2008-02-26 Oil Hits a High; Some See $4 Gas by Spring

2008-02-26 New York Times Jad Mouawad \oil addiction\US economy\peak oil\Hess Corporation http://www.nytimes.com/2008/02/26/business/26gas-web.html Oil Hits a High; Some See $4 Gas by Spring  Gasoline prices, which for months lagged the big run-up in the price of oil, are suddenly rising quickly, with some experts fearing they could hit $4 a gallon by spring. Diesel is hitting new records daily and oil closed at an all-time high on Tuesday of $100.88 a barrel.

The price of oil has quadrupled in six years, and Tuesday's close was not far below the inflation-adjusted all-time high set in April 1980, after the Iranian revolution. That record, $39.50 a barrel, equals $103.76 in today's money." And the chairman of Hess Corporation predicts an oil crisis in the next 10 years, fueled by both increased demand and reduced supply. &ldquo;Gasoline prices, which for months lagged the big run-up in the price of oil, are suddenly rising quickly, with some experts fearing they could hit $4 a gallon by spring.&rdquo;    