In case you don't have the ticker for oil prices set in your RSS feeder or a cerebral feed to the 24 hour news channels (I like CNBC for all the pretty colors! — Ed.), you might not know that the price on a barrel of light sweet crude jumped as much as 24% to above $130 per barrell at the New York Mercantile Exchange today, halting trading momentarily as prices exceeded the daily limit. The day ended with prices up 14.78% to a price of $120.00 for October contract expirations. Analysts are naming the cause as either confidence in the economic recovery following the proposed $700 billion plus bailout of the banking system or the runaway inflation that may be a result of the same action. Regardless of the reason, we just ran out and filled up our tanks before the shock hits gas stations, and we'd recommend the same to you if possible — as the gaspocalypse draws ever more nigh. [Marketwatch, Stockhouse]
More from Jalopnik
Please let me know when the looting begins. I don't want to miss out on the looting.