Oil 2/3 of way to historic highs

Pushing past $60 a barrel, oil is two-thirds of the way to its historic highs:

After climbing as high as $60.95 per barrel, an intraday record, the front-month August contract for crude rose 70 cents to close at $60.54 a barrel on the New York Mercantile Exchange. It was the highest settlement on record at Nymex, where crude futures began trading in 1983. The previous settlement high was $59.84 a barrel, set Friday.

Adjusted for inflation, prices peaked in 1980 above $90 a barrel.

So we could be looking at $4 a gallon gas at this rate!