#1 Oil prices rise to record highs above $14407-02-2008, 05:29 PM
Jul 2 03:26 PM US/Eastern
By ADAM SCHRECK / AP Business Writer
Bush Again Calls for Domestic Oil Drilling
NEW YORK (AP) - Oil prices shot to new records above $144 a barrel Wednesday as the government reported a bigger-than-expected drop in U.S. supplies and the threat of conflict with Iran weighed on traders' minds.
Light, sweet crude for August delivery rose as high as $144.13 on the New York Mercantile Exchange shortly after the market closed. The contract also notched a new closing record, settling at $143.57—a full $2.60 above the previous high from a day earlier.
The Energy Department's Energy Information Administration said crude oil supplies fell by 2 million barrels last week, or about 800,000 barrels more than analysts surveyed by the energy research firm Platts predicted.
However, that same report offered a mixed picture of energy use by the world's thirstiest oil consumer. Gasoline supplies unexpectedly grew by a considerable amount, and demand continued to slide—suggesting that record fuel prices are prompting a real shift in Americans' driving habits.
http://www.breitbart.com/article.php...show_article=1At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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