Commodities
$100 Oil Sends Gas Prices Soaring to Record Highs
The price of crude oil has hit $100 a barrel for the first time since July, causing gasoline and diesel prices to soar to record highs.
Fuel prices have risen sharply, with diesel hitting a high of $5.94 per gallon nationwide and gasoline rising to $4.22 per gallon, its highest since June.
The higher fuel costs are straining household budgets and putting pressure on the Federal Reserve to raise interest rates to quell inflation, both of which are dragging on economic growth.