Oil Price Surges to Record High of $138.54

NEW YORK -- The price of crude oil soared to a record high on Friday, June 6, rising $10.75 a barrel to reach $138.54. That's the biggest one-day surge ever.

According to the Los Angeles Times, the surge was sparked by a combination of factors: the European Central Bank said that interest rates may rise; that forecast pushed the value of the U.S. dollar down; an analyst said oil may reach $150 a barrel by July 4; and Israel warned it might take action against Iranian nuclear sites.

"Never before seen, unprecedented, amazing, epic ..." is how Denton Cenquegrana of the Oil Price Information Service described the one-day surge.

For fleet managers, all that means higher prices at the pump -- with no end in sight.