Saturday, September 15, 2007

Oil Closes at over $80 per Barrel for the First Time!

By Transport Topics

I found this article online today and I thought that I should share this with everyone. Here goes it...

Crude oil futures rose to a third record in three days Thursday, closing the trading day at more than $80 a barrel for the first time ever, Bloomberg reported.

Light sweet crude futures closed the trading day on the New York Mercantile Exchange at $80.09 a barrel, and hit $80.20 in intraday trading, also a record, Bloomberg reported.

The price surge was pegged to Hurricane Humberto, which came ashore on the Texas side of the Texas-Louisiana border, knocking out power to some refineries in that area, Bloomberg said.

The Category 1 storm was not nearly as big as higher-level Hurricanes Katrina and Rita that pointed the Gulf Coast two years ago.

Early to mid-September is generally the peak time of hurricane season, which lasts from June 1 through Nov. 30.

That's funny! Blame it on a power outage due to storm activity!

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