Summer driving season hasn't started yet, but oil prices have already passed another milestone. Reuters reports that oil has gained 11 percent since the start of the month, passing $126 per barrel, citing "fuel supply concernss and a rush of speculator buying."
It's getting to the point that auto industry observers are warning truck owners to hurry up and trade in their gas guzzlers before the trade-in value plummets.
Interestingly, a survey of oil industry executives finds that a slight majority - around 55 percent - believe oil prices will fall below $100 per barrel by the end of the year.
It's hard to say whether this is just wishful thinking, Upton Sinclair style, or a sound analysis; but it's pretty amazing to consider that oil prices dropping below $100 a barrel would now be considered price relief.
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