Oil prices climb back over $61 a barrel

Oil prices cross $61 per barrel

Wednesday, July 13, 2005 (New York):

Crude futures jumped today, crossing the $61 a barrel mark as Tropical Storm Emily gathered steam, escalating concerns over supply disruptions ahead of production for winter.

New York's main contract, light sweet crude for delivery in August, climbed 63 cents to $61.25 per barrel in electronic deals after closing up $1.70 yesterday.

1) I so well recall the predictions of cons around here, before the war, about how the war would give us cheap gas for years. 2) I also recall a period of cheap oil because the Ruskies were flooding the market, and it was Bush who urged the Ruskies to cut down on production because the low oil prices were hurting the Saudis. Thanks for the expensive oil President Bush!