Oil Rises To $70 A Barrel.

Source: Bloomberg.com

That hurt in your wallet just got a bit bigger today.

Don't expect much relief as gas prices are rising quickly, and we haven't hit the busy summer traveling season yet.

April 17 (Bloomberg) -- Crude oil rose, touching $70 a barrel in New York for the first time since Hurricane Katrina, on concern the dispute over Iran's nuclear program may disrupt shipments.

Iran's President Mahmoud Ahmadinejad said last week that his country had produced enough enriched uranium to fuel a nuclear reactor. The U.S. says the program is a front to develop nuclear weapons. Prices also rose after China's President Hu Jintao said yesterday that the world's second-biggest oil consumer grew 10.2 percent, faster than economists expected.

"The Iranian situation is getting no better and any combination of events could lead to a conflagration," said Michael Fitzpatrick, vice president of energy risk management at Fimat USA Inc. in New York. "China's GDP is growing at over 10 percent so demand for oil will stay strong."

Crude oil for May delivery rose 28 cents, or 0.4 percent, to $69.60 a barrel at 10:42 a.m. on the New York Mercantile Exchange. Oil touched $70, the highest since Aug. 31, two days after Katrina struck the U.S. Gulf of Mexico coast. The record, $70.85 a barrel, was reached on Aug. 30. Prices are up 38 percent from a year ago.

You think things are bad now? Just wait till the Neo-cons, hellbent on attacking Iran, get what they desire the most.

You ain't seen nothing yet.

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