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Oil jumps above $140 on OPEC, Libya comments

NEW YORK -- Oil futures shot above $140 Thursday after OPEC's president said crude prices could rise well above $150 a barrel this year and Libya said it may cut oil production, according to the Associated Press.

The advance raised the likelihood that gasoline prices would also extend their march higher, and that prices of goods and services throughout the economy would also keep rising.

Light, sweet crude crossed the $140 level minutes before the New York Mercantile Exchange closed Thursday, then retreated slightly to settle up $5.09 at a record $139.64. In after-hours electronic trading, prices rose as high as a record $140.39.

Posted by Peter C. T. Elsworth  at 5:15 PM to Crude oil market | Permalink | Comments 0

Oil jumps on OPEC, Libya comments

NEW YORK -- Oil futures shot up to nearly $139 a barrel Thursday after OPEC's president said oil prices could rise well above $150 a barrel this year and Libya said it may cut oil production, according to the Associated Press.

Light, sweet crude for August delivery rose as high as $138.95 a barrel shortly after the New York Mercantile Exchange opened before retreating some to trade up $3.59 at $138.14.

Posted by Peter C. T. Elsworth  at 12:48 PM to Crude oil market | Permalink | Comments 0

High court: Stiffer penalties apply to breath-test refusals

Providence — The state Supreme Court today ruled that harsher penalties approved in 2006 do apply to motorists who refuse to take Breathalyzer tests, according to The Providence Journal's Edward Fitzpatrick.

In making the ruling, the high court rejected the argument that the new penalties were wiped out when Governor Carcieri signed a budget bill containing the law’s old language.

Justice Paul A. Suttell began the court’s 13-page opinion with a quote: “If you like laws and sausage, you should never watch either one being made.”

Suttell said, “Otto von Bismark’s laconic observation is apropos to this appeal in which we are asked to consider two legislative acts passed in the waning days of the 2005-2006 session of the General Assembly.”

Before the penalties changed, nearly 85 percent of motorists suspected of drunken driving in Rhode Island were refusing to submit to Breathalyzer tests, while the national average was 25 percent.

So in 2006, the General Assembly passed a law aimed at cracking down on those who refused to take the tests. For first offenses, the law doubled the minimum license suspension to six months, and it made subsequent offenses criminal rather than civil. For second offenses, the law provided penalties of up to six months in prison, fines of up to $1,000 and up to 100 hours of community service.

Governor Carcieri signed the bill on June 28, 2006. And two days later, he signed the annual budget bill, which added a $200 assessment for refusing a Breathalyzer test but did not include the stiffer penalties contained in the other legislation.

Posted by Peter C. T. Elsworth  at 12:46 PM to Safety | Permalink | Comments 0