Ike roars as dollar hits record high against Euro; oil futures dropped to $100.87 a barrel.Fort Worth, TX (WiredPRNews.com)—Even as OPEC agreed to cut daily production by 520,000 barrels and Hurricane Ike churns toward the oil refining and drilling-heavy Texas Gulf coast, oil hit a record low on Thursday as the dollar rose against the Euro.
According to a Sept. 11, 2008 article by Polya Lesova and Myra P. Saefong that appeared at MarketWatch.com, crude oil futures closed at $100.87 a barrel. This is attributable to a worldwide drop in demand and increased talk of offshore drilling.
The dollar rose against the Euro for the second day in a row, according to a Bloomberg.com article by Agnes Lovasz and Ye Xie, which listed the greenback at $1.39 to one Euro. This is the highest the US currency has been against the Euro in the last 12 months, the article stated.
Even with oil futures down, some energy stocks were up. Philadelphia Oil Service Index and Amex Natural Gas Index rose 0.2% and 1.4%, respectively, according to a September 11, 2008 MarketWatch.com article by Steve Gelsi.
Congress is considering lifting parts of the drilling ban so oil extraction could take place on the outer continental shelf of Virginia, North and South Carolina and Georgia. However, this might do little to reduce gasoline prices at the pump if the states and environmental groups are able to delay the process.
Most offshore oilrigs are well out of sight of beachgoers because of the curvature of the earth.