Oil closed above $105 for the first time in the industrial, modern, or postmodern eras Thursday, after status-quo monetary decisions in Europe and political tension in Latin America sparked both new buying of the commodity as an inflation hedge and renewed concerns about supply.Oil, which traded at a high of $105.95, closed Thursday up 95 cents to $105.47 per barrel, an all-time record-high close.
The other major energy commodities also closed higher. Heating oil gained 3 cents to $2.97 per gallon, unleaded gasoline added 1 cent to $2.65 per gallon and natural gas climbed 3 cents to $9.75 per million BTUs.
To drill or not to drill? That seems to be the question that Ecuador's President Rafael Correa is asking himself. Or better yet, that is the question that Correa is asking the international community about the possibility of opening up the Yasuni National Park for oil exploration.
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