Oil Gushes Past $145

Experts say a further weakening of the dollar will push prices higher still
By Jim O'Neill,  Newser User
Posted Jul 3, 2008 7:07 AM CDT
The price of crude oil has been rising steadily.   (AP Photo)
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(Newser) – The specter of conflict in Iran and a surprisingly large decline in US stockpiles pushed European oil prices above $145 today for the first time, reports the AP. A further weakening of the dollar, if the European Central Bank raises interest rates as expected later today, could push prices even higher. Crude has risen more than 50% since the end of 2007.