Oil Prices May Surge Again This Year, Journal Says

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ven modest shortages of crude oil supplies this summer could boost retail fuel prices to beyond their records of last fall following the big Gulf Coast hurricanes, the Wall Street Journal reported Monday.

Crude oil prices could reach $80 a barrel this year, the Journal reported — well over the record $70.85 set in intraday trading on the New York Mercantile Exchange Aug. 30 following Hurricane Katrina’s landfall.

Crude's record closing price on the Nymex was $69.81, also set Aug. 30.

Crude oil futures prices have spiked in the past three weeks from closing at $60.42 March 20 to Monday's closing price of $68.74 — the highest since coming off the post-Katrina record on Sept. 1, Bloomberg reported.

Retail diesel and gasoline prices also have soared in recent weeks, to about $2.60 for each. Diesel jumped 3.7 cents Monday to $2.654 a gallon, the Energy Department reported. (Click here for related story.)

Diesel peaked at $3.157 last Oct. 24 after Hurricane Rita, while gasoline reached a record $3.069 Sept. 5, following Katrina.

Meanwhile, Energy Secretary Samuel Bodman said Friday there could be some gasoline shortages and higher prices at the pump this summer due to fuel additive changes at refineries and another strong hurricane season, Reuters reported.

DOE said in February that switching to ethanol from the additive MTBE could lead to spot shortages and higher prices this year. (Click here for previous coverage.)