A Beautiful Story I came across on Time Management and Setting Priorities.
A professor stood before his class and had some items in front of him. When class began, wordlessly he picked up a large empty jar and proceeded to fill it with rocks right tothe top, rocks about 2" diameter. He then asked the students if the jar was full? They agreed that it was.
So the professor then picked up a box of pebbles and poured them in to thejar. He shook the jar lightly. The pebbles, of course, rolled into the open areas between the rocks. Thestudents laughed. He asked his students again if the jar was full? They agreed that yes, itwas.
The professor then picked up a box of sand and poured it into the jar. Ofcourse, the sand filled up everything else.
"Now," said the professor, "I want you to recognize that this is your life.
The rocks are the important things - your family, your partner, your health, your children -anything that is so important to you that if it were lost, you would be nearly destroyed. The pebbles are the other things in life that matter, but on a smallerscale.
The pebbles represent things like your job, house, or car.
The sand is everything else, the "small stuff." "If you put the sand or the pebbles into the jar first, there is no room forthe rocks. The same goes for your life. If you spend all your energy and time on the small stuff, material things, you will never have room for the things that are truly most important.
Pay attention to the things that are Important in your life and spend time on the Important. Some of the Important's are:
Spend time with your Family.
Spend time with your People.
Spend time for your Customers.
Play with your children.
Take time to get medical checkups.
Take your partner out once a while.
Take time to renew yourself.
Find time for maintainance.
Spend time on Preventing than on Solving Problems
***** Take care of the rocks first - the things that really matter.
**** Set your priorities, the rest is just pebbles and sand.
Believe in yourself, know what you want, and make it happen! Whatever your mind can conceive and believe, it can achieve ~ Napoleon Hill ~
Tuesday, September 23, 2008
Oil up US$25 a barrel, biggest one-day gain ever
Tuesday September 23, 2008 MYT 9:34:55 AM
Oil up US$25 a barrel, biggest one-day gain ever
NEW YORK: Oil prices briefly spiked more than $25 a barrel Monday, shattering the record for the biggest one-day gain as unease about the U.S. government's US$700 billion bailout plan pummeled the dollar and spurred investors to buy safe-haven assets.
An expiring crude contract added fuel to the frenzied rally.
Light, sweet crude for October delivery jumped as much as $25.45 to $130 a barrel on the New York Mercantile Exchange before falling back to settle at $120.92, up $16.37.
The contract expired at the end of the day, adding to the volatility as traders rushed to cover positions; the October price began accelerating sharply in the last hour of regular trading, a common occurrence when a contract is about to go off the board.
Still, the rally, which shattered crude's previous one-day price jump of $10.75, set June 6, showed the intensity of emotion in the market.
The Nymex temporarily halted electronic crude oil trading after prices breached the $10 daily trading limit.
Trading resumed seconds later after the daily limit was increased.
The November crude contract, which became the front-month contract at the end of Monday's session, settled at $109.37, up $6.62, still a very sharp gain.
The severity of the price move shocked veteran market participants and prompted the U.S. Commodity Futures Trading Commission to launch an investigation into whether illegal manipulation was to blame.
Acting CFTC Chairman Walter Lukken said the agency's surveillance and enforcement staff was analyzing the price spike "to ensure that no one is taking advantage of the current stresses facing our financial marketplace for their own manipulative gain.''
Phil Flynn, analyst and oil trader with Alaron Trading Corp. in Chicago, said the late-session surge in oil appeared to be the result of a large investment fund scrambling to cover their short positions, or bets that prices would fall.
"When people sense that someone is short, it's like blood on the streets. It just accelerates the rally,'' Flynn said.
In other trading, gold prices shot up more than $44.30 to settle at $909 an ounce, and other safe-haven commodities also rallied, underscoring investors' uncertainly about the direction of the economy and their fear of more turmoil ahead.
"We're off to the races again,'' said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.
"There's a renewed scramble for commodities because of a general weakness in the dollar.''
Crude has gained about $30 in a dramatic four-day rally that has at least temporarily halted oil's steep two-month slide below $100.
At this rate, crude is within striking distance of its all-time record of $147.27, reached in July.
Oil's sharp gains came as energy traders grappled with the implications of the government's proposed initiative to stem the U.S. financial crisis by absorbing billions of dollars of banks' bad mortgage-related securities.
Anxiety over the plan also sent stocks sharply lower Monday; the credit markets were calmer than they were last week, but still showing the effects of investors' nervousness.
