Crude oil for November delivery rose $1.61, or 1.9 percent, to $85.30 a barrel at 12:30 p.m. on the New York Mercantile Exchange. Futures reached $85.48, the highest since the contract was introduced in 1983. This is the fifth straight daily increase. Prices are 46 percent higher than a year ago.
Today's intraday high passed the previous all-time inflation-adjusted record reached in 1981 when Iran cut oil exports. The cost of oil used by U.S. refiners averaged $37.48 a barrel in March 1981, according to the Energy Department, or $84.73 in today's dollars.
and emailed the quote to my partner David. (The price eventually hit $87.97 and, as of this morning, is only a few cents less.)
David wrote back:
"Let’s have latkes tonight to commemorate the occasion…"
Bring out the potatoes and the grater....