Near-term gasoline prices are likely to go somewhat higher. Are we going to see two bucks again? Not anytime soon.

consumer spending has not been dented by the hurricane-inspired rise in gasoline prices and fears of higher home heating oil bills.

While a near-term supply disruption from Venezuela does not seem likely, the country's inability to meet its OPEC quota makes the government famously hawkish when it comes to defending an oil price floor for the group. This fact, along with a lack of foreign investment in the Venezuelan energy sector, should be seen as bullish factors for global oil prices. We do not see this changing until such time as the government adopts more favorable policies towards foreign oil companies.

We're going to have shortages and prices are going to go up. Gasoline is going to be extremely tight for us.

there's nothing here that really points to any near-term inflationary dangers.

Gasoline prices have begun their seasonal move higher. Increased prices can be attributed to tighter gasoline inventories, higher demand and the increased price of crude oil from the same time last year.