Investors fear that the government will have to dramatically ramp up borrowing to pay for the mammoth rescue effort, an inflationary move that could further devalue the dollar and trigger another wave of safe-haven buying in investments like commodities.
"They're going to have to continue auctioning off a whole lot of Treasurys to finance these projects, so the dollar is going to suffer,'' said Matt Zeman, head trader at LaSalle Futures in Chicago.
"Right now it's fear and anxiety driving people who want tangible assets.''
The 15-nation euro rose to $1.4824 in afternoon trading, up from the $1.4470 on Friday.
A weak greenback was a catalyst for the commodities boom of the past year, and analysts said large investment funds were expected to pour money back into the sector.
"That trade was very successful in past so if the dollar keeps weakening, a lot people are going to want to own hard assets like crude,'' said Andrew Lebow, senior vice president and broker at MF Global in New York.
But there is still much uncertainty about what impact the U.S. rescue plan will have on energy demand.
Oil's run-up near $150 a barrel in July and a weak U.S. economy has forced Americans to cut back on their driving and led business to scale down operations.
Though U.S. gasoline prices have eased from record levels above $4 a gallon ($1 per liter), they remain expensive, and more softening in the economy would likely further curtail energy use in the world's thirstiest consumer.
Given the dire economic outlook, some analysts questioned whether oil prices would keep rising.
"We've already seen that the world can't afford oil at these prices. If it keeps going up, demand will drop off again,'' Flynn said.
However, he cautioned that oil's future direction hinged on the outcome of the government bailout plan and its effect on the U.S. economy.
"If the dollar keeps getting whacked and everybody panics, then we are going up again,'' he said.
U.S. congressional leaders endorsed the plan's main thrust, saying passage might occur in a matter of days.
But they also want independent oversight, protections for homeowners and constraints on excessive executive compensation, House Speaker Nancy Pelosi said Sunday.
Treasury Secretary Henry Paulson pushed lawmakers, who received the package on Saturday, to approve the proposal as soon as possible.
The Federal Reserve also announced late Sunday it granted a request by investment banks Goldman Sachs and Morgan Stanley to change their status to bank holding companies, a move that will allow the two institutions to open commercial banking subsidiaries, greatly bolstering their resources.
In other Nymex trading, heating oil futures rose 14.52 cents to settle at $3.043 a gallon, while gasoline futures rose 10.41 cents to settle at $2.7038 a gallon.
Natural gas futures rose 9.5 cents to settle at $7.943 per 1,000 cubic feet.
In London, November Brent crude rose $6.43 to settle at $106.04 a barrel on the ICE Futures exchange. - AP
Oil up US$25 a barrel, biggest one-day gain ever
NEW YORK: Oil prices briefly spiked more than $25 a barrel Monday, shattering the record for the biggest one-day gain as unease about the U.S. government's US$700 billion bailout plan pummeled the dollar and spurred investors to buy safe-haven assets.
An expiring crude contract added fuel to the frenzied rally.
Light, sweet crude for October delivery jumped as much as $25.45 to $130 a barrel on the New York Mercantile Exchange before falling back to settle at $120.92, up $16.37.
The contract expired at the end of the day, adding to the volatility as traders rushed to cover positions; the October price began accelerating sharply in the last hour of regular trading, a common occurrence when a contract is about to go off the board.
Still, the rally, which shattered crude's previous one-day price jump of $10.75, set June 6, showed the intensity of emotion in the market.
The Nymex temporarily halted electronic crude oil trading after prices breached the $10 daily trading limit.
Trading resumed seconds later after the daily limit was increased.
The November crude contract, which became the front-month contract at the end of Monday's session, settled at $109.37, up $6.62, still a very sharp gain.
The severity of the price move shocked veteran market participants and prompted the U.S. Commodity Futures Trading Commission to launch an investigation into whether illegal manipulation was to blame.
Acting CFTC Chairman Walter Lukken said the agency's surveillance and enforcement staff was analyzing the price spike "to ensure that no one is taking advantage of the current stresses facing our financial marketplace for their own manipulative gain.''
Phil Flynn, analyst and oil trader with Alaron Trading Corp. in Chicago, said the late-session surge in oil appeared to be the result of a large investment fund scrambling to cover their short positions, or bets that prices would fall.
"When people sense that someone is short, it's like blood on the streets. It just accelerates the rally,'' Flynn said.
