In the summer of 2007, the OPEC reference basket of crudes (ORB) averaged $71/b. By June 2008, the ORB had passed $130/b. Of course, these recent oil price movements need to be seen in the context of a price surge in all commodities, be they energy, metals or agricultural products. For example, in the energy group, coal and uranium prices have risen even more than light sweet crude. It should also be noted that the oil price surge has occurred when there has not, at any time, been a shortage of oil.