US Crude Oil Prices Soar

US crude oil prices surge above $70 per barrel

Free Republic - August 29, 2005

US crude oil prices surged to a new record high of above 70 US dollars a barrel in opening
trade on Monday amid concerns about supply shortages caused by coming Hurricane
Katrina. Oil futures on the New York Mercantile Exchange soared to 70.8 dollars a barrel,
beating the previous record of 68 dollars set last week, after producers and refiners shut
down operations ahead of the Category 5 hurricane.