Remember how invading Iraq was supposed to get us cheap gas? Not so much:
NEW YORK — Crude oil futures on the New York Mercantile Exchange hit $100 a barrel for the first time ever in intraday trading Wednesday.
Oil prices jumped sharply, setting a new trading record on supply concerns sparked by renewed violence in Nigeria and a warning that OPEC may not be able to meet its share of global oil demand by 2024.
Word that several Mexican oil export ports were closed due to rough weather added to the gains.
In Nigeria, bands of armed men invaded Port Harcourt, the center of the oil industry Tuesday, attacking two police stations and raiding the lobby of a major hotel. Four policemen, three civilians and six attackers were killed. The Niger Delta Vigilante Movement claimed responsibility for the attack.
