Prices for crude oil hit record highs of over $70 a barrel. At the end of trading, oil settled at $71.60 a barrel. The price is a 95-cent increase over Monday's record close. Saying he is concerned about higher gas prices, President Bush promised that the government will stop any price gouging that might make gas costs rise.
Daniel Yergin, chair of the Cambridge Energy Research Associates, says it's due to concerns in three categories: Threat, Reality and Operations. Threat includes worries about Iran. Reality includes the rebel attacks affecting Nigeria's oil production. And Operations has to do with new environmental regulations requiring the additive ethanol. Ethanol is highly corrosive, so refineries must be careful in shipping it.
Robert Siegel talks with Yergin, who is the author of The Prize: The Epic Quest for Oil, Money, and Power. He is also co-author of The Commanding Heights: The Battle for the World Economy.
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