With quite a few potentials to break through that level.
As I've indicated before, I believe that Obama is sunk if the price stays north of $4 for any meaningful period this year. Perhaps he understands this too, given the talk of releasing from the strategic reserve.
A lot depends on the path that hurricanes take this year, and their number and severity---not just the one menacing the Republican convention. Iran is of course a factor as well, as is the unfolding nonstop crisis in Europe. Will Greece exit or be ejected before the election? Will another of the PIIGS' shoes drop?
Medieval Geography Video
16 hours ago