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Bully Pulpit

The term "bully pulpit" stems from President Theodore Roosevelt's reference to the White House as a "bully pulpit," meaning a terrific platform from which to persuasively advocate an agenda. Roosevelt often used the word "bully" as an adjective meaning superb/wonderful. The Bully Pulpit features news, reasoned discourse, opinion and some humor.

Tuesday, May 20, 2008

Oil crosses $129 for first time, heads for $130

Crude oil futures pass $129 a barrel for the first time, likely headed past $130

VIENNA, Austria (AP) -
Oil prices have have spiked to a new trading high, sweeping past $129 a barrel.

The June contract for light, sweet crude traded as high as $129.31 in pre-opening trading on the New York Mercantile Exchange.

Prices are currently being driven higher by supply concerns. This latest surge comes after OPEC's president was quoted as saying his organization won't increase its output before its next meeting in September.

The imminent expiration of the June contract is adding to the volatility. The contract will end at the close of trading Tuesday.


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