July 05, 2006
|Oil Price Sets Another New Record||Peak Oil|
Oil topped $75 a barrel today, setting a new record. Reuters:
Oil closed at a record high above $75 a barrel Wednesday on strong U.S. demand and ongoing tensions over Iran's nuclear program.
U.S. crude closed $1.26 higher at $75.19 a barrel after hitting a record $75.40 a barrel trading high earlier Wednesday. The market was was closed Monday and Tuesday for the Independence Day holiday. London Brent crude was up $1.52 at $74.03.
The previous record close was on April 21, 2006.
Prices will continue to zig-zag higher. Demand is growing, supply isn't. Econ 101.