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Oil Closes Above $100

Posted by Michael Link on February 19, 2008 at 04:38 PM

First time ever.

From CNBC: "U.S. crude oil futures settled at a record $100.01 a barrel on Tuesday, after surging to a record high of $100.10 intraday on refinery snags, a weak dollar, and concerns about supply from Venezuela and Nigeria and amid expectations OPEC will not increase output in March."

And speaking of record costs, there are also record profits. Flashback: $75,616,438.36 a day.

Updated by Matt Ortega: Of course, we have nothing to worry about because, as Mitt Romney pointed out before the U.S.S. Mitt crashed into a Super Tuesday iceberg, "Bush got us off of foreign oil."

So glad we dodged that bullet. Whew!

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