Oil Hits Record High, Hurting Nearly All

By: news@nbc11news.com Email
By: news@nbc11news.com Email

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.”

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