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October 12, 2008 3:19:04 PM CDT

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Oil Flirts With Record-High $104

Posted Mar 3, 08 11:45 AM CST in Business 

(Newser) – As oil soared to nearly $104 a barrel today, it set an all-time, inflation-adjusted record, surpassing even the height of the oil crises of the '70s and '80s, the New York Times reports. Futures touched $103.95 on the New York Mercantile Exchange, beating out the April 1980 record of $39.50 a barrel, or $103.76 adjusted for inflation.

Today’s oil crisis is entirely different from those bygone hiccups, which were caused by sudden interruptions in supply. Today, demand in the US and Asia is simply outstripping normal supply, causing prices to more than quadruple since 2000. The slowing economy is also pushing up the price, as investors look to commodities instead of stocks or cash.

Source New York Times

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Pictured graphic shows the rising price of crude oil. Oil prices rose to nearly $104 a barrel on Monday morning, setting an all-time record.   (Associated Press)
A pump jack works in a field near a Valero refinery, Saturday, Feb. 17, 2007, in Sunray, Texas. Oil prices rose to nearly $104 a barrel on Monday morning, setting an all-time record. (AP Photo/Matt Slocum)   (Associated Press)
High gas prices are posted at a Shell gas station in Menlo Park, Calif., Friday, Feb. 29, 2008. Oil prices rose to nearly $104 a barrel on Monday morning, setting an all-time record. (AP Photo/Paul Sakuma)   (Associated Press)
A motorist fills her tank at a gas station in Richmond, Va., in this Nov. 14, 2007 file photo. Oil prices rose to nearly $104 a barrel on Monday morning, setting an all-time record. (AP Photo/Steve Helber,...   (Associated Press)
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oil price  • oil  • inflation  • commodities  • oil supply  • $100 a barrel oil  • futures market  • New York Mercantile Exchange  • oil crisis


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