The price spike came on the same day that the U.S. Energy Information
Administration (EIA) predicted the national average cost of gas would
reach $2.03 for a gallon of self-serve regular in June.
That's up from a peak of $1.82 that was projected last month.
From CNN, 5/12/04:
http://www.cnn.com/2004/BUSINESS/05/12/oil.prices/
Oil prices hit new 13-year high
Wednesday, May 12, 2004 Posted: 6:09 AM EDT (1009 GMT)
(CNN) --
Oil prices have climbed above $40 for the first time in 13 years as
markets remain concerned over tight supplies.
The benchmark Brent North Sea crude oil for June delivery rose 11
cents to $37.47 per barrel in early London trading Wednesday.
In New York, U.S. light crude rose to $40.38 per barrel -- less than
$1 off the all-time high for crude futures of $41.15, reached in
October 1990 after Iraq invaded Kuwait.
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Harry
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