[Sean]

http://news.yahoo.com/s/ap/20050812/...NlYwMlJVRPUCUl

Crude oil prices remained in record territory after soaring to new highs Friday past $66 a barrel as reports of new U.S. refinery outages rekindled fears that gasoline supplies in the world's biggest consumer would struggle to meet rising demand. A spate of refinery glitches, an unusually active hurricane season in the U.S. and concerns over Iran's decision to resume uranium conversion activities weighed heavily on people's minds, pushing prices upward, analysts said. Tropical Storm Irene was expected to intensify Friday and possibly reach hurricane strength as it approached the U.S. East Coast, forecasters said. Irene's potential threat to land was still uncertain, as its path had shifted east, according to forecasters at the National Hurricane Center in Miami. Forecasters said the storm could strike the coast anywhere from South Carolina to New Jersey. With bullish sentiment unabated and crude prices hitting consecutive highs this week, analysts expect front-month crude contracts to test the $70 a barrel threshold. Light, sweet crude for September delivery gained 23 cents to $66.03 on the New York Mercantile Exchange, after hitting a new record high at $66.15 a barrel in earlier trading. Gasoline was marginally down at $1.9480 a gallon while heating oil was down nearly a cent at $1.8904. In London, Brent crude for September delivery was trading at $65.69 a barrel, up 31 cents. Analysts said gasoline demand, currently at its peak in the U.S. summer driving season, was pushing crude's gains. Last week, U.S. gasoline demand picked up by 1.4 percent from a year ago, according to government data.

Why do you think consumers in the US seem to be un-phased by the climbing prices? Who do you blame for the rise in prices? Is it the lack of refineries? Are the companies full of it when they blame the threat of terror in the Middle East? Will this help encourage alterative fuel source adoption and hybrid car growth?