Crude jumps over $1 on Mideast violence

[Lone_Star_Dem]

Violence in the Middle East disrupts market selling; world's top consumer sees flat gasoline stocks, lower heating oil supplies.
June 14 2007: 4:04 PM EDT

NEW YORK (Reuters) -- Oil prices leaped toward $68 a barrel on Thursday on concerns over low fuel production from hobbling U.S. oil refineries and a flare up of violence in the Middle East.

Crude rose $1.39 to $67.65 a barrel, the highest settlement since September 2006.
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CNN's Bill Tucker reports that high gasoline prices are lighting a fire under Congress. (May 9)
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A report from the U.S. government on Wednesday showed gasoline stockpiles failed to build as expected due in part to a slide in refinery activity and lower import levels.
Senate rejects cash for refineries

"The petroleum markets are still on the upswing, building on the Wednesday rally sparked by the bullish DOE report," said Tim Evans, analyst at Citigroup Futures Research.

U.S. gasoline supplies are running about 6 percent below a year ago following a prolonged stretch of refinery outages since winter, according to the report from the Energy Information Administration.
More... http://money.cnn.com/2007/06/14/markets/oil.reut/index.htm?postversion=2007061416

I didn't know we had refinery outages going on since this winter. It does work out nicely for them, however. Now they can increase the prices during the summer heavy driving season.

[Sherman A1]

1. Time to fill up the tank

before it goes up again.