Oil went over $100 again, but this time there was no overriding reason for it. Which means investors just feel that prices are going to continue to climb, despite lowered expectations on growth.
Which means we'll be paying more for gas sometime soon.
Source: Oil jumps above $100 on refinery outage - Yahoo! News
NEW YORK - Oil futures shot higher Tuesday, closing above $100 for the first time as investors bet that crude prices will keep climbing despite evidence of plentiful supplies and falling demand. At the pump, gas prices rose further above $3 a gallon.
There was no single driver behind oil's sharp price jump; investors seized on an explosion at a 67,000 barrel per day refinery in Texas, the falling dollar, the possibility that OPEC may cut production next month, the threat of new violence in Nigeria and continuing tensions between the U.S. and Venezuela.
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