Earthquake drives oil up … yeah, yeah, that’s it!

| 4/18/2008

Oil broke a new record high Friday, April 18, topping $116 a barrel in midday trading. Diesel is also at another all-time high with ProMiles showing today’s national average price as $4.16 a gallon.

Bloomberg speculated that crude oil rebounded to a record high because of concern that a 5.2-magnitude earthquake in Illinois might have affected refinery operations.

The earthquake, which was centered near Evansville, IN, woke up people as far as 450 miles away a little after 4:30 a.m. Friday, April 18. No major damage or injuries were reported, but people in Chicago, Kansas City, Cincinnati, Birmingham and parts of Canada felt the tremors.

The Associated Press quoted an Illinois resident as saying, “Windows were rattling and you could hear it. The house was shaking.” Dozens of aftershocks followed, one with a magnitude of 4.5.