February 19, 2008
|Oil Price Sets New Record||Peak Oil|
Oil prices hit new record highs Tuesday as a Texas refinery fire and fears of an OPEC production cut pushed crude to settle at over $100 a barrel for the first time ever.
U.S. crude for March delivery jumped $4.51 to settle at $100.01 a barrel on the New York Mercantile Exchange, topping the previous settlement record of $99.62 set Jan. 2.
Oil also hit a new all-time trading high of $100.10 a barrel, besting the previous high of $100.09 set Jan. 3.