Early trading in the Asian markets on Friday, June 27 sent oil north of a record $142 a barrel against the continued weakness of the American dollar, a development sure to trigger higher gasoline prices.

Investors attempting to hedge their bets against rising inflation are increasingly turning to positions in crude oil futures, sending the price ever nearer to $150 a barrel, a level most analysts agree could be just weeks away.

On Thursday U.S. crude for August delivery settled at $139.64, while Friday morning trading in Asia saw the per barrel level spike as high as $142.26 before retreating to $141.37.

The surge in crude prices was further strengthened by remarks made by the president of the Organization of Petroleum Exporting Countries (OPEC), Chakib Khelil. He expressed a belief that oil prices will reach between $150 and $170 a barrel before summer's end, but did say they would then decline and not reach the feared $200 level. Such predictions themselves effect oil prices as they draw speculative buyers into the market.

With the national average per gallon price of gasoline in the United States hovering at $4 and residents of California and Alaska paying more than $4.50, Americans are driving less. In April 2008 drivers clocked 1.4 billion fewer miles for a cumulative drop three times larger than that for the entire twelve months from March 2007 to March 2008.

Consumer preference is sharply refocusing to more fuel efficient vehicles, hybrids, and alternate forms of transportation like motorcycles and scooters, leading General Motors to cut back its truck and SUV production and other manufacturers to offer deep incentives in an effort to move their remaining gas guzzling inventories.