Broken record: Oil price highest ever, again

| Wednesday, October 13, 2004

Crude oil reached another record on the New York Mercantile Exchange, closing at $53.64.

Once again, experts noted that concerns about threats to the steady flow of oil had forced a higher price for crude.

The Associated Press reported that at one point during the day’s trading Wednesday, the price rocketed over $54 a barrel.

Oil experts cited in media reports were particularly concerned that the world’s “buffer,” the amount of crude on hand, is too small to cope if the world’s supply is disrupted in any way.

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