Crude closed above the psychological $100-barrel barrier on Tuesday for the second time. The next milestone? The inflation-adjusted all-time high of $103.76 which would be the equivalent of the price of a barrel in April, 1980. As I write, it sits at $101.34 on the NYMEX, exchange.
NYT Article from this morning on oil’s effect on consumer prices. The economy has resisted the four year runup in gas prices so far but at some point the squeeze will begin to have discernible impact on people’s lives.
