The U.S. average retail price for regular gasoline remained at or above $3 per gallon for nine consecutive weeks during the summer. This compares to four weeks in the summer of 2006, before it declined to an average of $2.26 per gallon over the last quarter of the year. Many analysts explain the price shifts by citing high demand for gasoline in the summer months, and lower than expected demand for home heating oil, due to warmer winter weather...
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However, some analysts also blame the unknown effect of sudden shifts by hedge fund and futures traders. Last year, OPEC cut its production targets for the first time since April 2004. OPEC, particularly Saudi Arabia, wants to keep oil prices high enough to generate a comfortable standard of living for their residents, but low enough to discourage further oil exploration and development of alternative fuels...
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