In other trading, gold prices shot up more than $44.30 to settle at $909 an ounce, and other safe-haven commodities also rallied, underscoring investors' uncertainly about the direction of the economy and their fear of more turmoil ahead.
"We're off to the races again,'' said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.
"There's a renewed scramble for commodities because of a general weakness in the dollar.''
Crude has gained about $30 in a dramatic four-day rally that has at least temporarily halted oil's steep two-month slide below $100.
At this rate, crude is within striking distance of its all-time record of $147.27, reached in July.
Oil's sharp gains came as energy traders grappled with the implications of the government's proposed initiative to stem the U.S. financial crisis by absorbing billions of dollars of banks' bad mortgage-related securities.
Anxiety over the plan also sent stocks sharply lower Monday; the credit markets were calmer than they were last week, but still showing the effects of investors' nervousness.
Investors fear that the government will have to dramatically ramp up borrowing to pay for the mammoth rescue effort, an inflationary move that could further devalue the dollar and trigger another wave of safe-haven buying in investments like commodities.
"They're going to have to continue auctioning off a whole lot of Treasurys to finance these projects, so the dollar is going to suffer,'' said Matt Zeman, head trader at LaSalle Futures in Chicago.
"Right now it's fear and anxiety driving people who want tangible assets.''
The 15-nation euro rose to $1.4824 in afternoon trading, up from the $1.4470 on Friday.
A weak greenback was a catalyst for the commodities boom of the past year, and analysts said large investment funds were expected to pour money back into the sector.
"That trade was very successful in past so if the dollar keeps weakening, a lot people are going to want to own hard assets like crude,'' said Andrew Lebow, senior vice president and broker at MF Global in New York.
But there is still much uncertainty about what impact the U.S. rescue plan will have on energy demand.
Oil's run-up near $150 a barrel in July and a weak U.S. economy has forced Americans to cut back on their driving and led business to scale down operations.
Though U.S. gasoline prices have eased from record levels above $4 a gallon ($1 per liter), they remain expensive, and more softening in the economy would likely further curtail energy use in the world's thirstiest consumer.
Given the dire economic outlook, some analysts questioned whether oil prices would keep rising.
"We've already seen that the world can't afford oil at these prices. If it keeps going up, demand will drop off again,'' Flynn said.
However, he cautioned that oil's future direction hinged on the outcome of the government bailout plan and its effect on the U.S. economy.
"If the dollar keeps getting whacked and everybody panics, then we are going up again,'' he said.
U.S. congressional leaders endorsed the plan's main thrust, saying passage might occur in a matter of days.
But they also want independent oversight, protections for homeowners and constraints on excessive executive compensation, House Speaker Nancy Pelosi said Sunday.
Treasury Secretary Henry Paulson pushed lawmakers, who received the package on Saturday, to approve the proposal as soon as possible.
The Federal Reserve also announced late Sunday it granted a request by investment banks Goldman Sachs and Morgan Stanley to change their status to bank holding companies, a move that will allow the two institutions to open commercial banking subsidiaries, greatly bolstering their resources.
In other Nymex trading, heating oil futures rose 14.52 cents to settle at $3.043 a gallon, while gasoline futures rose 10.41 cents to settle at $2.7038 a gallon.
Natural gas futures rose 9.5 cents to settle at $7.943 per 1,000 cubic feet.
In London, November Brent crude rose $6.43 to settle at $106.04 a barrel on the ICE Futures exchange. - AP
Tuesday, September 16, 2008
My 18 hours under the ISA
Malaysia Terrorist Law Used To Protect Journalist?... read more. Judge It !!! Do you want this happend to you & family? Show your disapproval, Click here to vote againts it.
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By TAN HOON CHENG
WHILE enjoying my yew char koay (fried dough stick), I was worried about the show-cause letter issued to Sin Chew Daily, and anxious about the days ahead for my newspaper.
Suddenly, a group of plainclothes policemen appeared in front of my gate. A woman police officer started to identify who they were and the purpose of their visit. She was also the only one in uniform.
She told me I had to follow them to the police station. I said would not open the gate unless they had a warrant of arrest.
I immediately rang the legal adviser of our company and my direct superior to seek their advice. Later, the woman officer told me they were arresting me under the Internal Security Act (ISA) and therefore a warrant was not required. Upon hearing that, I immediately prepared for the worst.
I had to act calm, comforting my parents and reassuring them that my colleagues would be waiting for me at the police station to render assistance. When I was taken away, my parents reacted strongly and they kept on asking the police to accord me proper treatment.
