jones Newswires reported.
By the afternoon in Europe, light, sweet crude for July delivery was up $6.43 to $134.22 in electronic trading on the New York Mercantile Exchange.
On Thursday, the contract rose $5.49 — its biggest single-day price increase in Nymex history — to settle at $127.79 a barrel. Larger one-day percentage jumps have taken place in the past.
Lawmakers Split on Drilling for Vast Amounts of Oil in USA
Cybercast News Network 6/6/08 Josiah Ryan
Members of Congress interviewed by Cybercast News Service on Thursday were split on what to do about huge amounts of oil within U.S. territory that remains untapped because of U.S. laws and regulations.
A report released by the Interior Department's Bureau of Land Management (BLM) last month estimates there are 139 billion barrels of untapped, recoverable oil onshore and offshore in the United States.
Two Republican congressmen say they support removing regulations in order to drill for the oil, while two Democrats say they oppose immediate action.
Sen. Orrin Hatch (R-Utah) told Cybercast News Service he was aware of the BLM report .
"You've got that right," he said. "We can't get it (the oil) because the environmental elitists are preventing that with moratoria saying it would take ten years to get it developed," he said.
Rep Mike Pence (R-Ind.) also said Congress ought to deregulate to allow more drilling.
"My sense is that the most direct route is for Congress to take direct action and give the American people more access to American oil," Pence told Cybercast News Service .
When asked if he favored deregulation to allow more drilling of the undiscovered oil resources reported by BLM, Rep. Mike Honda (D-Calif.) replied, "No."
The California congressman added that he could "never say never" about the possibility of future drilling, but that circumstances would have to be "pretty drastic" for him to agree to more drilling.
"I am more concerned about global warming and the impact of fossil fuel," he said.
House Ways And Means Chairman Charlie Rangel (D-N.Y) told Cybercast News Service he needs to study the issue more before deciding if regulations should be removed to allow more drilling.
"I haven't studied enough to make that decision," Rangel said.
When pressed on whether he thinks some of the oil resources estimated by BLM ought to be available for American consumption, Wrangel replied: "Yes, but there are other issues that could cause damage. That's what hearings are for. We have to have hearings and have experts and study the pros and cons."
The 139 billion barrels of undiscovered oil that the Interior Department estimates the U.S. possesses is more oil than is reported by U.S. Energy Information Administration to exist in the proven reserves of all countries except Saudi Arabia and Canada.
The American economy is going down the tubes while the Democrat elites are scoffing at the idea of giving the American people the relief they need at the pump.
Next time you'll hear a Democrap promising you that "change" for the better will happen if you vote for Obama and the Democrap Party, ask him to open wide and shove inside his mouth the $65 receipt you got at the gas station.