By Larry Lagarde
Yet again, oil prices have broken another record today, rising to $64/barrel. Have prices reached their peak? Not likely, says Daniel Yergin, chairman of Cambridge Energy Research Associates. According to an article written by Yergin that appeared on July 31st in the Washington Post, the oil market is "even tighter than it was on the eve of the 1973 oil crisis." Additionally, Yergin predicted that "surprise" events such as political instability, hurricanes, a heat wave, etc. could spur additional hikes.
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Originally published in the RideTHISbike archive.