BTW this is why it's going up

http://www.msnbc.msn.com/id/5612507/

Oil prices settled at a record high near $67 Friday, as U.S. refinery outages looked set to test gasoline supplies in the worldâ??s biggest-consuming nation.

The threat of hurricanes in the Gulf of Mexico and concerns over Iranâ??s decision to resume uranium-conversion activities also fueled the price increase, analysts said.

But some traders said purely speculative buying was a big factor behind the $10 per barrel surge in just over three weeks.


â??This is a bubble that will have to burst at some point,â?ť said Mike Fitzpatrick, an oil broker at Fimat USA in New York. A large increase in supply or a noticeable dropoff in demand will be needed to end the buying frenzy, he said.