Oil Prices Close at Record High… How Are You Spending Your Summer Vacation?

There is no relief from the pumps in the forecast… AP News is reporting that oil prices closed at a record high today.

Crude oil prices settled at a new high above $62 a barrel on Friday, rallying late in the day on concerns about refinery snags and following the release of a positive U.S. jobs report.

Light, sweet crude for September delivery rose 93 cents to close at $62.31 a barrel, a nominal record for crude since trading began on the New York Mercantile Exchange in 1983. The previous settlement high was $61.89 a barrel set Tuesday.

Oil futures rose as high as $62.45 on Friday, a nickel shy of the intraday peak set earlier in the week.

Gasoline futures rose 2.99 cents to settle at $1.8322 a gallon, while heating oil rose 2.34 cents to $1.7312.

This news makes me want to ask the question, “How are you spending your summer vacation?”

Are the prices at the pumps hurting your summer plans for fun in the sun?

Out here in the Los Angeles area, I believe we have some of the highest prices at the pumps of any where in the country. What annoys me most about this is that oil companies are setting profit records while we’re digging deeper.

Is the record breaking heat wave keeping you home bound with AC turned up high?

And the heat wave… well let me just say that Global Warming comes to mind. I’ve lived in Los Angeles for 15 years now, and the humidity level has risen to record highs. I might as well be back on the coast of MA with the oppressive humidity we have experienced here in the past few weeks.

Chime in if you have some thoughts on how the gas prices are affecting you and how you’re staying cool this summer…

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12 Responses to Oil Prices Close at Record High… How Are You Spending Your Summer Vacation?

  1. Indie Liberal says:

    Gas prices are a joke! And it’s Bush’s fault. I don’t care what anyone says.

    BTW: Pamela, is there anyway you could copy this link into a blogpost? It’s a long article but worth reading.
    Here you go:http://www.blackamericaweb.com/site.aspx/sayitloud/kerry805

  2. Indie Liberal


  3. janet says:

    I’ve been hearing Ed Schultz say that gas prices won’t affect how we drive–that we are not willing to give up our SUV’s or drive less. I agree with his point that we need to come up with alternatives but I do think gas prices affect behavior. We stuffed the four of us in my husband’s acura instead of our family van to drive to San Francisco and got over 30 miles to the gallon. We have a Honda Odyssey Van that is MUCH more comfortable for the four of us but we are driving it less. I am going to drive to Montana in a couple of weeks and a year ago I would have taken the van but this time I’m taking the Acura. And we are now thinking about future vehicles and definitely we are thinking smaller or hybrid.

  4. Janet

    I agree. I have an SUV because of my business. I hope to trade it in next year for one a little smaller and if I am lucky a hybrid SUV, but I’m stuck with it right now.

    Gas is so high here in LA that I try to organize my errands to be gas effective these days. I do think people will start to think about this more and more. Europe has been dealing with this for years and they are much smarter than us, with small cars, more public transportation, etc.

  5. Teresa says:

    I’ve stopped driving unless it’s necessary and I go to places as close to home as possible. No more joy rides for now. I also quit flying 25 years ago, and fortunately have no desire to travel now.

    Ultimately the high prices will be good for the country as the people get motivated enough to change. Hopefully it will curtail overall consumption, and hope of all hopes, increase local productivity to cut transportation costs.

  6. Teresa

    I’ve always enjoyed joy rides along the coast. Can’t afford it these days… 1 hour to get there and then 1 back costs about $15, add another hour or so of pure pleasure driving along the coast would be a $25 joy ride. Geez!

  7. Teresa says:

    I guess if I need the joy of travel I can lace up my running shoes and off I go!

  8. There you go Teresa!

    I’m not much for running, but I love walking.

  9. Teresa says:

    Perfect. We’ll save money, get skinny, and maybe put a few extra pennies into an occasional glass of restorative, medicinal wine.

  10. Teresa says:

    Oh, and Pamela.

    Maybe when some alternative fuel kicks in I can get to California and share a glass with you!

  11. Teresa

    That works for me. Ron seems to be working on restorative Appletinis above!

  12. Teresa says:

    Yes, I thought of that. Ron’s perfected recipe will be lab tested, I’m sure, by then.
    We’ll be in good shape!