A Friedman, Billings, Ramsey & Co. analyst cut price targets on oil refiners on Wednesday and predicted earnings will drop substantially as crude prices continue to rise.

Shares of petroleum refiners hit new 52-week lows Friday as the price of crude oil jumped past $142 a barrel to a record high.

Refiner Tesoro said it expects second quarter results to be hurt by higher-than-expected energy costs and hedging losses.

Crude-oil inventories fell last week after posting a gain in the prior period, while gasoline stockpiles rose unexpectedly, according to government data released Wednesday.

Government data scheduled for release Wednesday is expected to show that crude-oil inventories fell last week after an unexpected gain in the prior period.

US gasoline supplies should start the summer driving season at their highest level since 1999, helping to temper a surge in pump prices linked to the soaring cost of crude oil.

Maui is on the verge of becoming first area in the nation to average $4 for a gallon of regular. The average price in Wailuku reached $3.934 on Thursday, the highest price in AAA's Daily Fuel Gauge Report.