But hold on a sec - weren't crude prices supposed to be headed down in the face of a slumping economy and lower demand? Fooled again! Light, sweet crude for March delivery jumped $4.51 to settle at a record $100.01 a barrel. Oil has never before closed over $100, though when adjusted for inflation, the price is still slightly below the highs set in early 1980. As you might expect, various explanations are being offered for the runup - a refinery explosion in Texas, a possible cut in OPEC production, ongoing tensions between the U.S. and Venezuela, the dollar dropping, blah, blah, blah. Here's the truth: nobody knows nothing. James Cordier, founder of OptionSellers.com, a Tampa, Fla., trading firm, told AP that the oil market is in the process of ''decoupling'' from supply and demand fundamentals. All of which means you shouldn't be surprised if oil goes back down. Meanwhile, L.A.-area gas prices have shot up 8 cents in the past week, according to the government's just-released survey. The average price of regular is $3.161. That may or may not have anything to do with the higher price of crude.
More by Mark Lacter:
Barry Diller's many paychecksSay hello to the marijuana vending machine - and it's made in California
Good tip for job candidates: Always ask questions
Former Calpers CEO charged with fraud*
The Walmart story that everyone is talking about
Recent stories on LA Observed:
Barry Diller's many paychecksSay hello to the marijuana vending machine - and it's made in California
Good tip for job candidates: Always ask questions
Former Calpers CEO charged with fraud*
The Walmart story that everyone is talking about
New at LA Observed
Follow us on Twitter
On the Media Page
Go to Media
LA Biz Observed
Go to LA Biz Observed
Sign up for daily email from LA Observed
Last look at Van Nuys location