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Crude Oil Price Hits $120

By Bruce Krasting - Mar 02, 2011, 2:12 PM CST

Crude oil from the "light end of the barrel" hit $120 this morning. Forget what Bernanke and the MSM are telling you. They keep showing the WTI price. Even supposedly smart guys like Mark Zandi have said recently that $100 oil is not a problem for the US. Wrong. The US needs light crude for the gulf refineries. And consumers will be paying $4 a gallon before Zandi or his pal Bernanke can catch their breath.

By. Bruce Krasting

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Bruce Krasting

I worked on Wall Street for twenty five years. I was an FX trader during the early days of the 'snake' and the EMS. Derivatives… More

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Comments

  • Anonymous - 3rd Mar 2011 at 4:25am:
    Would some wise person please explain to ignoramuses like myself what is the difference between 'light crude' and any other sort of oil?thank you
  • Anonymous - 3rd Mar 2011 at 7:46am:
    There are so many answers to that question Philip that I won't try to formulate one of them. I think though that you should direct your question to the author of the above note. However let me suggest that you do as I am doing, which is to continue to look closely at the WTI price. If that is 100 or over, then we are definitely in trouble again.
  • Anonymous - 6th Mar 2011 at 7:27am:
    Fred, thank you. That's more or less what I wanted to know.