[Vision2020] Oil Record One Day Increase: Record Price Per Barrel: $138.9

[Ted Moffett]

http://www.msnbc.msn.com/id/12400801/

NEW YORK - Oil prices shot up more than $11 to a new record above $139
Friday after Morgan Stanley predicted prices would hit $150 by the Fourth of
July. The unprecedented jump is all but certain to drive gas prices well
past the $4 mark in the coming weeks.

Oil's meteoric surge, which pushed prices more than 8 percent higher in a
single day, added to a huge increase Thursday to cap oil's biggest two-day
gain in the history of the New York Mercantile Exchange. The burst higher —
which also came on rising Middle East tensions — also raised the prospect of
accelerating inflation by adding to already strained transportation costs.

That gloomy outlook sent stocks tumbling, taking the Dow Jones industrials
down more than 300 points.

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Vision2020 Post: Ted Moffett
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