Markets hit a record of almost $120 a barrel today, responding to three major events from the past three days: A strike by Scottish workers that began yesterday has shut down a pipeline that carries nearly half of Britain's oil; In Nigeria, workers are striking too, adding to tensions after attacks on another major pipeline; Also contributing to higher oil prices was a skirmish on Friday between U.S. and Iranian ships in the Persian Gulf.
- Oil prices hit an all-time high today, nearing $120 a barrel.
- Investors are increasingly blamed for the increasing price of oil. Speculators are bidding on oil in response to rising inflation and a weakening U.S. dollar.
- Strikes and rebel attacks in Nigeria reduced global oil supply by about 2.5 percent. This is the biggest acute disruption in three years.
Guest: Lisa Margonelli, author of "Oil on the Brain: Adventures from Pump to Pipeline," writes about the global culture and economy of energy.