Crude Oil Rises to a Record $100.10

As mentioned before several times the crude producers namelly OPEC members are now using SPECULATION as a weapon, yes as a weapon...crude oil rose to a record $100.10 a barrel in New York on SPECULATION OPEC will cut production when it meets next month.
The Organization of Petroleum Exporting Countries, set to meet on March 5, may cut output as winter heating demand declines, oil ministers from Algeria and Iran speculated in the past week. Oil also rose as a weakening dollar prompted some traders to invest in commodities as a hedge against inflation.
Prices are primarily up because OPEC will more than likely cut production in two weeks,OPEC is concerned about the outlook for a slowing global economy and demand...If the crude producers continue with these high prices they can be sure that a global slowing down will continue and get worse...no world economy can withstand these prices ...these crude prices will not bring economic stability to producers they will also be affected as demand for their product will be destroyed
Crude oil for March delivery rose $4.51, to $100.01 a barrel at 2:55 p.m. on the New York Mercantile Exchange. It was a record closing price. Futures reached $100.10, the highest intraday price since trading began in 1983.
Today was the third time oil has reached $100. Oil rose to a then-record $100.09 a barrel in New York on Jan. 3, a day after touching $100 for the first time on militant attacks in Nigeria, Africa's biggest producer.
Some futures analysts with economical ties to the crude industry are also SPECULATING that the short-term target is $105 to $110, if this happens it will be the end of the bigining for OPEC..
Brent crude for April settlement rose $3.65, or 3.9 percent, to close at a record $98.56 a barrel on London's ICE Futures Europe exchange. The contract reached an intraday record of $98.70 a barrel today.

This situation is also a boost for some European governments and oil companies such as Galp (Portugal) BP, REPSOL and others...cheap dollar and these crude prices they will once more have record profits...an example of this situation is PORTUGAL...here we have one of the worlds most expensive final consumer prices at the pump, now for Galp regular 95 octane we pay more than1€39 cents per liter.
The pump prices are increased in a weekly basis sometimes as much as 5 cents per month, however the downward trend is limited to around 2 cents, so these petrol companies and government are always ahead in terms of gain.
Its illegal in the European community to practice combined speculative prices such as practiced in Portugal between the petrol companies, but this situation continues and the EU does nothing to halt this outrages abuse.
Its time that alternative fuels appeared ... the world is now ready, we can no longer be held hostage of the "black gold".If auto-makers want to have success then they must develop alternative fuel sources..