Adjusted for inflation, Monday's top price of $103.95 a barrel eclipses the previous record set during the Iranian hostage crisis in 1980, analysts say.March 4, 2008
The gravity-defying price of oil shot through another barrier Monday by briefly touching $103.95 a barrel in New York trading, the highest cost ever for black gold even after adjusting for inflation.
Before Monday, the April 1980 price of $38 was the pinnacle, fueled by dramatic Mideast events including the failed rescue of American hostages in Iran. Adjusted for inflation, that $38 is now more than $103. This time, rather than a political crisis, the main culprit is decidedly less spectacular: a weak dollar.
For consumers and the nation's economy, triple-digit oil prices are being felt broadly, boosting costs from the gas pump to the grocery store and crimping sales of light trucks, tires and pleasure tours. More >>>
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