This late night post comes after Monday trades in foreign markets climbed to $70 a barrel based on oil rigs and refineries shutting down from the hurricane. Expect it to go higher this week, depending on the extent of the damage to operations. Reuters ran the full story.

It doesn't look pleasant folks. Dr. Pete Morici, an nationally known economist at the University of Maryland's Smith School of Business suggested last week that a major economic slow down would hit if either oil hit $80 a barrel or mortgage rates went up beyond 7%. I would say the $80 a barrel isn't that far off.

posted by Stithmeister @ 11:49 PM
 
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