Oil price sets records; gas up sharply

08/15/2005
The September contract for benchmark US sweet, light crudes set records for the top intraday trading and closing prices, while natural gas for the same month soared to a 9-month high during the first week of August.The Aug. 1 death of Saudi Arabia’s King Fahd bin Abdul Aziz initially drove crude futures prices to new highs, despite the smooth succession of Crown Prince Abdullah bin Abdulaziz al-Saud to the throne. But energy prices continued to escalate amid concerns about the industry’s ability to meet growing energy demand in the fourth quarter and into 2006, especially with several recent refinery problems in the US. “Although crude oil prices have averaged nearly $50...
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