Tropical Storm Rita sends crude over $66 a Barrel
The price of crude oil is up $3 a barrel by mid-morning trading due to concerns over tropical storm Rita. Rita is moving toward the Florida Keys with sustained winds of about 60 mph and a storm surge of up to 8 feet. I topped off my tank of gas at the corner station at $2.57 a gallon when I saw prices start to spike. Nearly all Oil stocks are at historic highs today, so hopefully you have oil in your portfolio.
Approaching Tropical Storm Rita prompted officials to issue a mandatory evacuation order Monday for residents in the lower Florida Keys. Forecasters expect Rita to strengthen into a hurricane as it churns toward the Keys and the Bahamas. At 8 a.m. ET, Rita’s center was about 235 miles southeast of the Bahamian capital, Nassau, moving west at nearly 9 mph, the Miami-based National Hurricane Center reported. Maximum sustained winds were clocked near 60 mph.
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