Shock and oil

Monday, April 28, 2008

Lisa Margonelli says this could be a day we all remember, when oil finally spikes to a price that makes us change our behavior.

Markets hit a record of almost $120 a barrel today, responding to three major events from the past three days: A strike by Scottish workers that began yesterday has shut down a pipeline that carries nearly half of Britain's oil; In Nigeria, workers are striking too, adding to tensions after attacks on another major pipeline; Also contributing to higher oil prices was a skirmish on Friday between U.S. and Iranian ships in the Persian Gulf.

We talk about what's next with Lisa Margonelli. She also wrote a blog post for The Takeaway today called, "A short history of the future of British oil."

Takeaway Facts:

  • Oil prices hit an all-time high today, nearing $120 a barrel.
  • Investors are increasingly blamed for the increasing price of oil. Speculators are bidding on oil in response to rising inflation and a weakening U.S. dollar.
  • Strikes and rebel attacks in Nigeria reduced global oil supply by about 2.5 percent. This is the biggest acute disruption in three years.

Guest: Lisa Margonelli, author of "Oil on the Brain: Adventures from Pump to Pipeline," writes about the global culture and economy of energy.

Contributors:

Sitara Nieves

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