Here We Go Again: Oil Closes at Yet Another New High: $93.53/Barrel

Read it and weep.

“Pushing prices higher today? Mexico’s state-owned Petroleos Mexicanos, one of the largest crude suppliers to the U.S., halted production of 600,000 barrels a day due to inclement weather on Sunday. Petroleos Mexicanos, also known as Pemex, said it hopes to resume production in days.

Mexico is U.S.’s second largest crude supply country after Canada, shipping 1.66 million barrels a day in the first eight months, according to the Energy Department. Pemex is Mexico’s largest company with annual revenue of nearly $100 billion. It’s also the third largest producer of crude oil in the world, according to the company’s website.”