Oil Hits $93 A Barrel

October 29th, 2007

I knew something was up. Gas has gone up 23 cents per gallon since I got back from Las Vegas.

Oil leapt to a record high for a third day on Monday, surpassing $93 as investors bet on another U.S. interest rate cut this week, the dollar struck new lows and Mexico briefly halted one-fifth of its oil production.

U.S. crude, which hit a high of $93.20 a barrel earlier, was trading at $91.92 by 11:07 a.m. EST, up six cents from the previous close. London Brent, which hit a record $90, was up 33 cents at $89.02 a barrel.

I remember some of the analysts on the evening news re-assuring us that the price of oil would never hit $100 a barrel. How much you wanna bet that happens before Christmas?

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