The following is from the June 7, 2008, edition of The Los Angeles Times. Bruce Bullock, executive director of SMU's Maguire Energy Institute, provided expertise for this story.
Crude oil rocketed more than $10 a barrel Friday to a record high of $138.54, snuffing out motorists' hopes that gasoline prices might ease soon.
"It's like every time I look at the prices, they have jumped another 10 cents a gallon," groused James Freedner, 57, of Sun Valley. "I just don't know when this is going to stop."
The biggest one-day surge ever in crude prices was fueled by a mix of factors, including a gloomy U.S. job report and interest-rate fears that drove down the dollar, unease in the oil-rich Middle East and a prediction by a major brokerage firm that crude could hit $150 a barrel by July 4. . .
"A lot of people in the market had been selling, expecting prices to bump down, then we got this prediction today for $150-a-barrel oil," said Bruce Bullock, executive director of the Maguire Energy Institute at Southern Methodist University in Dallas.
"Traders got spooked, and that helped drive the market even further. I don't think it's all market speculation, but it does add to the volatility."
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