Friday, April 01, 2005


No Joking: $5/gallon gas this summer?

Reuters reports crude oil prices may double by this summer:
Oil Soars Over $56 on Spike Alert
Fri Apr 1, 2005 11:52 AM ET
LONDON (Reuters) - Oil prices surged to more than $56 a barrel on Friday, powered higher by a forecast the market could spike to $105 a barrel and concerns U.S. gasoline supplies might fall short of peak summer demand.

Prices have climbed around 30 percent this year after signs rapid demand growth in Asia's emerging economies and the United States would strain world supply ignited heavy buying by big-money speculative funds.
Source: Reuters April 1, 2005

So much for my summer travel plans. On the silver lining side, this should cut down on off-road vehicle damage to US wilderness areas - and may even affect HumVee sales.


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