Towards the end of this week, gas and oil rose to new heights.  Nationwide gas in the USA is about $3.67 a gallon with some cities clocking at $4.00 a gallon.  And oil rose to a record of $126 a gallon.  Analysists foresee gas to go above $3.70 a gallon by the summer.

Recent events such as Venezuela having ties to Colombia’s militia rebel group called FARC caused the price hike for the commodities.  Apparently, the President of Columbia Hugo Chavez has been accused by the United States in supplying the FARC with weapons to combat the Colombian Govt.

There could be possible sanctions against Venezuela for their actions if the allegations are true.  Of course, there would be serious consequences in posing sanctions on such a country as we the U.S. receive a lot of oil from Venezuela such as oil being cut off from Venezuela for good.  Such an action would lead to more increase in gas prices and oil.

Still gas and oil prices don’t seem to be declining due to other factors such as weak dollar, inflation, wars in Iraq and Afghanistan and other calamities in Britain and Nigeria such as sabotage, striking on refineries.   It will take a much higher price in gas and oil to stir up trouble from the consumers as they may revolt by holding strikes, boycotting oil and gas companies, and forcing the Govt to regulate the price of gas.  Stay pumped!

http://money.aol.com/news/articles/_a/gas-jumps-above-367-oil-passes-126-on/n20080509155109990042

http://en.wikipedia.org/wiki/Revolutionary_Armed_Forces_of_Colombia

http://en.wikipedia.org/wiki/Hugo_Ch%C3%A1vez