The price of oil topped $140 a barrel for the first time ever on Thursday with an intraday trading high of $140.4o.The record price for light, sweet crude for August ended the day at the record settlement price of $139.64 a barrel on the New York Mercantile Exchange.
But all of this isn't really a surprise. We told you earlier this year about $150 a barrel predictions.
As oil costs continue to climb, businesses and consumers will continue to feel the pain of higher transportation, heating and cooling costs. These costs which play a major role in most prices will be passed along in the form of higher prices for food and almost everything else.
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