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March 3, 2008
We are over the tipping point on oil prices
I haven't commented on oil prices lately, but I am sure you all know that it is now regularly trading over $100/barrel. Even closing earlier this week over $103. Today it closed at 100.64. While there may have been a $100/barrel psycological barrier before, it is totally shattered and we are off to the races. Well on our way to my prediction of $140 oil for christmas.
This has had the unfortunate side effect of driving up commodities across the board. Soy Oil closed today at $.69.81/lb. Down from over 70 cents per pound. lets see $.70/pound and 7.8 pounds per gallon means the feedstock cost of biodiesel is $5.46/gallon. Hummmm... Huston we have a problem...
Posted by Martin at March 3, 2008 9:30 PM
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