I was brought to the Seberang Prai Tengah district police station. I was placed in a cold room while waiting for the police to begin their paperwork.
I was accompanied by a woman officer who seemed to be shivering because of the low room temperature. To break the silence, I initiated a conversation. She told me: “You seem to be very calm.”
I told her: “I am arrested under the Internal Security Act and even though I am scared, I have to face this reality. But I am worried about my parents, friends and relatives, they must be very worried about me.”
To be frank, I was very cool-headed. I believed there must be a lot of people out there supporting me and giving me the strength I needed. So, I had to stay strong for them.
The police recorded all my personal belongings which were later taken away from me. After that, I was considered ready to be sent to the police contingent headquarters in Penang.
When I was brought out of the police station, I realised a lot of my media colleagues, representatives from different parties and groups were already waiting outside the police station to show their support.
Seeing this, I was deeply touched, I could no longer hold back my tears.
When the police car arrived at the entrance, my superior, Puah Eu Peng, our Northern Region Manager, tried to stop the car with his body and to slow it down.
He knocked at the window, to make sure I was in the car and gestured to show his support. I instantly wiped off my tears.
After taking my thumbprints, I was given dinner and arranged to spend my night in remand. I did not know that people had gathered outside the station to show their support.
I requested the woman officer to keep the lights on. She told me not to worry, she would not switch off the lights.
The police also informed me I would meet my parents at 8am tomorrow morning. I spent a very long time, thinking of everything that I had to tell my parents.
I lost touch with the outside world and since it was my only opportunity, I had cherish it. To clearly explain everything to my parents.
After clearing my mind, I tried to sleep on a wooden bed with the company of mosquitoes and the noise of water dripping. I had no idea what tomorrow held for me, but I knew I had to be in perfect condition to handle everything.
I have never suffered from insomnia but this very night, I finally experienced it.
Deep down in my heart, I know those who cared about me would also be experiencing the same and my heart ached thinking about that.
When I was about to wash up at 6am, the woman officer passed me clothes brought by my parents. I was surprised; everything was new, the toiletries, T-shirts, shorts, panties.
I later discovered that the “parents” the police officer was referring to were a bunch of colleagues. While waiting outside the Penang police contingent headquarters, they had prepared them for me.
They were uncertain when I would be released, but told themselves they had to get these items ready in the shortest time possible.
I met my parents and said goodbye.
The police informed me they would bring me to the Bukit Aman police headquarters in Kuala Lumpur. My heart sank. I told myself this was the beginning of it, I must brace myself for everything.
I was eventually brought to the Perak police headquarters in Ipoh. After a brief interrogation session, I was brought back to Penang police headquarters again.
I was interrogated further. I told myself to keep my mind clear, I must tell them the truth, and respond appropriately.
After the interrogation, I was brought to see another higher-ranked officer, he told me: “We can both go home now!” Both of us turned to the clock on the wall. The time was 2.25pm.
These were my 18 hours under the ISA. I have gone through a lot.
After being released, I received a lot of messages, telephone calls and bouquets.
My colleagues in the press, representatives from political parties, society leaders, schoolmates, classmates, friends and relatives visited me at home. Of course, not forgetting the readers and members of the public who called up or visited Sin Chew Daily’s office in Penang or the head office in Petaling Jaya.
To all of them, I express my deepest gratitude. During those 18 hours, which was filled with a lot of uncertainties, I felt there was some unknown strength that supported me through it all.
I knew it must be from you all, those whom I knew or have not met!
I realise our journey is still full with challenges and obstacles, so we have to continue with the same righteous spirit and courage that we have all shown this time! Our society needs this spirit. To build a better tomorrow.
I have finally been freed, but I hope Teresa Kok and Raja Petra Kamarudin and all those detainees under the ISA can be released as soon as possible.
If the authorities think they have broken the law, they should be brought to a court of law to stand transparent and fair trials.
This article is reproduced, with permission, from http://www.mysinchew.com/.
© 1995-2008 Star Publications (Malaysia) Bhd (Co No 10894-D)
Oil closes below $100 for first time in 6 months
Oil closes below $100 for first time in 6 months
By STEVENSON JACOBS, AP Business WriterMon Sep 15, 4:58 PM ET
Oil prices closed below $100 a barrel for the first time in six months Monday, tumbling in another dramatic sell-off as the demise of Lehman Brothers and the sale of Merrill Lynch deepened worries about the U.S. economy.
