Comment: Oil markets - The need to look deeper

Crude oil futures last week shot above the $70 per barrel in the wake of hurricane Katrina's devastation of the American south coast.

However, a number of oil market analysts have since argued that the most disturbing development relates to Katrina's impact on gasoline prices and believe that the episode underlines a crucial flaw in the American strategic energy framework.

Headline-grabbing reports of the oil market usually refer to the price of crude oil futures. What oil experts are now

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