Could this be the beginning of the Long Emergency?   For more on this, check out the review I wrote by James Howard Kunstler a few weeks ago. 

From CNN Money.COM:

Oil turns higher, hits record above $74

Inventory worries linger; keeping an eye on Iran, new front-month contract.

LONDON (Reuters) - Oil prices turned higher and hit a record above $74 in New York Friday on fresh worries over Iran’s nuclear program and Nigeria’s supply outages.

U.S. oil for June delivery rose as high as $74.15 a barrel, a record for a front-month contract, and stood at $73.95, up 26 cents at midday on the New York Mercantile Exchange. The May contract expired on Thursday at $71.95.

London Brent also turned up and rose 34 cents to $73.54, after touching a record of $74.22 on Thursday.

(more here)