Hurricane season is still a couple of months away, but oil
prices have already shot up to Katrina-like levels.
Prices in shot up above $70 per barrel on the New York
Mercantile Exchange on Monday, April 17, before settling back down around the
The last time prices went anywhere near that high was on
Aug. 30, 2005, when they reached a record $70.85 per barrel.
The Associated Press reported that industry analysts
were blaming this surge on a lower than expected gasoline inventory report
issued by the federal government’s Energy Information Administration on
Wednesday, April 12.
That report showed that gasoline inventories dropped 3.9
million barrels for the week ending April 7, down nearly 2 percent from the
same week in 2005.
Increased violence and supply disruptions in Nigeria as well as increasing tensions between the U.S. and Iran were also blamed for the increase, The