Oil prices jumped Wednesday despite a stronger dollar and signs that U.S. demand for oil is fading in light of a slow economy and record prices.
Oil fell about $3 early Wednesday, but rebounded after Morgan Stanley’s co-head of global economics, Richard Berner, said crude prices could reach $150 a barrel this year.
Light, sweet crude oil for July delivery rose $2.18 to settle at $131.03 on the N.Y Mercantile Exchange. The contract fell $3.34 Tuesday, and was roughly four dollars off its all-time high of $135.09 a barrel, which it hit late last week.
Usually, there is a boost in crude oil future purchases just before Memorial Day as traders anticipate a strong beginning to the summer driving season. But since forecasts by motorist group AAA expected less traveling this Memorial Day weekend, analysts have noted that lower demand for gasoline may be a result of the record gas prices.

The U.S. DOT said Monday that Americans drove 11 billion miles less in March ‘08 than last year, marking the first decrease in estimated March travel on public roads since 1979. That decline is the steepest year-to-year drop for any month in the history of the agency’s reporting, dating back to the early 40’s.
It’s finally starting to look like Americans are getting wise to the oil companies and are limiting their travel. I remember when I started driving that gas prices were in the 99 cents a gallon range. I remember the first time it cost me $20 to fill up my gas tank it completely ruined my day. Now I’m filling up the same car for $39.
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It was finally announced that 33 year old Jimmy Fallon, formerly of Saturday Night Live, will replace Conan O’Brien as the new Late Night host. Conan O’Brien was the best choice to replace Jay Leno, and Jimmy Fallon is the best choice to replace Conan. But who is going to replace Jimmy Fallon in all of those dumb ass movies like Fever Pitch and Taxi? All jokes aside, I feel like Jimmy Fallon is the perfect choice because he already has a fan base, something that Conan O’Brien really didn’t have when he joined Late Night. I’ve always been a huge fan of Jimmy, but the one thing that would make the new show perfect is if his band is Pearl Jam!