$7.00 Per Gallon Gas Just Around the Corner? - Intel by Billco

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This intel was added by Billco

Billco

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This intel has been classified as Unpublished Original Content, which means it first appeared on Qassia.

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$7.00 Per Gallon Gas Just Around the Corner? $7 for a gallon of gas within the next few years. I heard this on Fox News last night, and I woke up this morning thinking about it. $200 for a barrel oil would translate to $7.00 a gallon at the pump. Some analysts actually think that it could be worse - we might be paying as much as $10 a gallon in five years, maybe sooner. The chairman of Dune Energy, Alan Gaines, believes gas will hit $7-$8 a gallon within two to three years. Sean Broderick, a commodities tracker at Weiss Research in Jupiter, FL, sees $8 to $10 a gallon. OPEC President Chakib Khelil thinks $200 a barrel oil is very possible, due largely to the weakening of the U.S. dollar. The problem is much greater than excessive oil company profits. Oil production can't increase significantly because of infrastructure restraints, yet demand is going to grow significantly - much of it from Third World countries wanting to be like us. Its basic supply and demand at work. It is a waste of time looking for somebody to blame. The worst thing that could happen is for the government tell the oil companies how much they can charge. The end result from that will be less oil, even higher prices. The best course of action for most of will be lifestyle changes - which is probably going to be hard, even painful for many.