Archive - Aug 8, 2005

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Oil, gas prices both jump to new records

Submitted by acampbell on Mon, 08/08/2005 - 20:00.

Oil, gas prices both jump to new records

High Smart sales surprise even its parent company

August 8, 2005 -- Things got even hotter on the energy market Monday as oil and gas prices both rose to record highs, driven at least in part by jitters over political conditions in the Middle East.

Crude oil jumped nearly 3 percent on global markets, hitting a peak of almost $64 a barrel as investors worried about threats in Saudi Arabia and tension over Iran's nuclear ambitions. Oil for September delivery ended with a gain of $1.63 at $63.94 a barrel on the New York Mercantile Exchange, the highest close recorded since trading began on the exchange in 1983.