Crude Oil Futures: Crude Oil Tops $100 for 2018 on Threat From BP Spill
Margot Habiby, Bloomberg – May 5, 2010
Crude oil futures for delivery in 2018 surged above $100 a barrel this week as the BP oil spill in the Gulf of Mexico led the government to consider a halt in future drilling.
The crude oil futures contract dated furthest into the future jumped after President Barack Obama said no new offshore drilling leases should be issued until a “thorough review” of the April 20 rig explosion. […]
Crude oil futures for delivery in December 2018 rose to $100.38 a barrel May 3 on the New York Mercantile Exchange, the highest settlement since Jan. 20. […]
“You may not pay today, but we will pay tomorrow,” Phil Flynn, vice president of research at PFGBest in Chicago, said in a report.
“That $100 oil equates to pretty close to $4 a gallon gasoline” in the U.S., said Bruce Bullock, director of the Maguire Energy Institute at Southern Methodist University in Dallas. “We know when it hit $3 a gallon two years ago drivers started to get concerned, and at $4 a gallon demand evaporated.”