Crude oil rose to $100 a barrel for the first time in New York on Wednesday. Reasons for the latest surge include record global fuel consumption, production capacity and world tensions on regional disputes.Even our friends to the north in Canada have taken notice of this dramatic new threshold. According to the Canadian Renewable Fuels Association:
"Oil at $100 makes the case for biofuels crystal clear. The price of oil is simply too high and too unreliable. We must continue to diversify our fuel supply" said Gordon Quaiattini, President of the Canadian Renewable Fuels Association. "Biofuels, such as ethanol and biodiesel, are real viable alternatives and are better for the environment, prices, and farmers."
According to the Department of Energy, gasoline prices again climbed as of 12/31/07. The average price for regular gasoline increased to $3.05,up 71.9 cents from last yearSource: Oil at $100 (CRFA)
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