US light crude futures hit $US57.79 a barrel, topping Friday's record of $US57.70 in New York. This rise is triggered by speculations of an increase in quotas being considered by OPEC countries, will not be enough to meet demand. OPEC plans to commence talks to consider pumping an additional 500,000 bpd to calm soaring oil prices.
The fundamental fear is insufficient supply to meet demand, due to new regulations, as the US gasoline season draws nearer. New regulations for oil refineries introduced by the United States last year called for stringent environmental specifications and have left companies scrambling to meet these standards as not every refinery in the United States and abroad can meet those specifications.
Investment bank Goldman Sachs on Thursday predicted (US) oil prices are in the early stages of what it called a "super spike" period and could reach as high as $US105 a barrel.
04-Apr-05 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}