In economic news, the price of oil reached a new high Monday, topping $103 a barrel for the first time ever.
Some analysts are now predicting the price of oil could jump to nearly $4 a gallon by this summer. Meanwhile, billionaire investor Warren Buffett said the US economy is essentially in a recession.

Warren Buffett: “I would say, by any common sense definition, we are in a recession. We haven’t had two consecutive quarters of GDP (Gross Domestic Product) growth, but I will tell you that, on balance, most people’s situation, certainly their net worth, has been heading south now for a considerable period of time.”