Crude prices shed more than $5 a barrel and have now given up virtually all their gains for the year, extending a steep, two-month slide from record levels above $147 a barrel.
Oil's pullback also came as early signs suggested that Hurricane Ike delivered less damage than feared to the Gulf Coast energy oil and gas infrastructure. But pump prices jumped above $4 a gallon in parts of the country as a precautionary shutdown of Gulf refineries caused gasoline shortages.
The latest sell-off in oil began Sunday and accelerated Monday as traders digested a day of dramatic upheaval on Wall Street: Lehman Brothers Holdings Inc., a 158-year-old investment bank, filed for bankruptcy after failing to find a buyer and Merrill Lynch & Co. agreed to be bought out by Bank of America Corp.
Lehman, Merrill and other big institutional investors were major participants in the commodities boom of the past year, helping push the price of oil, precious metals and grains to historic highs until a slowing global economy helped bring a halt to the rally.
Analysts said investors feared that the upheaval in the financial sector could trigger another round of commodities liquidation — especially with Lehman likely to unwind its holdings. Other investors may also unload commodities, fearing that the deepening economic crisis will further reduce demand for energy and raw materials futures.
"I think this is giving the bulls further reason to exit the market," said Stephen Schork, an oil analyst and trader in Villanova, Pa., who said the pullback could reflect selling by Lehman or possibly a hedge fund struggling to raise capital. "When you see price drops of this size, it reeks of someone being in trouble."
Light, sweet crude for October delivery fell $5.47 to settle at $95.71 a barrel on the New York Mercantile Exchange — oil's first settlement under $100 since March 4. Earlier, prices dipped to $94.13, the lowest trading level in seven months. The sell-off gained momentum in aftermarket trading as prices fell more than $6.50.
Crude has fallen more than $50 — or 35 percent — from its all-time trading record of $147.27 reached July 11 as a global economic slowdown continues to weigh on demand for energy.
Other commodities traded mixed Monday, with energy futures down but gold, silver and most grains trading higher.
Investors were also awaiting damage assessments to Gulf energy infrastructure after Ike's passage.
U.S. officials said Sunday that Ike destroyed at least 10 oil and gas platforms and damaged pipelines in the Gulf of Mexico. But that represents only a small portion of the 3,800 production platforms in the Gulf and pales in comparison to the catastrophic damage to energy infrastructure doled out by Hurricanes Katrina and Rita three years ago.
"Fears of widespread refinery damage have been allayed considerably and a number of facilities are coming back up in a timely fashion," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.
Still, power outages along the Gulf Coast were slowing efforts to restart some refineries. Meanwhile, virtually all oil production in the Gulf and about 94 percent of natural gas output remained shut-in Monday, according to the U.S. Minerals Management Service.
The shutdown of Gulf refineries sent wholesale gasoline prices spiking last week and pushed pump prices back above $4 a gallon in South Carolina, Alabama, Georgia and other states. Gasoline shortages were reported in Maryland, Virginia and North Carolina.
On Monday, a gallon of regular rose half a penny overnight to a new national average of $3.842 — up 16.7 cents from Friday, according to auto club AAA, the Oil Price Information Service and Wright Express.
Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service in Wall, N.J., said supply shortages caused by Ike and Hurricane Gustav should last at least another two weeks.
"That means we're looking at close to $4 a gallon for the rest of September," Kloza said. "People are going to observe more of this disconnect where retail prices move higher even though crude oil is trading below $100 a barrel."
Also adding to the selling pressure Monday was a slightly stronger dollar. A rising greenback encourages investors to unload commodities bought as a hedge against inflation or weakness in the U.S. currency.
Oil fell despite reports that militants have launched another attack Nigeria's oil infrastructure in a third day of violence.
In other Nymex trading, heating oil futures fell 14.79 cents to settle at $2.7912 a gallon, while gasoline prices dropped 20.82 cents to settle at $2.5614 a gallon. Natural gas for October delivery rose about a penny to settle at $7.374 per 1,000 cubic feet.
In London, October Brent crude fell $5.20 to settle at $92.38 a barrel on the ICE Futures exchange.
___
Associated Press Writers Louise Watt in London and Alex Kennedy in Singapore contributed to this report.
Copyright © 2008 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.
