Oil prices climbing back up again

Ah, damn all those other countries and their inability to do what serves Americans' need to drive large vehicles. The latest ruckus in Nigeria (civil unrest) and Iran (nascent nuclear program) has applied pressure to the world oil markets, and is pushing the price up over $65/barrel for the first time in three months. The concern is that since Iran produces more oil (5M barrels/day) than can be compensated for by Saudi Arabia (the reserve source of first - and last - resort), trade sanctions could prove highly problematic.
The price spike (up 7.5% in the first two weeks of this year) is coming in a period of relatively slack demand, due to the mild winter here in the US. The prediction is that oil will once again top the magic $70 mark once the summer driving season kicks into full swing, and it's anyone's guess as to what sort of prices at the pump one might expect to see. Fuel economy may slipped from the news in the past few months, but expect it to become a very hot topic once again.

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