Fears that the oil spill in the Gulf of Mexico could push up fuel prices are largely unfounded, according to analysts, although the busy hurricane season forecast this year could have more of an impact. Simon Chapman, chief economist at the Freight Transport Association, explained: “Realistically, the impact of the spill on oil safety will increase production costs, but these are dwarfed by the oil price.” Instead different sets of factors drive supply and costs, he pointed out.

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