Thread: Gas Prices Rising: $5.29 in Florida, $4.00 in Massachusetts

1250 AM WTMA: The Big Talker | News and Talk from Charleston, South Carolina

(NEW YORK) -- Oil prices around the world continued to soar Friday, buffeted by uncertainty in the Middle East.

Crude oil futures hovered above $103 a barrel in New York Friday morning. In London trading, oil headed for its sixth weekly gain, according to Bloomberg News.

An oil facility in Libya was reportedly damaged and on fire, the Al Jazeera news channel reported. Meanwhile, demonstrators continued to protest in Saudi Arabia, demanding the release of Shiite prisoners, according to CNN.

"I think there's a storm brewing in Saudi Arabia," said Tom di Galoma, head of fixed income rates trading with Guggenheim Securities. "All these geopolitical events in Middle East are causing oil to spike."

In the United States, how much pain at the pump drivers feel may depend on location. In Orlando, Fla., two gas stations that are the closest to the airport, and across the street from each other, are selling regular at $5.29 and $5.19 a gallon.

After the biggest one-week rise in oil prices in two years, weekly gas prices increased 6 percent this week, according to the Department of Energy. The national average is $3.38 per gallon, an increase of 19 cents over the previous week and 68 cents from the previous year. The average price in California, one of the most expensive states, is $3.72 per gallon. The least expensive gas is in the Rocky Mountain region: $3.18 a gallon.

Crude oil production has decreased between 500,000 to 750,000 barrels daily in Libya, less than one percent of global oil consumption, down from its typical capacity of 1.6 million barrels, the International Energy Agency reported last week.

Copyright 2011 ABC News Radio

Originally Posted by lnvanry

March 11, Day of Protest in Saudi Arabia

its speculation...oil's appropriate price in 80-90USD FY2011. The likelihood of KSA having a revolution is very low....very low.

Although, I it may not be a bad thing for the mid east to go through an awakening or democratic renaissance. It will spike oil prices through the roof and FORCE the global (US and the PRC mainly) economy to find an alternative source of transportation energy or means of transportation.

Yes the potential of KSA disturbances and the uncertainty is enough to drve Brent Crude and WTI oil higher.

A well-known Shiite cleric was arrested a couple of days ago in the Eastern Province for calling for a Constitutional Monarchy.

As I started a thread, it may or may not amount to anything on March 11th.

I know you (and many others) think the the Saud Monarchy will retain power.

I have no idea, but assume their secrity apparatus is strong and comprehensive enough to quell disturbances.

Yesterday, Saudi Arabia banned all protests, rallies, or gatherings.

We'll see what, if anything happens in 6 days.