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Oil Hits New Record on Refinery Outages
Thursday September 13, 11:08 am ET
By John Wilen, AP Business Writer
Oil Prices Set New Record, Gasoline Prices Rise As Hurricane Hits Texas Refineries


NEW YORK (AP) -- Oil prices briefly hit a record high and gasoline futures jumped Thursday as refiners reported production problems after Hurricane Humberto hit Texas.
Oil first traded over $80 a barrel on Wednesday after the Energy Department reported declines in crude and gasoline inventories and refinery activity last week.


OK you business guys.. How does refinery woes cause crude prices to rise?

How does one relate to the other. I can see gas prices jumping but the inverse affect on crude???

Isn't that the cart before the horse....?

Bob