Practically every American news outlet has been flipping out over prices in oil trading. Everywhere you turn someone's spouting off about "record levels".
Oil prices touched record levels Thursday as an escalating battle in Iraq, approaching storms in a U.S. production region and continued uncertainty about Russian exporter Yukos led to more speculative buying.
At around noon ET, U.S. light crude for September delivery rose 58 cents to $45.38 on the New York Mercantile Exchange after setting an all-time record of $45.50 a barrel minutes before. The price stands well above the record high for New York crude futures of $45.04 struck Tuesday.
Anyhow, I was sitting around watching Headline News with my dad when one of the pundits started in on the party line, and my Dad said it was total bullshit. He said that oil prices were WAY higher than they are now during the Iran/Iraq war.
I was skeptical, but I figured it couldn't hurt to Google it. Wouldn't you know it, he's right
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