Crude oil is heading for its biggest weekly gain in almost two months as Gustav approaches the Gulf of Mexico.

According to Bloomberg: “Gustav is expected to reach Louisiana next week, passing through a region home to a quarter of U.S. oil output and 14% of natural gas production.”

Hurricanes pass. But over the long term, says energy and oil expert Byron King, we are facing a “profound change” in the future availability of oil. That’s because Western oil companies are being kept away from resources by uncooperative states…

Yesterday, oil was back up on a weaker dollar.

Crude oil futures gained $1.66 to settle at $114.53 a barrel on the Nymex. The euro, meanwhile, inched up 0.1% against the buck, off a six-month low of $1.4630.

Energy and oil expert Byron King says investors can expect oil to continue to head northward for all the familiar reasons. Oil’s long-term fundamentals are little changed since hit spiked to $147 a barrel at the end of July. And you can now pick up resource plays in 2008 at 2005 prices…