Oil hits $50 as storms, global tension drive price

As the tropical storms (such as Ivan) and endless fighting prevail, the US and other countries continue to suffer from higher cost of oil per barrel. Such chaos is making it hard to deliver goods in high demand. There are concerns regarding the security of suppliers in areas such as Saudia Arabia and Iraq because of rebel fighting and sabotage of equipment. Many of the available resources have either been destroyed or severely damaged. The effects of several recent tropical storms are also helping to boost prices. Hurricane Ivan has helped to slow the production of crude which leads the inability to meet the demand.
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