| 2007-09-13 |
|
Historic first for crude oil: An $80-per-barrel close
13 september. [Neftegaz.ru] - Crude oil, the world's economic lifeblood, closed at more than $80 a barrel last week for the first time. The milestone is symbolic, but the potential of rising oil prices to harm the ability of businesses to expand and consumers to spend is not. "It's just one more weight on an already very fragile economy," said Mark Zandi, chief economist at Moody's Economy.com, of West Chester. A big question is, how quickly will the surge in oil prices show up at the gasoline pump, where it will especially hurt low- and middle-income households? A widely watched futures contract traded on the New York Mercantile Exchange closed at $80.09 Thursday, as Hurricane Humberto forced three Texas refineries to halt operations. The price retreated to $79.10 Friday. |


