by J. Peter Pham, Ph.D.

World Defense Review columnist

Last Friday, oil prices climbed toward $67.00 a barrel as supply disruptions in Nigeria compounded concerns about insufficient gasoline inventory levels in the United States – which have been declining for twelve straight weeks according to the Department of Energy – just days before Memorial Day officially kicks off the peak summer driving season. The price of London Brent crude, which nowadays is more representative of the global market than U.S. light crude, closed up $1.04 at $66.83 a barrel. The American Automobile Association reported just the day before that the average price nationally of a gallon of gasoline at the pump was $3.04, just two cents short of the all-time record set in September 2005 following Hurricane Katrina.

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Posted by pichu at May 7, 2007 5:50 PM