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Oil Flirts With Record-High $104

Passes inflation-adjusted all-time peak

By Kevin Spak, Newser Staff

Posted Mar 3, 2008 11:45 AM CST

(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.

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 Flirts With Record-High $104

Passes inflation-adjusted all-time peak

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Oil Flirts With Record-High $104

Passes inflation-adjusted all-time peak

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OTHER STORIES ON OUR RADAR

inflation • oil • futures market • oil price • New York Mercantile Exchange • commodities • oil supply • $100 a barrel oil • oil crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

$4 Gas Expected This Spring

Energy Department predicts gas prices to peak soon

$100 Oil Will Return Soon Enough: Study

Price will rebound with economy, likely to hit $200 a barrel in 2030

What if Oil Hits $200?

Inflation would skyrocket as American society reorganizes

Oil Tops $130

Supply concerns drive crude

Congress Turns on Speculators in Oil Bubble

Legislators push regulation in effort to slow gushing prices

About Us

Site

Newser By Users

Community

Site Maps

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More News

What is Newser?