Crude prices reach record high

| Wednesday, September 12, 2007

Crude oil prices reached an all-time high in trading in New York Wednesday, Sept. 12.

Crude futures were at $78.78 a barrel at midmorning – nearly 60 cents higher than the previous record price, set in July.

In other oil news, OPEC announced on Tuesday, Sept. 11, that it will increase production by half a million barrels a day. But speculators are now supposedly concerned that there will still be supply problems this winter when Northeasterners start using home heating oil.

Meanwhile, the national average price of diesel fuel remained at $2.94 a gallon, according to ProMiles.

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