Dollars & Sense: Oil briefly hits $100; surviving a tax audit
A photo taken in March 2006 shows production facilities of the German oil firm Wintershall in the Libyan desert.
February 23rd, 2011
04:52 PM ET

Dollars & Sense: Oil briefly hits $100; surviving a tax audit

A roundup of today's CNNMoney news:

Libya oil production disrupted: Some oil production in Libya is shutting down as companies operating there begin to close facilities because of ongoing violence. U.S. oil prices surged Wednesday to $100 a barrel before settling at $98.10 after a report in the Financial Times said half of Libya's production has been suspended.

Airlines raise fares - again: Airlines are increasing their fares at the fastest pace in two years, driven by high fuel prices and enticed by strong consumer appetite. And travelers should brace themselves for prices to go even higher.

I survived an IRS tax audit: CNNMoney's personal-finance editor writes about her experience being audited by the Internal Revenue Service. About 1.6 million people found themselves in this situation last year, according to the IRS. That means 1.1% of all filers drew the short end of the stick.

Flipboard rocks. Can it make money? As it eyes other platforms, the much-celebrated iPad app is counting on sales of big, magazine-style digital ads to drive revenue.

Madoff trustee sues SEC lawyer: The court-appointed trustee in the Bernard Madoff case filed a $1.5 million lawsuit against the outgoing top lawyer at the SEC, alleging that he profited off the Madoff Ponzi scheme.

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soundoff (14 Responses)

    i'm going to start buying some geo metros and fix them up.. when gas goes to 5$ they'll be worth alot..

    February 23, 2011 at 5:21 pm | Report abuse |
  2. raven

    Pretty soon airlines will be imposing a tax (or fee )for breathing. Or blinking . A ticket from Anchorage to Seattle was less than 400 bucks two years ago,now its over a grand. plus that stupid bag fee.

    February 23, 2011 at 5:25 pm | Report abuse |
  3. raven

    And with the KAZILLIONS Madoff stole you KNOW he rat-holed SOMETHING. I feel bad for his victims but i also kinda feel a pang for his family too . He ruined the family name and i wonder if thats why his son offed himself.

    February 23, 2011 at 5:36 pm | Report abuse |
  4. Its koch calling

    hey rupert.. Buddy.. Youve got to help us out.. My buddy king abdulla is madoff as hell.. Get your boys over there on that c.n.n blog to pretend they want some more assange freedoms. Wave some flags.. Youth internet anarchy.. We need that rupert. The way things are going we could lose everything.

    February 23, 2011 at 7:07 pm | Report abuse |
  5. Its koch calling

    never forget rupert.. When you were a poor starving persecuted immigrant..who gave you the airwaves. Exactly.

    February 23, 2011 at 7:29 pm | Report abuse |
  6. banasy

    Are we surprised that oil is going up? No. Every time even an oil-producing country even gets mentioned, prices go up. And if even 1 pump shuts down, they skyrocket! Oil prices are all driven on speculation, anyway...another game, another way to stick it to us!

    Too bad we can't get the oil from the bottom of the Gulf...

    February 23, 2011 at 7:47 pm | Report abuse |
  7. Its koch calling

    remember rupert.. You were merely a british gossip rag owner.. We gave you a big flag and the keys. Pretend that egypt was your idea.. We need the u.s. youth anarchy theme for cover. Wave some flags on it. What you would never allow in australia rupert.

    February 23, 2011 at 7:59 pm | Report abuse |
  8. rupert

    Shaddup already! I know the drill....

    February 23, 2011 at 8:16 pm | Report abuse |
  9. Vanilla Vince

    I guess this oil spike is still Bush's fault?

    February 23, 2011 at 10:15 pm | Report abuse |
  10. personny

    Israel is becoming a nation.

    February 23, 2011 at 10:36 pm | Report abuse |
  11. Tede

    I guess this is just another excuse for the oil barrens to justifie their greed. Libya only produced 1. Percent of planets oil supply

    February 24, 2011 at 9:49 am | Report abuse |
  12. Droop Along

    We cannot get serious about using less foreign oil until we can produce an all electric car for the masses. Right now the only electric cars out there are priced too high for the average consumer. Why should I pay luxury car prices for a vehicle that has LESS capability than my rusty 23 year old minivan! We need a 80 mile per charge, 80 MPH car for $20,000 or less before we can start seeing the nation's EV or hybrid use rise above the lousy 3% it currently is.

    February 24, 2011 at 11:42 am | Report abuse |
  13. vicki

    I would love to conserve my fuel BUT I love a roof over my head and want to feed my children. SO news media think before you speak. Say we love our GAS and SUVs. How untrue. If I could afford a new car, Hybrid or electric, at 45k and up I wouldn't have a home, I would be living in my car. But the vehicle would be to small to house my spouse and our 3 children and two dogs, let alone I still wouldn't be able to eat. With fuel prices, my food prices go up and my pay check goes down. My employer and my spouses keep cutting out things, we now pay for our own healthcare $2000 pm, we get less mileage and now reduced hrs. I work 2 jobs @ 50 hrs p/wk and my spouse is 70 hrsp/wk (truckdriver) and it keeps getting worse. With the fuel prices rising everything else rises, phone (figure that out), heating, electric, cable, etc. My spouse lives 80 miles from work and I live 40 miles from work we are suburban/ rural, many homes but no transportation to where you need to be.

    February 24, 2011 at 1:05 pm | Report abuse |
  14. Levi

    When are we going to just get it over with and conquer the entire middle east for their oil reserves? I'm getting tired of this gas price game, where's a president with some juevos?

    February 24, 2011 at 3:16 pm | Report abuse |