By STEVENSON JACOBS, AP Business WriterMon Sep 15, 4:58 PM ET
Oil prices closed below $100 a barrel for the first time in six months Monday, tumbling in another dramatic sell-off as the demise of Lehman Brothers and the sale of Merrill Lynch deepened worries about the U.S. economy.
Crude prices shed more than $5 a barrel and have now given up virtually all their gains for the year, extending a steep, two-month slide from record levels above $147 a barrel.
Oil's pullback also came as early signs suggested that Hurricane Ike delivered less damage than feared to the Gulf Coast energy oil and gas infrastructure. But pump prices jumped above $4 a gallon in parts of the country as a precautionary shutdown of Gulf refineries caused gasoline shortages.
The latest sell-off in oil began Sunday and accelerated Monday as traders digested a day of dramatic upheaval on Wall Street: Lehman Brothers Holdings Inc., a 158-year-old investment bank, filed for bankruptcy after failing to find a buyer and Merrill Lynch & Co. agreed to be bought out by Bank of America Corp.
Lehman, Merrill and other big institutional investors were major participants in the commodities boom of the past year, helping push the price of oil, precious metals and grains to historic highs until a slowing global economy helped bring a halt to the rally.
Analysts said investors feared that the upheaval in the financial sector could trigger another round of commodities liquidation — especially with Lehman likely to unwind its holdings. Other investors may also unload commodities, fearing that the deepening economic crisis will further reduce demand for energy and raw materials futures.
"I think this is giving the bulls further reason to exit the market," said Stephen Schork, an oil analyst and trader in Villanova, Pa., who said the pullback could reflect selling by Lehman or possibly a hedge fund struggling to raise capital. "When you see price drops of this size, it reeks of someone being in trouble."
Light, sweet crude for October delivery fell $5.47 to settle at $95.71 a barrel on the New York Mercantile Exchange — oil's first settlement under $100 since March 4. Earlier, prices dipped to $94.13, the lowest trading level in seven months. The sell-off gained momentum in aftermarket trading as prices fell more than $6.50.
Crude has fallen more than $50 — or 35 percent — from its all-time trading record of $147.27 reached July 11 as a global economic slowdown continues to weigh on demand for energy.
Other commodities traded mixed Monday, with energy futures down but gold, silver and most grains trading higher.
Investors were also awaiting damage assessments to Gulf energy infrastructure after Ike's passage.
U.S. officials said Sunday that Ike destroyed at least 10 oil and gas platforms and damaged pipelines in the Gulf of Mexico. But that represents only a small portion of the 3,800 production platforms in the Gulf and pales in comparison to the catastrophic damage to energy infrastructure doled out by Hurricanes Katrina and Rita three years ago.
"Fears of widespread refinery damage have been allayed considerably and a number of facilities are coming back up in a timely fashion," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.
Still, power outages along the Gulf Coast were slowing efforts to restart some refineries. Meanwhile, virtually all oil production in the Gulf and about 94 percent of natural gas output remained shut-in Monday, according to the U.S. Minerals Management Service.
The shutdown of Gulf refineries sent wholesale gasoline prices spiking last week and pushed pump prices back above $4 a gallon in South Carolina, Alabama, Georgia and other states. Gasoline shortages were reported in Maryland, Virginia and North Carolina.
On Monday, a gallon of regular rose half a penny overnight to a new national average of $3.842 — up 16.7 cents from Friday, according to auto club AAA, the Oil Price Information Service and Wright Express.
Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service in Wall, N.J., said supply shortages caused by Ike and Hurricane Gustav should last at least another two weeks.
"That means we're looking at close to $4 a gallon for the rest of September," Kloza said. "People are going to observe more of this disconnect where retail prices move higher even though crude oil is trading below $100 a barrel."
Also adding to the selling pressure Monday was a slightly stronger dollar. A rising greenback encourages investors to unload commodities bought as a hedge against inflation or weakness in the U.S. currency.
Oil fell despite reports that militants have launched another attack Nigeria's oil infrastructure in a third day of violence.
In other Nymex trading, heating oil futures fell 14.79 cents to settle at $2.7912 a gallon, while gasoline prices dropped 20.82 cents to settle at $2.5614 a gallon. Natural gas for October delivery rose about a penny to settle at $7.374 per 1,000 cubic feet.
In London, October Brent crude fell $5.20 to settle at $92.38 a barrel on the ICE Futures exchange.
___
Associated Press Writers Louise Watt in London and Alex Kennedy in Singapore contributed to this report.
Copyright © 2008 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.
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