Oil hits $93; gas stabilizes

The weak dollar, Middle East tensions, weather-related production cuts in Mexico - all the usual culprits were behind today's jump in oil prices. Then again, it doesn't take much these days. Crude futures for December delivery rose as high as $93.20 a barrel, though prices pulled back later on (Bloomberg). Reaching $100 could take a while - perhaps into early next year - as traders go through their buy-sell routines. Meanwhile pump prices took a break from several straight weeks of sizeable jumps. The government's latest survey shows that the average price of regular in the L.A. area is $3.124, down a penny from last week.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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