Libya’s Turmoil Leads to Highest February Gas Prices in 21 Years

As Libyan leader Col. Moammar Gadhafi threatened to destroy his country’s oil fields, crude oil touched nearly $102 a barrel in Asia this morning amid fears that Libya could halt exports.

For the first time since 2008, oil hit $100 a barrel Wednesday before settling at $98.10 in New York trading.

If oil and gas prices continue to surge, it could not only hurt consumers but stall an economy that has been gaining traction after more than two years in the doldrums, economists warned.