Fill It Up: Prices Rising

06-27-05 - Oil prices have reached another milestone, settling above $60 a barrel for the first time. Analysts say the market's latest jump into the record books reflects concerns about strong demand for oil and potential supply problems.

In New York, crude climbed as high as 60 dollars and 95 cents a barrel before closing at 60 dollars and 54 cents -- up 70 cents from Friday's close.

When you adjust for inflation, oil was still far more expensive in 1980, when prices peaked at today's equivalent of 90 dollars a barrel.