What current events could fuel inflation?
Crude Oil Climbs as Tropical Storm Chris Heads Toward the Gulf Of Mexico
"Crude oil rose in New York as Tropical Storm Chris, the third named storm of the Atlantic hurricane season, formed in the Caribbean.
The storm had sustained winds of almost 40 miles per hour (64 kilometers per hour) and was about 175 miles east of Antigua, the U.S. National Hurricane Center said at 5 a.m. Miami time. Chris is heading west-northwest, toward the Gulf of Mexico, where offshore rigs provide about a quarter of U.S. oil production.
``Tropical Storm Chris currently poses a minimal threat,'' said Jason Schenker, an economist with Wachovia Corp. in Charlotte, North Carolina. ``If we see Chris develop further, there could be some further upside risk'' in oil prices.
Crude oil for September delivery rose 37 cents, or 0.5 percent, to $74.74 a barrel at 10:01 a.m. on the New York Mercantile Exchange. Prices are up 23 percent so far this year."