Oil touches an all-time high





The gravity-defying price of oil shot through another barrier Monday by briefly touching $103.95 a barrel in New York trading, the highest cost ever for black gold even after adjusting for inflation.

Before Monday, the April 1980 price of $38 was the pinnacle, fueled by dramatic Mideast events including the failed rescue of American hostages in Iran. Adjusted for inflation, that $38 is now more than $103. This time, rather than a political crisis, the main culprit is decidedly less spectacular: a weak dollar.


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