“Energy will be one of the defining issues of this century, and one thing is clear: the era of easy oil is over.” Chevron

Over the past year, benchmark oil prices shot up from a little over US$40 per barrel and reached just over $70 a few weeks ago. As of this writing, prices have fallen back to about $64, but that probably reflects the end of the summer driving season in the US, which somewhat reduces pressure on gasoline supplies. A lot of optimism also animates the markets, in spite of the havoc Hurricane Katrina wreaked on American oil production and refining capacity. The markets look to the International Energy Agency's (IEA) early September decision to coordinate a release of 2 million barrels of oil and oil products per day, for at least 30 days, from its 26 member countries’ strategic reserves and supplies.