Inflation in India reached a four-year high of 8.24% for the week ending May 24, with major banks forecasting further rises ahead as the government hiked the price of discounted fuel.

“Soaring oil prices have forced Indian authorities to raise subsidized fuel prices and risk propelling inflation that is already running at a three-year high,” says Jason Simpkins in Money Morning.

The Chicago Sun Tribune has this gas price projection for weary commuters:

Drivers will likely need to become comfortable with gas at $4 a gallon, as oil experts say an era of historic pain at the pump will endure well beyond the Memorial Day weekend, when prices traditionally peak.

You might trade in that GMC Yukon for a Honda Civic, skip the highway for the bike lane and redefine that time-honored tradition of the road trip.

The increase in Saudi Arabia’s oil production in response to a request by President Bush amounts to only a “token” rise in output, according to an oil expert quoted in Bloomberg.

“It’s just a token increase but it shows that the Saudis realize just how important it is for the president to not come back empty handed,” said Peter Beutel, president of Cameron Hanover Inc. in New Canaan, Connecticut. “This is about a lot more than oil, the special relationship between the countries is at stake.”