Oil prices climb as OPEC claims lack of pricing control

Just as gasoline prices continued to decline from their April peak, crude-oil prices spiked back up above $55/barrel Monday as OPEC stated that it has little ability to control pricing. At fault is supposedly not a lack of additional crude capacity, but rather a shortage of refining capacity, especially for the middle grades of refined petroleum products – diesel, jet fuel, and heating oil. With worldwide demand still strong and US consumption of diesel growing due to the large amount of trucking volume required to move imported goods across the country from west-coast docks, don’t expect any additional relief at the pump in upcoming weeks, regardless of what type of fuel you use.