Gas prices keep going up at the pump & no relief in sight. If you thought the average price last summer was high, it’s even higher now.

This from Phil Flynn:

“The cost of oil has come back up and Brent crude, the European benchmark in stock market trading, is very high. That’s the primary reason,” said Phil Flynn, an analyst with PFGBest Research in Chicago. “Refineries reached their highest production rates of the year last week, but it’s been a bad year for them until now, with storm damage, floods, power outages and pipeline problems. That has also had an impact.”

per Fadal Gheit of Oppenheimer:

said he was expecting the oil industry as a whole to report its highest second-quarter earnings since 2008. “It’s a rising tide that raises all boats,” Gheit said in a note to investors.

Sure does not float mine.

IEA announced Thursday that it does not plan to release any more oil from the Strategic Petroleum Reserve than the original 60 million barrels. Ongoing debate about what if any good it did.

Oil settled Fri at a 6-week high, but could not hold onto the $100/barrel price tag at settlement. US oil demand and the continuing drag on the debt ceiling negotiations both culprits.

A little bit of good news about the economy and oil demand, and crude prices hurried UP again to $97.50/barrel on the NYMEX.

The data on housing starts and building permits for June gave investors “a little bit of hope about the recovery,” said Carl Larry, president of Oil Outlooks & Opinions in Houston.

Petroleum products, gas and heating oil followed suit – up 2 cents. Natural gas still lagging.

Oh, and the dollar slipped a tiny bit.

Something happened on the way to the Forum. The price of crude was going down, when- enter Ben Bernanke.

His Wed. remarks were signaling that more stimulus might be coming if the economy weakens and a larger that expected drop in oil stocks.

Price of oil went up. Just great. Get out of the way, please. Mr. B.

2Q earnings reports are coming out soon for Exxon, Conoco & Chevron.

The bad news – they won’t be as high as all-time record 2008. Natural gas is still way too cheap.

The good news – they will probably be close. Better refining margins and higher oil prices are doing the heavy lifting.

Is it too late for those of us on the receiving end to buy some shares?