Oil hits record high Monday
According to an AP story (via AOL Money), oil reached $93 a barrel today before sliding back down.Factoring into the sky-high price: news that Petroleos Mexicanos or Pemex planned to shut down as much as 600,000 barrels of crude production per day. Add to that political tensions in the Mideast, throw in a weak U.S. dollar, heap some uncertain weather (like Hurricane Noel, for instance), and you've got a pretty unstable situation, analysts say.
This rise in oil futures -- which have gained $8 barrel (or about 9 percent) -- were spurred by the U.S. Department of Energy's report of a sharp drop in the country's crude stocks. According to the article, "Analysts note the price of oil is closing in on the inflation-adjusted highs hit in early 1980. Depending on the adjustment, a then $38 barrel of oil would be worth $96 to $101 or more today."
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