FUV

Fill 'er up, to the tune of $100 or so a tank? Maybe:

Oil prices rose a dollar to a new record near $61 Monday...U.S. crude for August (OILOIL: Quote, Profile, Research) by 1700 GMT traded at a new high of $60.95 a barrel, up $1.11. U.S. crude is above $60 for every month to October 2006 with December 2005 setting a peak $62.35 a barrel.

London Brent set a record $59.59 a barrel, up $1.23.

"The market is testing higher to see what price levels this demand can endure," said Naohiro Niimura, vice president at the derivative products division of Japan's Mizuho Corporate Bank.
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Gasoline prices, reversing a two-month slide, are again approaching records and at least one expert thinks they could hit $3 a gallon soon in the United States.

"We'll see it within a year," T. Boone Pickens, head of the billion-dollar hedge fund BP Capital Management, said on CNN's "In The Money" over the weekend...

Pickens said a shortage of oil is the main reason behind the price increase and didn't see how the world could produce more than the current 84 to 85 million barrels a day that currently comes out of the ground.

"We're coming up on a brick wall," he said. "The fourth quarter this year is going to maybe be the most interesting quarter I've ever experienced in my 50 years in the oil industry."