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Wednesday, May 09, 2007

The corner is turned, gas prices peaked?

The EIA's This Week In Petroleum, released today, shows that gasoline inventories finally increased last week, after falling for 12 straight weeks. Demand was also softer than last year, suggesting that prices may have peaked in the short run. The EIA predicts that prices will stay close to $3/gallon for most of the summer, assuming no interruptions in crude availability (OPEC issues) or refinery infrastructure (hurricanes).

Hurricane season begins June 1st, so it's wait and see.

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