Oil closes above $105. Gasoline averages over $3.50

by

Chris Kahn of the AP reports:

“Oil prices continued to set new post-recession highs Monday as forces loyal to Moammar Gadhafi pounded rebels near a key oil port in Libya. It’s unclear how long the country’s oil exports will be cut off, and traders prepared for a worst-case scenario in which world supplies would be under pressure for months.”

The climb continues to the pre-recession levels.  And we’ve done very little over the past 30 month the would enable us to smoothly staunch the flow of foreign energy to the U.S.   And so price spikes–or new higher plateaus–leave us very vulnerable.

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