Crude Oil Soars to New Record: $61.40

Light sweet crude on the August contract exploded beyond the previous record to $61.40 a barrel. Gasoline and heating oil shot up right behind it at $1.80 a gallon. Dennis and Cindy hold the world oil market in their grasp. These prices are driven by fears of major supply interruptions from the offshore oil platforms in the Gulf of Mexico. Most of the rigs were evacuated yesterday and as many weather watchers predict Dennis could quite easily become a full-blown hurricane, workers probably won't return to the rigs until next week. According to the U.S. Minerals Management Service, gas and oil daily production in the Gulf is down 3%, driven down by the storm.

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