Washington (AP) The price of oil gushed to a record high Monday, causing pain not just at the pump but at showrooms and checkout counters and on the assembly line.
Oil prices marched past $103 a barrel before settling at $102.45, just the latest in a recent string of record high prices.
Reports find builders are building less and manufacturers are cutting back. General Motors and Ford each say they'll cut second-quarter production.
The galloping energy prices are doubly painful as the nation teeters on the edge of recession. High energy costs are pushing companies to charge shoppers higher prices; those consumers and businesses cut back in turn.
One economist says it's “like throwing sands in the wheels of the economy.”